Tag Archives: taxes
taxes: Latest News
Dana Sanchez, 5:17 pm
Each security is equivalent to 100th of an ounce of gold and is backed by physical gold. The Nairobi all-share index hit a 47-month low March 8, driven down by bank stocks and a Safaricom selloff. Having local currency exposure to the spot price of gold is attractive to local pension funds and others restricted in overseas investment. “It makes sense to be adding complexity to the stock exchange… Barclays is ‘pushing at an open door by launching a gold-based ETF,” an investment advisor said. “There’s clearly demand for gold here because people see it as a store of value.”
Dana Sanchez, 8:10 am
Africa now has more than half a billion mobile phone subscribers, and it has been the fastest growing telecoms region for several years, but subscriber growth rates are now beginning to slow down. the number of smartphone is expected to triple in the next five years, but African uptake of mobile will likely converge with the global average, as affordability become more of a barrier, according to a new GSMA study.
Dana Sanchez, 6:45 pm
The informal sector contributes about 55 percent of sub-Saharan Africa’s GDP, but it doesn’t pay taxes. East African governments will be charging more taxes in the informal sectors as they seek to accelerate growth. No politician ever got popular by creating new taxpayers. Alongside the many development challenges facing African countries, few governments want to run the risk of increasing taxes.
Dana Sanchez, 12:01 pm
Cashew nuts are now the cheapest tree nuts on the market. New taxes on cashew exporters in Ivory Coast amount to about 8 cents US per kilogram. Some traders evade taxes by shipping Ivorian cashews into neighboring countries. Ivory Coast has been encouraging more cashew processing at home with plans to increase subsidies to from 5 percent to 30 percent or more. Taxes don’t apply to companies doing local processing.
Dana Sanchez, 1:56 pm
SA businessman Fana Hlongwane was named with links to a controversial arms deal. Khulubuse Zuma, nephew of the president, was named in association with a DRC oil deal. The Panama Papers show the extent of shady offshore dealings that could be robbing countries of billions of tax dollars. Gordhan said he welcomes their release. Holders of illegal offshore accounts may get a chance to come clean at a discounted rate in a voluntary program. Failure to do so will result in penalties including criminal prosecution.
Dana Sanchez, 11:58 pm
To pay for the stimulus, the government plans to expand the tax base and reduce the number of government workers and appointed officials. State governors have been told to reduce the number of political appointees and aides as a way of reducing the cost of governance. The focus for expanding the tax base will be on property taxes and consumption taxes — usually in the form of sales taxes or value added tax.
Julia Austin, 10:37 am AFKI Original
Taxing people’s personal income can be an unpopular proposition if you’re a politician. In Africa, there’s evidence that governments are actually lowering their overall personal income tax rates and taxing other things in an attempt to broaden their tax base. Governments and other powerful organizations such as FIFA, the soccer world’s governing body, find some creative ways to generate taxes — and tax exemptions. Check out 8 strange things that are taxed or tax exempt around the world.
Dana Sanchez, 11:59 am
Some Nigerian states are treating telecoms as extractive industries, imposing taxes on mobile operators that are normally paid by mines, according to a Nigerian telecom association. When the operators are unable to pay, their base stations are closed down, and that’s harassment, the association president said at a Lagos press conference. MTN’s regional office in Abuja shut down operations temporarily in April after a crowd protested xenophobic attacks in South Africa.
Dana Sanchez, 10:55 am
MTN is not alone. Operating in Nigeria has been challenging for other South African retailers and manufacturers. Some cite bureaucracy, corruption, poor infrastructure and a volatile currency. But relations between the two countries have been strained over over things including the death of 84 South Africans when a Nigerian church collapsed, and xenophobic attacks earlier this year in South Africa.
Dana Sanchez, 6:08 pm
Expanding the national tax base is a political issue treated with caution in African countries. Few governments want to run the risk. Creating incentives to bring the informal sector into the official tax system is something countries have in common that have done the most to increase their tax base. Rwanda and Uganda are models.
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