Managers of Wealth Africa

Shah Rukh Khan gets income tax notice; asked to detail offshore investments

The notice was reportedly sent under the I-T Act's Section 131, which pertains to the powers of the I-T Department regarding investigation of individuals.

SA revises its special voluntary disclosure plan

The Treasury said instead of calculating two amounts non-compliant taxpayers now only needed to determine one amount.

Taxation Laws Amendment Bill released for comment by Bernard du Plessis and Peter Dachs

The Taxation Laws Amendment Bill 2016 has been released for public comment. It introduces various interesting amendments to South Africa’s tax law, which include the following:

Africa tax in brief by Celia Becker

KENYA: Budget and Finance Bill 2016

New ITR14 requires country-by-country reporting in company tax returns by Lavina Daya and Scott Salusbury

In October 2015, the Organisation for Economic Cooperation and Development (“OECD”) published its final reports on the Base Erosion and Profit Shifting (“BEPS”) project, including the final report on BEPS Action 13, Transfer Pricin

Venture capital companies – summary of the latest tax rulings by Mansoor Parker and Anuschka Wischnewski

The venture capital company (“VCC”) regime was introduced in 2009, with an aim to encourage investors, by way of substantial tax benefits, to invest in small South African trading companies.

Amnesty on offshore wealth not a trap, KRA insists

There have been mixed reactions to the taxation measure, however, with fears from some quarters the government is likely to pursue how the declared wealth was acquired or created.

Pravin Gordhan’s 10-point solution to tax evasion

Governments should put in place laws to deal with corruption, money laundering and tax crimes.

Investing into India: Mauritius and beyond - Withers

This is a major development impacting both Mauritian and Singapore investment structures which currently contribute around 50% of the foreign direct investment into India.

Africa tax in brief by Celia Becker, ENS Africa

Latest tax news from Africa

OECD Request for Input on the development of a multilateral instrument to implement tax treaty BEPS measures by Elsabe Strydom

Many of the BEPS outputs relate to tax treaties and will not be effective until the relevant bilateral tax treaties are amended.

Amnesty on offshore assets may not boost taxes – firm

Taxpayers who take up this amnesty shall have all principal taxes, interests and penalties for the year of income, 2016 and the prior years automatically remitted in total.

SA planning to double tax-free wine exports to EU

New trade agreement means country can export 110 million liters of duty-free wine.

African Tax Experts Deliberate On Cross-border Tax Evasion

Member countries of the African Tax Administration Forum believe that while globalization generates greater opportunities for the increase of wealth

Chase Bank: Our auditors of 20 years threw us under the bus

Former Chase Bank directors have accused their auditors of professional ignorance that saw the bank pay a heavy price.

NIGERIA: No Need Fighting Over Pension Tax

The uproar generated by the Finance Minister’s controversial views was widespread

How many South African households earn R1 million

Standard Bank pointed out that low income households already have very low disposable income before any expenditure is deducted.

New taxes won’t erode banking sector gains — Stanbic Bank boss -

The difficulty with these taxes would be if they came in the middle of a financial year.

PanamaPapers: SA tax dodgers walk a tightrope

But if Sars gets to them before the legislation is passed to provide for the amnesty, or before they come clean, they are in for a financial hiding.

Liberia, America’s outpost of financial secrecy

They can also issue “bearer shares”, a legal instrument banned in most countries because of the ease with which they can be used for tax evasion and money laundering.