10/20/2023
85 percent of Kenyan firms fail to pay corporate taxes
This came when corporate managers battled flagging sales in a high-inflation environment, which squeezed earnings and hit purchasing power.
Tax
10/20/2023
No plan to increase taxes, FIRS chairman assures firms
The plan had triggered muffled apprehensions that the decision could cause an increase in tax rates or introduction of new ones.
10/18/2023
Tax cheats ditch mobile payments to beat KRA
The KRA said it will be seeking information from Safaricom on merchants who have opted out of the M-Pesa Buy Goods and Pochi La Biashara tills in a bid to catch tax cheats.
10/17/2023
First quarter revenue growth slowest in five years
The receipts represent a 10.55 percent growth over nearly Sh465.20 billion in a similar period a year earlier when taxes increased 11.60 percent.
10/12/2023
A ‘special tax’ could bring the petrol price closer to R10 a litre in South Africa
South African motorists are now paying almost R26 per litre to fill up their cars following an increase on Wednesday, 4 October, with the cost of diesel and petrol climbing between R1.08 and R1.97 per litre.
10/12/2023
KRA plans system to gather data on overseas tax cheats
The taxman says it had been receiving large amounts of data from its partners to analyse and unearth tax evasion but has been overwhelmed, leading to delays in processing the data, which results in revenue loss.
10/11/2023
Flower firms feel heat of new taxes
The official revealed that the lobby has unsuccessfully engaged the Kenya Revenue Authority (KRA) on the issue, as well as about effecting tax cuts for the industry.
10/11/2023
The tax bill of South Africa’s ‘Big Four’ Banks
Despite the increased risk outlook, major banks maintained resilient balance sheets with capital and liquidity well above regulatory requirements.
10/10/2023
Tax deadline fast approaching in South Africa – don’t expect any forgiveness from SARS
These circumstances must be entirely out of their control and are generally incredibly rare.
10/05/2023
Firms freeze hiring on taxes, interest rates pain
That eroded consumer purchasing power further, with nearly a third of surveyed firms reporting lower sales compared with August that pushed them to reduce production.
09/27/2023
Treasury plans to scrap tax on early pension withdrawals
Currently, only retirees above 65 years access their pension without paying taxes.
09/26/2023
Bad loans tipped to rise on tax-linked slowdown
The ratio of gross non-performing loans remained elevated at 14.5 percent at the end of June having eased slightly from 14.9 percent.
09/22/2023
Ojo: Tax Evasion Inimical to Startup Business
The new Finance Act also categorised medium size organisations
09/14/2023
New payslip pain for workers as Treasury plans tax relief axe
Currently, salaried workers enjoy two types of tax reliefs on PAYE, including a Sh2,400 monthly personal relief for all resident individuals which is meant to lighten the tax burden on the taxpayer.
09/13/2023
There are no plans to impose higher tax rates – Nigeria
There is a huge opportunity to generate revenue by leveraging technology and tax intelligence to close the tax gap
09/13/2023
Kenya Revenue Authority eyes Sh50 billion from tax amnesty
The Finance Act, 2023 has provided for tax amnesty and this is a limited-time offer that allows for the waiver of fees, interest, and penalties on tax debt that was outstanding prior to December 2022.
09/13/2023
Ramaphosa’s in a tough position – warned against higher taxes and increased debt
The recommendations will place Ramaphosa in a tough position ahead of elections next year when members of his ruling African National Congress will likely pressure him to maintain massive social-spending programs.
09/13/2023
President Ruto plans corporate tax cut to woo foreign investors
The Kenya Revenue Authority is as a result collecting about two-thirds of the potential revenue from corporate income tax, the Treasury chief says citing a study done in 2020.
09/11/2023
Difficult trade-offs coming to keep South Africa afloat: report
South Africa has effectively hit its budget limit, with revenues not meeting the February budget expectations, while government spending has continued to balloon far beyond what was planned.
09/04/2023
A y/y rise in VAT revenue in Q2 ‘23
Returning to Q2 ‘23, domestic (non-import) VAT was the largest source of VAT revenue during the quarter