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...
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...
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...
Private sector hit by delayed tax returns
Posted by Accountancy Africa on Jun 07, 2010 | Leave a Comment
By David Mugabe, New Vision
PRIVATE businesses in the East Africa region are asking respective governments to legislate a timeframe within which tax refunds are paid.
A pre-budget survey conducted by Deloitte East Africa indicates that 94% of private enterprises mainly in Kenya want the East African governments to honour their obligations of remitting tax returns especially Value Added Tax (VAT) because it is affecting...
South Africa Acts Against Tax Evasion, by Lorys Charalambous, Tax-News.com, Cyprus
Posted by Accountancy Africa on May 20, 2010 | Leave a Comment
During his speech to parliament on the occasion of the vote on the 2010-11 budget, South Africa’s Finance minister, Pravin Gordhan, focused on the work of the South African Revenue Service (SARS) to improve compliance, both now and in the year ahead.
He disclosed that “third party data from employers and financial institutions has proved highly effective in identifying cases of tax evasion, including employers...
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