Managers of Wealth Africa

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.

I Will Not Accept Agyapa Deal If I Become President– Mahama

According to the former president, the deal is shady and his government will not respect it.

Mazars SA: Cryptocurrency Traders Should Prepare For Stricter Taxes

Different types of cryptocurrencies can be exchanged for one another and passed through a series of wallets and public key addresses to attempt to confuse the trading activities and to evade taxes.”

Capital controls, emigration, and the biggest threat to your retirement

Finance Minister Tito Mboweni noted in the emergency budget announced in June, that he expected debt to GDP to exceed 100% by 2024 and reach 114% by 2028.

KRA hits snag in bid to collect Sh619m from Co-op Bank

“The tribunal agrees with the appellant’s (Co-Op Bank) submission that the Finance Act 2012 was riddled with a lot of ambiguity,” the tribunal said its ruling.

Taxman gives seven months’ notice – thereafter retirement funds captured for three years

Simply put, you have seven months to execute a well-planned withdrawal strategy or you will be legislatively prohibited from withdrawing your retirement for at least a very uncertain three years.

New tax could help with South Africa’s coronavirus recovery

As a result, funding the recovery requires innovative measures to redirect domestic savings.

A wealth tax – we’ve been here before

The NERI Report goes on to say that a wealth tax would play a strong complementary role to the extent that wealth transfer taxes

Need for creative tax policies amid recession

Measures to bolster aggregate demand through higher public spending incentives for businesses were however derailed by the COVID-19 fallout.

INSIGHT: No Capital Gains Tax Exemption under India–Mauritius Tax Treaty

Shailendra Sharma discusses an interesting case whereby an indirect share transfer triggered a sale by a Mauritius entity, with assets located in India, and the capital gains tax exemption under the India–Mauritius tax treaty could not be applied.

Wealthy taxpayers set to cough up R40bn

After the supplementary budget was presented, Sishi indicated that Treasury could implement tax increases of R20 billion over the next two years.

Government is planning to tax the super wealthy

Chief Director in the National Treasury Edgar Sishi told the joint committees on finance this week that plans were afoot to tax the super rich.