Managers of Wealth Africa

How September taxes will hit firms, consumers

The Finance Act defines digital assets as anything of value that is not tangible, which means the tax will cover a vast array of assets, including non-fungible tokens (NFTs).

Inflation slows down VAT growth to softest in a decade

The provisional data show the Kenya Revenue Authority (KRA) increased the collections by 5.23 percent, or Sh27.34 billion, in the review period to Sh550.04 billion.

Housing tax pain deepens as KRA goes for gross pay

The allowances had been left out in the initial draft Finance Bill, which provided for a housing fund.

The hidden tax more than half of South Africa is paying

The research showed disposable razors for women, for example, cost R84.99, while the male version was priced at R42.95.

Employers, agents brace for double hit on backdated taxes

Interest expenses on deposits are the main driver of withholding tax in the banking sector.

Kenya Banking Sector tax contribution increases to Sh181bn

39 banks that participated in this study contributed to these key findings.

New tax rules for emigrating South Africans – what you need to know

A taxpayer can also contribute R36,000 to a tax-free savings account each year, which – as the name suggests, – is tax-free.

Cape Town pleads for privatisation

Transnet said that close to 75% of the freight volume moved through the port goes through the terminal, and it accounts for nearly 50% of South Africa’s total port traffic.

Auditor General probes supplementary budgets

The International Monetary Fund (IMF) reveals the special audit follows the conclusion of the Executive Board’s fifth review of Kenya’s ongoing loans on July 17th.

Beware: SARS doesn’t forget

In a recent July case titled CSARS v M, a taxpayer failed to disclose receipts totalling R5.6 million during the 2007 to 2010 years of assessment.

President Ruto plots new car tax, VAT if court cripples Finance Act

“Any tax revenue shortfall relative to programme targets will be compensated for by taking additional tax policy measures”.

Multiple taxes squeeze digital firms as profits take a beating

Tax authorities in various countries are currently reviewing the appropriate treatment of e-commerce activities.

Protests over new taxes unnerve global investors

Global analysts, however, see the full implementation of the painful taxes, projected to raise Sh211 billion in new revenue as necessary in “placing Kenya’s public finances on a sustainable footing.”

Tough times for workers as payroll taxes rise slowest in seven years

An analysis of payroll receipts shows growth in the just-concluded financial year was the first single-digit print since the year ended June 2017 when the deductions on salaries rose 8.67 percent to Sh305.16 billion.

More ‘punishment’ on the way for households in South Africa

“We are undoubtedly in a buyer’s market. Sellers now need to price accurately as buyers are able to dictate prices,”

Multichoice Kenya taxes up to Sh3.1bn

Multichoice has been facing increased competition in Kenya from StarTimes and Zuku as well as online streaming services like Netflix and Amazon Prime, even as dynamics such as currency depreciation force it to increase prices.

Centum RE pays Sh341 million after tax law changes in Uganda

A law change introduced last year, however, capped the carry-forward period at three years, meaning the firm had to make a post-audit adjustment for forfeited interest relating to the 2019 financial year.

Depressed economy hits growth of tax collections

The KRA pointed to a slower rate of economic activity in the period along with runaway inflation for the slowdown in collections that saw the taxman missing out on its tax revenue target estimated at Sh2.263 trillion.

SARS launches new tool for tax returns

This enhancement aims to keep you informed, so there is no need for you to phone the SARS Contact Centre or go to a SARS Branch office,” said SARS.

Kenya’s fuel taxes beat South Africa, US on higher VAT

Though Tanzania has the cheapest fuel in the region, the ratio of taxes as a percentage of the pump price ties with Kenya at 40 percent.