Category: Africa
Nigeria: OECD Declares Mauritius Partial Tax Exemption Regime As Not Harmful
On 19 July 2019, the Organisation for Economic Cooperation and Development (OECD) released its report on harmful tax practices across various jurisdictions. ... - Continue reading
Mauritius: Mauritius Regulatory Update
This is the first in a series of of Mauritius Regulatory Alerts in which we bring you an overview of the latest legal and regulatory developments in the offshore world, with a particular focus on Mauritius. ... - Continue reading
Namibia joins international taxation initiative
This was revealed by the Organisation for Economic Cooperation and Development (OECD) last Friday in an announcement made on its website. ... - Continue reading
FIC denies ignoring SME Bank looting
THE director of the Financial Intelligence Centre, Leonie Dunn, says the centre did not turn a blind eye to the disappearance of around N$350 million from the now-defunct SME Bank. ... - Continue reading
CIAT database reflects progress made by 15 countries implementing BEPS recommendations
CIAT’s BEPS Monitoring Database has been updated to reflect advancements made by Angola, Argentina, Bermuda, Brazil, Chile, Colombia, Costa Rica, Honduras, India, Jamaica, Mexico, Panama, Paraguay, Spain, and Uruguay. ... - Continue reading
Mauritius leaks latest reminder of how much we lose to tax havens
Mauritius leaks latest reminder of how much we lose to tax havensA report by Canadians for Tax Fairness Bay Street and Tax Havens revealed how over 90% of Canada’s largest corporations have subsidiaries in tax havens. Ottawa (06 Aug. 2019) — Last month Canadians for Tax Fairness reported that, while… – Continue reading
Tanzanian freelance journalist in court over money laundering, tax evasion
DAR ES SALAAM, Aug. 5 (Xinhua) — Tanzanian freelance journalist Eric Kabendera on Monday appeared in court charged with money laundering, tax evasion and leading organized crime. The state prosecution told the Kisutu Resident Magistrate’s Court in the commercial capital Dar es Salaam that on diverse dates between January 2015… – Continue reading
South Africa: International Tax: Proposed Amendments
The latest proposed amendments will see, inter alia, some relief for taxpayers in relation to the Controlled Foreign Company ("CFC") rules and the scope of an "Affected Transaction" as defined in section 31 of the Income Tax Act 58 of 1962 ("the Act") to be extended. ... - Continue reading
Mauritius leaks: Big firms leveraging legal loopholes to save taxes can cost developing countries $100 bn every year
Proposals made by Nirmala Sitharaman at G20 Summit could alter the stasis between large corporations and tax havens. ... - Continue reading
Eswatini becomes the 132nd country to join the “Inclusive Framework on BEPS”
The OECD on July 26 announced the that southern Africa nation of Eswatini has joined the inclusive framework on BEPS. ... - Continue reading
Kenya, Botswana inks 3 pacts to shore up bilateral ties
NAIROBI, July 23 (Xinhua) — Kenya and Botswana on Tuesday signed three key agreements to help deepen bilateral ties between the two African countries. The agreements, which cover bilateral trade, air transport and ICT, were signed at the end of talks held between visiting Botswana president Mokgweetsi Masisi and his… – Continue reading
Journalists publish details of 200+ companies using offshore law firm, conclude Mauritius promotes tax avoidance
Data on more than 200 companies that engaged the Mauritius office of Conyers Dill & Pearman were published on the internet today by the International Consortium of Investigative Journalists (ICIJ) as a result of leak of confidential information. ... - Continue reading
Nigeria: Reviewing The Implications Of The Revised Transfer Pricing Regulations On Intangibles For Businesses
Intangibles are key sources of differentiation for businesses and typically, they help drive revenue, manage cost or both. As a result, many businesses make significant investments in developing, enhancing, maintaining and protecting unique and valuable intangibles to help drive their businesses. ... - Continue reading
GST watchdog detects invoice fraud to the tune of ₹7,600 crore
The Directorate General of GST Intelligence (DGGSTI), an arm of the indirect tax administration, has unearthed a racket involving 90 firms which issue fake invoices to errant companies for tax evasion, the agency said on Friday. ... - Continue reading
Seychelles Signs US FATCA Agreement
On July 3, 2019, the Seychelles Government announced that it has signed an intergovernmental agreement (IGA) with the United States to implement the requirements of the US Foreign Account Tax Compliance Act (FATCA). ... - Continue reading
Kenya, Turkey to sign tax treaty by end of 2019
NAIROBI, July 14 (Xinhua) — Kenya and Turkey are set to sign a double taxation avoidance agreement by the end of 2019, a Turkish diplomat said on Sunday. Ahmet Cemil Miroglu, Turkish ambassador to Kenya told journalists in Nairobi that both countries are keen to improve the environment for investment… – Continue reading
Pagcor: Government not inclined to impose higher taxes on POGOs
State-run Philippine Amusement and Gaming Corp. expressed optimism the government will not impose higher taxes on offshore gaming operators in the country to encourage them to stay here. Pagcor chairman and chief executive Andrea Domingo said at the sidelines of the opening of the first Philippine-Asian Gaming Expo held on… – Continue reading
Mauritius to add new tax incentives, changes to partial exemption regime
New tax motives coming for Mauritius ... - Continue reading
MP in the Dock Over Sh487m Tax Evasion
The member of parliament for Lamu West constituency Mr Stanley Muthama has been charged in an Eldoret Court for tax evasion. Mr Muthama appeared before Eldoret Chief Magistrate Charles Obulutsa on Monday for allegedly failing to remit Sh487 million in taxes from businesses operated under Stansha Limited, a company linked to him…. – Continue reading
Cargo pile-up at ICD depot linked to tax evasion scam
Unscrupulous agents based in Dubai and China are behind the pile-up of cargo at the Nairobi Inland Container Depot (ICD) even as it emerged that this is also a ploy to evade taxes. People Daily yesterday established that small-scale traders using these agents to consolidate their cargo in one container… – Continue reading
Morocco signs multilateral agreement on exchange of country-by-country reports
Morocco has signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, becoming the 79th country to join the agreement, the OECD today announced. ... - Continue reading
Mauritius rule changes may hit offshore funds
Funds may lose tax benefit after rule amendment. Mumbai: The Mauritius government’s proposal to amend tax residency rules for companies is giving jitters to foreign funds operating from the tax haven. Mauritius has recently announced that it is amending rules for determining tax residency for companies so that a company… – Continue reading
Will Singapore continue to be India’s largest foreign investor?
