Managers of Wealth Africa

Multilateral Convention to tackle tax evasion and avoidance continues expand reach in developing countries

It guarantees extensive safeguards for the protection of taxpayers' rights.

10 brewers face probe over Sh3bn tax evasion

The KRA document also shows that Platinum Distillers Ltd had Sh479 million in undeclared volumes of stamp usage for ethanol with Two Cousins Distillers Ltd in trouble for the unaccountable stamps and unreported production worth Sh366 million.

Uganda backtracks on deal to abolish taxes on Kenyan juices

Kenya's latest Economic Survey data shows that Uganda still remains Nairobi's leading export destination within the EAC and in Africa

Tax evasion and theft ‘rob Africa’ of $89bn a year: UN study

Nearly half of the total annual figure of $88.6bn is accounted for by the export of commodities such as gold, diamonds and platinum, the report found.

Tax collection warning as South Africa’s economy likely to continue to struggle

Given the length and severity of the lockdown – one of the harshest globally – it should perhaps be no surprise that the country’s GDP contracted 51% in the second quarter of 2020 based on annualised quarter on quarter numbers.

Civil groups seek to quash Kenya’s tax agreements with 10 ‘tax havens’

The pair has sued the National Treasury, the Kenya Revenue Authority and the Office of the Attorney General arguing flaws in the procedures leading up to the DTAs.

Kenya: Draft digital services tax regulations issued

Digital marketplace providers and digital service providers will be subject to DST in Kenya if they provide or facilitate the provision of services to a user that is located within the borders of Kenya.

Companies in low- or no-tax jurisdictions must show ‘economic substance’

In countries with low- or no tax, firms must have staff, premises, expenses and activities aligned with the company’s nature.

Treasury raises debt target by Sh29.7bn on tax shortfall

This will raise the budget deficit, largely bridged through borrowing, to 8.4 per cent from 7.5 per cent he had budgeted in June, according to the draft 2020 Budget Review and Outlook Paper.

Ghana government urged to cut down on tax incentives to individuals, companies

Mr Anaba urged the government to embark on progressive reforms that tax large incomes, assets, and wealth more, introduce a digital services tax, and end bilateral tax treaties, which do not enure to the country’s benefit.

KRA recovers Sh330m in tax from county suppliers

“We are confident that additional taxes shall be recovered from these suppliers.”

Audit reveals Sh9.6bn sunk into stalled State projects

The audit tabled in Parliament last Tuesday indicates that the Judiciary spent Sh1.6 billion on “uncertified completion of works.”

Expats who deregister to avoid tax will pay more in the end

Previously, these expatriates where able to fully exempt their foreign income earnings from taxation, provided they met the requirements.

Raising taxes now bad for both KRA and taxpayers

The financial and economic crisis we are witnessing presently comes with major challenges in tax administration.

KRA loses track of Sh896bn in wired offshore wealth

The amount of money remitted through the amnesty was Sh118 billion and the amnesty had no tax consequences.

South Africa’s tax policies viewed through the prism of Covid-19

Is the country keeping abreast of reforms as it grapples with the economic fallout of the pandemic?

KRA freezes tycoon’s Sh9bn pipeline pay over tax row

The taxman has hinged its aggressive action on the Tax Procedures Act, gives KRA powers to freeze tax cheats’ property transactions and ultimately auction the assets to recover the unpaid tax.

Swiss company accused of tax dodging in Zimbabwe

There is some evidence that developing countries are harder hit by multinationals’ ability to shift profits” and have less capacity to enforce tax rules.

170,000 seek KRA waivers on tax penalties

In a bid to improve compliance, the KRA has offered waivers on tax dues accumulated for up to five years.

Government plans to raise R40 billion through wealth taxes in South Africa

Finance minister Tito Mboweni has said that Treasury is discussing the possibility of an inheritance tax and a so-called solidarity tax in a bid to raise additional finances.