South Africa: Strong opposition to proposed business tax
Posted by Accountancy Africa on Feb 01, 2012 | Leave a Comment
By Malcolm Rees, Moneyweb
JOHANNESBURG – The South African Local Government Authority (Salga) as well as some of SA’s major municipalities are currently in the process of drafting applications for new taxes to be levelled on SA businesses.
The taxes, which may become “the straw that broke the back” of SA’s struggling small and medium (SME) business sector according to analysts, are envisaged to provide an...
Kenya: VAT slows down growth of multinationals in Africa
Posted by Accountancy Africa on Jan 26, 2012 | Leave a Comment
By George Omondi, Business Daily Africa
Conflicting value added tax (VAT) laws across the region are slowing down the expansion of multinational companies that have pitched camp in Kenya to tap the integration of markets, a report released on Wednesday by consulting firm PwC indicates.
The report titled, ‘Overview of VAT in Africa’ says that taxation systems of most of the continent’s 54 nations expose foreign...
Africa to sign up to treaty on tax information exchange
Posted by Accountancy Africa on Dec 01, 2011 | Leave a Comment
By Kofi Adu Domfeh, My Joy Online
The African Tax Administration Forum (ATAF) is preparing a treaty for the exchange of tax information among African countries in a bid to combat tax evasion and avoidance.
Executive Secretary of the Forum, Logan Wort, says the Agreement would serve as a legal instrument to ease tax cooperation on the continent, especially on matters involving multinational companies.
It modeled after...
South Africa Boosts Tax Return Numbers
Posted by Accountancy Africa on Dec 01, 2011 | Leave a Comment
From Taxation Infonews
CAPE TOWN – Embracing electronic filing technology has paid off for tax authorities in South Africa with faster processing times, higher compliance, and greater number of tax filers.
On November 30th the South African Revenue Service (SARS) released a statement with final outcomes of the 2011 tax season, reporting that a greater number of tax returns were processed than in any previous year.
According...
Transfer pricing transgression erodes Africa’s tax revenue
Posted by Accountancy Africa on Nov 30, 2011 | Leave a Comment
By Kofi Adu Domfeh, Modern Ghana
African countries are losing revenue needed for development because multinational companies are not getting their transfer prices right, says Nishana Gosai, Manager of the Transfer Pricing Unit of the South African Revenue Service (SARS).
She acknowledged most organizations are stepping up transfer pricing as a relevant area of taxation, but there are inadequate infrastructure, expertise...
Who will pay the price of carbon tax?
Posted by Accountancy Africa on Nov 29, 2011 | Leave a Comment
From Biz Community
Over and above assessing the direct carbon tax cost in South Africa once the verdict is published by National Treasury in February 2012, the country must count the indirect cost of the tax on the competitiveness of its logistics and supply chain sector and the impact that it will have on consumers and end-users.
South Africa’s consistently high cost of logistics, which came in at 13.5% of Gross...
Learning from the Chinese approach to carbon taxation
Posted by Accountancy Africa on Nov 25, 2011 | Leave a Comment
By Saliem Fakir, Engineering News
The Australian government recently just managed to squeeze through carbon tax legislation. The Australian system starts off with a fixed price, eventually moving to a trading scheme. India already has a carbon tax of about $1.03/t for coal produced internally or imported. China is to introduce one by 2013.
The Chinese approach is similar to South Africa’s. The first stage is to place...
Kenya frees more trade partners from double tax
Posted by Accountancy Africa on Nov 24, 2011 | Leave a Comment
By Allan Odhiambo, Business Daily Africa
Kenya has increased the number of double-taxation pacts with key trade partners, signalling resolve to boost in-flow of investments. Parties who get these deals are protected from double taxation, one of the demands keeping investors at bay.
New double-tax treaties (DTTs) with key trade partners such as the East African Community (EAC) and the United Arab Emirates (UAE) have been...
South Africa Clarifies Takeover Debt Taxation
Posted by Accountancy Africa on Nov 21, 2011 | Leave a Comment
By Lorys Charalambous, Tax News
South Africa’s Minister of Finance, Pravin Gordhan, in his introductory remarks to parliament on the Taxation Laws Amendment Bills, 2011, clarified the final disclosure requirements under the anti-avoidance rules within the country’s tax code that were originally introduced to facilitate intra-group transactions.
“Section 45 (of the Income Tax Act) was only intended,” Gordhan insisted,...
Smart bloc’s tax structures key for Tanzania’s take-off
Posted by Accountancy Africa on Nov 21, 2011 | Leave a Comment
By Agatha Nderitu, The Citizen
Delegates from the East African Community (EAC) recently converged in Dar es Salaam for a top-level regional public private dialogue (PPD) on the harmonisation of domestic taxes.Another platform will be created for deliberation on tax harmonisation, a key step towards the realisation of the common market protocol.
From the PPD, a few priorities around which there was consensus are clear....
