Managers of Wealth Africa

Maitland Intouch

We are pleased to present you with the July 2015 issue of Intouch

Mauritius FSC amends Fee System for Late Payments of Annual Fees – Effective from July 2015

On 24 July 2015, the Financial Services Commission (FSC) has amended the system of levying charges for late payment of annual fees by licensees under the Rule 8(4) of the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2008 and this

Access Bank Manager jailed for fraud

Otumfuo and Amanor were standing trial together with an alleged accomplice

Country-by-country reporting in South Africa by Arnaaz Camay

On 8 June 2015, the Organisation for Economic Co-operation and Development (“OECD”) released a Country-by-Country Reporting Implementation Package developed under the OECD’s base erosion and profit shifting (“BEPS”) Action Pl

Tax court rules on creation of permanent establishment in South Africa by Dr Beric Croome

Where a foreign company renders professional services to a South African company in South Africa, it is important that the foreign entity considers whether, as a result of rendering such services, the foreign company will create a permanent establishment

Appleby Successfully Enforces an English Judgment Before the Supreme Court of Mauritius

The decision of the Supreme Court in Dallah augurs well for the future in four respects.

Six Nigerian Nationals Extradited from South Africa to Mississippi to Face Fraud Charges

The charges and allegations in the indictment are merely accusations.

The Wealth Hub stokvel under investigation

A similar request to freeze an Absa account was applied for, but the balance of that account is not yet known.

Zuma crony linked to Swazi fraud and bribery scandals

The revenue services in both South Africa and Swaziland seem to be investigating the same man.

ENSafrica recognised for India-related work

ENSafrica has been named as a top international law firm for India-related work by the India Business Law Journal.

Cancellation of Contracts in the 21st century

Their dispute eventually reached the SCA

HFW advises Government of Niger on debt restructuring

The remaining US$15 million is payable over the next 20 years.

Capitalisation of shareholder loans effected by means of set-off - ENS Africa

In the recently released BPR 193, SARS deals with the capitalisation of shareholder loans owed by a South African resident company to its foreign holding company by means of set-off.

Recovering Nigeria’s stolen wealth

President Muhammadu Buhari last week said that past officials of government who looted the treasury but felt that they had been forgiven their sins should perish such thoughts

Malawi cash scandal reaches SA

The army allegedly paid R60-million to a company that didn’t deliver the ammunition.

Muslim Association sues African Banking Corporation over welfare accounts freeze By Caroline Rwenji

A Muslim association has sued the African Banking Corporation Ltd over the freezing of its bank accounts.

S. African official defends land ownership by foreign nationals

The South African government on Tuesday tried to alleviate jitters that the prohibition of land ownership by foreign nationals would drive away investors.

Africa tax in brief by Celia Becker, ENS

MAURITIUS: Memorandum of Understanding signed with South Africa on Treaty

OECD proposes introducing hindsight into the transfer pricing of hard-to-value-intangibles

In particular, it is proposed that tax authorities will be allowed to use ex post “evidence”, (i.e. hindsight), to assess the arm’s length nature of transfer pricing arrangements in respect of “hard-to-value-intangibles”.

The valuation of a usufruct for tax purposes by Alexa Muller

in certain circumstances, the Commissioner may accept a different percentage annual yield – should this be supported by facts.

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