Managers of Wealth Africa

‘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.

BRICS nations vow to automatic sharing of tax information

The 5-nation bloc expressed their continued support to all international initiatives towards reaching a globally fair and universally transparent tax system.

Experts differ on tax amnesty for Kenyans with cash stashed abroad

We only get that it is an amnesty on income from foreign sources from the titling of the section.

Reasons to be afraid – very afraid – if you’re hiding money offshore: MPs warn South Africans

UK banks and other institutions are also sharing more information with the authorities elsewhere

Tax Inspectors Without Borders announces new South-South partnership between Kenya and Botswana

Under the new partnership, experts from the Kenya Revenue Authority will provide technical assistance on audits of multinational enterprises to counterparts in the Botswana Unified Revenue Service

FEC approves bilateral tax agreement between Nigeria, Singapore

She said it would succeed by ensuring that nationals or enterprises were not taxed twice on income or profits derived from each of the countries.

Africa tax in brief by Celia Becker

COWAS

Voluntary disclosure of undeclared foreign assets in offshore trusts by Hannelie La Grange

The South African authorities have, with regard to the imminent reporting under CRS and the investigations surrounding the Panama Papers, provided an opportunity for non-compliant South African residents to regularise their tax and/or exchange control aff

Zimbabwe: Zimra Bigwigs in Tax Evasion Storm

It is Zimra's mandate to collect revenue on behalf of the Government.