Managers of Wealth Africa

Report Shows Wealthy Kenyans Are Hiding Untaxed Sh457 Billion in Offshore Accounts

Kenya ranks second in the amount of stolen donor funds hidden overseas, behind Jordan which had Sh350 billion stashed abroad.

Time for African countries to take a stand against tax abuse

Domestic public resources are central to development as recognized by the Sustainable Development Goals (SDGs) and the Addis Ababa Action Agenda – resulting from an international conference held in the Ethiopian capital in 2015.

Is overtime or commission taxed differently to your salary – and other tax deductions you should be aware of

Allowances such as your travel allowance are also taxed at the same rate.

Treasury plans wealth tax for Covid recovery

The Treasury’s talk of imposing higher taxes on the rich follows a global pressure for the wealthy to pay more duty and help impoverished populations survive the coronavirus and its economic hardships.

African nations must take a stand against tax abuse and illicit financial flows

This will require a shift from the instrumentalisation of foreign aid for securitisation purposes, a fundamental rethink of globalisation and development, and political leadership.

Africa tax in brief

BURKINA FASO: Multilateral Instrument instrument of ratification deposited

EA fights tax cheats as virus takes heavy toll on revenues

East African Community partner states have recorded massive decline in revenues with the quarter from July to September being the worst with revenue growth ranging from -44.9 percent to 2.1 percent.

Kenya's KCB Group says nine-month pretax profit plummets on COVID-19

During that period it restructured customer loan facilities worth 105 billion shillings to cushion borrowers from the impact of the COVID-19 crisis, KCB said.

Absa loses 8-year royalty tax battle against KRA

The fee is charged by banks for processing and accepting card-based transactions on behalf of their rivals.

Wealthy Kenyans block KRA from Sh200bn tax collection

The authority has in recent months engaged in an aggressive crackdown on rich individuals and companies in the race to grow tax collections, netting thousands of tax cheats and evaders.

Companies and wealthy South Africans should pay more tax: think tank

The group said that there are thousands of South Africans who have net assets of $1 million or more, and 2,070 South Africans who have net assets of $10 million or more.

Lawmakers call for Nock winding up to save taxpayer funds

Kilifi South MP Ken Chonga said Nock had accumulated huge debt when it is supposed to do business and pay its bills.

Rethink push for more debt

Apart from runaway spending, the government has not been aggressive enough to stamp out widespread corruption as hundreds of billions of shillings in public funds are lost every year.

Turkey, Sierra Leone sign 3 agreements, vow to enhance cooperation

Çavuşoğlu pointed out that Sierra Leone’s Embassy will be the 36th embassy of an African country in Turkey, while Ankara similarly is set to increase the number of its embassies in Africa.

Estate planning for your worldwide assets

How to protect your foreign assets and ensure that their succession is correctly planned for.

MTBPS: Proposal to improve collection of taxes

The tax-to-GDP ratio is also expected to decline substantially, dropping from 26.3 percent to 22.9 percent.

South Africa could look to Germany as an example for a wealth tax: analysts

Mboweni is also expected to outline plans on restricting spend allocated to SOEs that could compel the necessary reforms, Deloitte said.

Tax change for South Africans who work overseas

She added that those at the greatest risk of a tax shock are people who continued earning an income while working for a foreign employer throughout the lockdown but did so remotely from South Africa.

Tax burden a barrier to SA’s economic growth

South Africa's economic growth in the last few years has simply underperformed and lagged behind the global as well as emerging markets even to the point that Nigeria is the best economy on the African continent.

How intelligence gathering has boosted KRA’s tax evasion fight

Closer home, the fight against tax evasion has in the recent past taken a different approach whose end goal is to decimate the vice as effectively as possible.