Managers of Wealth Africa

Africa tax in brief

The new CMS is to enhance customs-related transactions at Botswanan borders with all importers/exporters being required to register for e-customs using e-services with the BURS.

Almost R4bn in offshore assets disclosed to Sars

Yielding revenue of about R600 million under the SVDP.

Taxing the wealthy to death and beyond

An increase in taxable estates and the scrapping of roll-over relief for spouses could become a reality soon.

New global exchange system to tackle tax avoidance

Over 100 countries to join Common Reporting Standard system

Global investment flowing through tax havens grows by $700bn

The portion of global investment flowing through tax havens has risen by $700bn in two years, according to an analysis by ActionAid.

Evasive elite

The most obvious implication is the extent to which tax-evasion among the very rich has become almost routine.

Investec has 25% upside despite problems suggests HSBC

HSBC has raised its target to 710p from 580p, even though it reckons returns in its banking businesses are not acceptable.

Expats in South Africa facing ‘turmoil’ ahead of tax hikes

It is also predicted he will increase estate duty and tax on donations between spouses to increase tax collection on intergenerational wealth transfers.

‘Surcharge tax on wealthy individuals could be on the cards’

But personal income taxes expected to be main source of additional revenue.

Africa tax in brief

On 10 December 2016, Parliament adopted the Budget for 2017.

Introduction of section 7C to the Income Tax Act and its effect on estate planning

In an effort to curb the avoidance of tax by utilising trusts, section 7 of the Income Tax Act provides several anti-avoidance measures

Only 40 super-rich Nigerians pay correct tax

It has become apparent that a significant number of Nigerians have assets and fund lifestyles that are not consistent with their income as declared on their tax returns.

Programme to challenge tax evasion on a global level under establishment

The global team will work on deciding on measures to challenge tax evasion as well as monitor developing rules of international tax work and ensuring a more transparent environment.

Hiking VAT vs wealth taxes

The choice of taxes through which to raise the required additional revenue will nevertheless have to be exercised carefully to minimise any anti-growth bias.

KRA targets firm in Sh800m Afya House scam for tax fraud

KRA says in its petition before the court.

Alleged Gupta ‘letterbox’ sees ‘laundered’ R14.5m forfeited to the state

The money specified…shall be disposed of by deposit thereof to the National Revenue Fund

Offshore myth: How Africa lost $1 trillion to tax havens

The modern offshore business world appears pure Potemkin everywhere and nowhere.

Central African Republic Tax Revenues 'Fragile' Despite Reforms

The IMF said that "structural reforms have been implemented, albeit with some delays..." and added that "the planned review of tax policy, the ongoing strengthening of tax administration, and the streamlining of tax exemptions should gradua

Mauritius Rejects 'Tax Haven' Label

Mauritius is committed to the early implementation of the Common Reporting Standard on the automatic exchange of financial account information, as developed by the OECD.

Tax amnesty by KRA for assets, cash earned abroad

Many Kenyan companies also stash their incomes abroad through shell companies registered in Mauritius and Seychelles.