Swazi sales tax change a boost
Posted by Accountancy Africa on Nov 21, 2011 | Leave a Comment
Mantoe Phakathi, Business Report
The deepening economic crisis has seen the Swaziland government amend its tax laws to include service providers in the payment of sales tax, while increasing tax for imported alcohol and tobacco products.
The government has also introduced a reverse charge in the amended legislation, which now compels the Swazi buyer to pay a 14 percent sales tax to the Swaziland Revenue Authority...
South Africa: Taxation Amendments Aim to Help Grow Economy
Posted by Accountancy Africa on Nov 19, 2011 | Leave a Comment
From BuaNews
Pretoria — Adjustments to the country’s taxation bills currently before Parliament aim to help grow the South African economy, and will alleviate the burden on ordinary working citizens, says Finance Minister Pravin Gordhan.
Speaking at the debate on National Treasury’s Taxation Laws Amendment Bills, 2011 in Parliament, Gordhan defined the Bills as being a balanced package.
“These Bills...
SA tax system ranked highly
Posted by Accountancy Africa on Nov 16, 2011 | Leave a Comment
From Fin24
Johannesburg – South Africa’s tax system was ranked number one among emerging economies, SABC news reported on Tuesday.
The system was ranked for its efficiency and for easing the compliance burden on taxpayers, according to a report by the World Bank, the International Finance Corporation and accounting firm Price Waterhouse Coopers.
It found that South Africa was taking the lead as a result of...
Sultanate, S. Africa ink double taxation pact
Posted by Accountancy Africa on Nov 16, 2011 | Leave a Comment
From Oman Tribune
MUSCAT The Sultanate and the Republic of South Africa on Tuesday signed an addendum to amend avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income agreement, which was signed between the countries in 2002.
The addendum was signed on behalf of the Sultanate by HE Darwish Bin Ismail Al Balushi, Minister Responsible for Financial Affairs and Maite Nkoana-Mashabane,...
Accountants can be counted upon to face challenge of climate change
Posted by Accountancy Africa on Nov 16, 2011 | Leave a Comment
Andrew Leck, Head of ACCA UK – City AM
LATER this month, thousands of climate change experts, government negotiators, campaigners, and business people will be gathering in Durban, South Africa for the seventeenth annual meeting of the signatories to the UN Framework Convention for Climate Change. Or, more simply, COP17.
The ultimate objective of each COP (Conference of the Parties) is to reach an international...
Nigeria: ‘Blame poor enforcement for tax evasion’
Posted by Accountancy Africa on Nov 13, 2011 | 1 Comment
//
By Ibrahim Apekhade Yusuf, The Nation
Mr. John Femi Jegede is President/Chairman in Council, Chartered Institute of Taxation of Nigeria (CITN). In this interview with Ibrahim Apekhade Yusuf he gives useful insight on the different tax regimes in Nigeria and other related issues
There are complaints that Nigeria has a regressive tax system. Do you agree?
I do not agree that Nigeria has a regressive tax system but...
South Africa: Corporate Tax Module, the Solution for Accurate Tax Returns
Posted by Accountancy Africa on Nov 10, 2011 | Leave a Comment
From Biz Community
CQS has introduced a new module for the widely-used CaseWare Working Papers solution. The Corporate Tax Module automates corporate annual tax returns and submits them straight to the South African Revenue Services’ eFiling service.
The new module integrates with the financial statements in CaseWare to deliver the advantages of improved speed, accuracy and compliance.
The introduction of CaseWare’s...
Africa must improve fiscal management
Posted by Accountancy Africa on Nov 09, 2011 | Leave a Comment
From Bua News
Cape Town – With a slower then expected global recovery from the recession and the Eurozone crisis threatening to worsen, African countries should look to improving their management of public finances and collection of revenue in building a nest egg, the Deputy Minister of Finance Nhlanhla Nene said today.
Addressing the African Fiscal Forum, hosted by the IMF and the National Treasury in Cape...
The East African Community moves closer to common taxes as leaders meet
Posted by Accountancy Africa on Nov 09, 2011 | Leave a Comment
By Fred Oluoch, Business Daily Africa
The East African Community (EAC) is this week expected to move closer to harmonising taxation among member states following an earlier agreement to remove double charges for businesses that operate in two or more countries. (RELATED: Tax incentive for Kenyan firms with Uganda branches)
The East African Business Council (EABC) in conjunction with EAC will hold a three-day conference...
Establish effective tax measures, Zambia urged
Posted by Accountancy Africa on Nov 09, 2011 | Leave a Comment
By Darlington Mwendabai, Zambia Daily Mail
MOST African countries including Zambia are failing to capture the informal sector to pay for taxes including Value Added Tax(VAT) and yet this sector caters for 80 percent of people in employment.
Visiting out-going VAT Administrators in Africa (VADA) forum chairman Samuel Ogungbesan has urged African countries including Zambia to develop effective tax measures which will...
You can subscribe by e-mail to receive news updates and breaking stories.