March 27, 2015 Taxation in Kenya
NAIROBI – International investors coming to kenya are not doing so because of tax incentives, and such tax breaks should be dropped.
In a speech delivered at a conference in Kwale on March 25th the Commissioner General of the Kenya Revenue Authority John Njiraini called for the government to retract the tax breaks provided to foreign investors.
Currently, foreign investors operating in the Export Processing Zones can enjoy a 10 year tax holiday, along with duty free imports, and a 100 percent capital investment deduction on certain activities.
The Commissioner General claimed that the majority of investors who come to the country are not convinced to do so due to the tax breaks but instead enjoy the country’s political stability, security, access to the local and regional market, the lo...Read More
March 26, 2015 Taxation in Zambia
LUSAKA – Mine operators in Zambia will soon have a temporary reprieve from a recent tax hike, as the government looks for more amicable solution to balance the need for tax revenues and the interest of the mining sector.
On March 25th the President of Zambia Edgar Lungu announced that the government will drop the recently implemented hikes to mineral royalty taxes, following months of negotiations and protest from mineral extractors operating in the country.
Late last year the government announced that mining companies would no longer be required to pay income taxes, however, the measure would be replaced with a hike in royalties, with the rate for open-cast mines rising from 6 percent to 20 percent, and the rate for underground mines rising from 6 percent to 8 percent.
However, the ris...Read More
March 25, 2015 Taxation in Tanzania
DODOMA – Tourists and craftsmen in Tanzania will soon feel some relief from taxation as the government eyes abolishing an exorbitant tax on locally produced wood carvings.
In a speech delivered in Arusha late last week the Minister for Natural Resources and Tourism of Tanzania Lazaro Nyalandu indicated that the controversial tax on wood carvings paid by tourists will soon be abolished.
As of February this year tourists departing the country with locally purchased wooden carvings valued at more than approximately USD 300 will be required to pay a tax of USD 70, while carvings valued less than USD 300 will entail a levy of USD 16.
According to the Minister, the tax greatly hinders the government’s efforts to boost tourism in the country, as “…curios and hand-made crafts businesses have a clo...Read More
March 24, 2015 Taxation in Saudi Arabia
RIYADH – Housing affordability in Saudi Arabia will soon improve, as the government sets out to enact a new tax on empty land being hoarded by developers.
On March 23rd the Cabinet of Saudi Arabia approved a new proposal to enact a tax on underdeveloped land which is suitable for urban development, a move which is intended to help address the country’s growing housing shortage.
Details are not yet available on the size of the tax or how it will be implemented, but the newly proposed measure is being considered as urgent, and all steps are being taken to implement the tax without delay.
Currently it is estimated that as many as half of the citizens of Saudi Arabia live in rented houses, and the rate of home ownership in the country is approximately half of the average rate in other OEC...Read More
WASHINGTON D.C. – US taxpayers are concerned with the amount of taxes paid by large companies and wealthy individuals, while only a small proportion are concerned with the tax obligations faced by the poor.
Late last week the US based non-government organization the Pew Research Center released the results of new research on the complaints that US taxpayers have against the current national tax system, showing that many individuals believe that large corporations and wealthy individuals do not pay enough taxes.
Approximately 59 percent of individuals surveyed for the research claimed that the national tax system is so fundamentally wrong and malfunctioning that Congress should overhaul it entirely, while only 38 percent of people claimed that the tax system “works pretty well” or only requ...Read More