Category Taxation In Africa

South Africa’s Tax Fueled Expansion

November 9, 2010 Taxation in South Africa

the not-so-impossible dreamThe South African Government has initiated a ZAR 6.5 billion (approx. USD 945.2 million) tax allowance program, in the hopes of greatly boosting the national manufacturing sector and supporting the training for low skilled employees.

On November 8th the South African Minister of Trade and Industry Rob Davies announced an ambitious new government project which will grant a range of tax allowances to national firms introducing and utilizing new or innovative manufacturing processes, or improving energy efficiency and reducing production waste technologies.

The new program grants tax allowances to companies based on the nature of their work, and the number of staff that will receive training by the company...

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UK Banks Propping Up Nigerian Corruption

October 15, 2010 Taxation in NigeriaTaxation in UK

42-15535702Major UK banks are being accused of actively aiding corruption and spreading poverty in Nigeria by holding accounts and accepting transactions from corrupt politicians.

A new report by the UK anti-corruption group Global Witness has condemned Barclays, HSBC Bank, the Royal Bank of Scotland, NatWest and UBS for holding accounts and processing transactions of two Nigerian politicians. Allegedly, between 1999 and 2005 the banks accepted millions of pounds in transactions and deposits into accounts held by the Nigerian politicians Diepreye Alamieyeseigha, former governor of Bayelsa State, and Joshua Dariye, former governor of Plateau State, without adequate screenings for signs of corruption or illicit cash flows.

In 2005 Diepreye Alamieyeseigha was accused of corruption after he was discover...

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Mining Tax Revenues Used to Fight Poverty

October 11, 2010 Taxation in Zambia

Tax revenues collected by the Zambian Government from the mining industry are greatly exceeding forecasts, with recorded collections of ZMK 503 billion (approx. USD 106.1 million) so far in 2010, and with greater sums projected for 2011. The proceeds will eventually be used by the Government in funding its anti-poverty projects.

Speaking at a presentation of the 2011 budget Situmbeko Musokotwane, Finance Minister of Zambia, said that revenues from mining taxes are expected to reach ZMK 959.7 billion (approx. USD 202.5 million) in 2011. The figure could rise further, with the Minister announcing the commencement of several new copper mining projects across Zambia...

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South Africa Eyeing Tax Compliance

September 21, 2010 International Tax CooperationOffshore TaxationTaxation in South Africa

ReflectingSouth Africa is looking for new ways to increase tax compliance in both South Africa and other African nations, including targeting “aggressive tax schemes” by multinational companies, hiring “tax soldiers”, and investigating the possibility of harmonious tax policies across Africa.

On September 20th at the 2010 Africa Tax Conference held in Mpumalanga, South Africa, Oupa Magashula, Tax Commissioner of South Africa, spoke in front of a panel of tax experts and tax department representatives of various African nations on the possible means of improving the tax regimes of the countries in the continent...

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SA Trade Unions Demand New Tax New Policy Outlook

September 15, 2010 Taxation in South Africa

Flag this photoAccording to South African trade unions the national Government needs to set a new economic growth path based on several new taxes and a more active and aggressive role in the economy.

Speaking on behalf of the Congress of South African Trade Unions (COSATU) on September 14th Zwelinzima Vavi, General Secretary of COSATU, said that the Government needs to follow a new economic direction in order to revive the currently “dysfunctional economy.”

According to Zwelinzima Vavi, unemployment levels in South Africa are worsening and the economic conditions of the country are deteriorating. He also stated that nearly a quarter of the country’s population is currently receiving some form of social grants from the Government...

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