Which jurisdiction is India’s largest source of Foreign Direct Investment (FDI) in the 2018-19 financial year?
Zimbabwe introduces digital economy tax, transfer pricing filing requirement
New guidelines to tackle profit shifting and transfer pricing ... - Continue reading
India: Bombay High Court Quashes 197 Order Rejecting Mauritius Tax Treaty Benefits
High Court sets aside section 197 order due to absence of prima facie evidence of tax avoidance Rejects factors such as lack of business activities and administrative expenses as conclusive of sham transactions Holds that a detailed inquiry can be conducted during normal assessment Directs refund of withheld tax subject… – Continue reading
Money is fleeing in panic from Russia
Last week, the Bank of Russia has published data on key indicators of the balance of payments for the first four months of the current year. One of them — the balance of financial transactions of the private sector. It was negative and amounted to 34.7 billion dollars. Translated into… – Continue reading
Government Should Investigate BAT’s Tax Evasion
Kenya Tobacco Control Alliance KETCA has today called upon the government to prioritize regulations that enable the maximization of corporate tax revenue from British American Tobacco (BAT) Company. The KETCA Chairman, Joel Gitali said that BAT avoids paying full corporate taxes which would have been used for public services like… – Continue reading
Alleged Tax Evasion: Court renews Jay Jay Okocha’s arrest warrant
A Lagos State prosecutor, Y. A. Pitan, has told an Igbosere High Court in Lagos that former Super Eagles captain, Austin Okocha, has not liquidated the alleged tax debt he owed the state. Mrs Pitan told Justice Adebayo Akintoye on Tuesday that Mr Okocha had visited the Lagos Internal Revenue… – Continue reading
Revised tax treaties usher in a new era in investment, taxation
Policy tweaks curb evasion, show India can woo investments without sops Singapore, another major FDI contributor to India, too, enjoyed the same tax sops under a similar treaty with India NEW DELHI: For about a decade-and-a-half, revenue authorities examining foreign investment proposals received by the erstwhile Foreign Investment Promotion Board… – Continue reading
Nigeria Signs Off On Common Reporting Standard With OECD
As we await official communication, information reaching us have it that Nigeria has signed off on the Common Reporting Standard (CRS) with the Organisation for Economic Co-operation and Development (OECD). As publicly stated on Wikipedia, ‘The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information… – Continue reading
Three Chinese businessmen arrested over Sh58 million tax evasion
Detectives on Wednesday night arrested three Chinese nationals for evading to pay tax to Kenya Revenue Authority (KRA) amounting to Sh58 million. The three, Pi Ning, Li Hua and Hu Bin, are directors of Electric Tools Kenya Limited. The suspects, who are being held at the Railway Police Station, will… – Continue reading
FIRS Vows to Eliminate Multiple Taxation
Obinna Chima The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has restated the agency’s commitment to eliminating multiple taxation in the country. Fowler said this at a tax breakfast seminar with the theme: “Tax Controversy and Dispute Resolution,’ organised by KPMG Nigeria in Lagos, recently. According to… – Continue reading
Tunisia, U.S. sign deal on tax compliance
TUNIS, May 13 (Xinhua) — Tunisia and the United States signed on Monday an agreement to improve international tax compliance and mutual cooperation in the field of taxation, Tunis Afrique Presse reported. The agreement was signed by Tunisian Minister of Finance Ridha Chalghoum and U.S. Ambassador to Tunisia Donald Blome… – Continue reading
48 KRA officers wanted for bribery, tax evasion
48 Kenya Revenue Authority (KRA) officials were Monday morning expected at the Directorate of Criminal Investigations (DCI) headquarters on Kiambu road for questioning. The individuals include 32 officers from KRA’s Domestic Taxes Department, 15 from the Customs and Border Control Department and one from the Investigations and Enforcement Department. They… – Continue reading
Tax substitution as double taxation
The power to levy tax in Nigeria, being a federation, is shared between the Federal, State and Local governments. To avoid double taxation, the tax system spells out which government unit (federal, state or local) has the power to levy tax on specific persons and matters. The Federal Inland Revenue… – Continue reading
Antonio accuses M’membe of engaging in tax evasion
PF deputy media director Antonio Mwanza says if former Post newspaper editor-in-chief Dr Fred M’membe was in America, he would have been in jail, by now, for tax evasion. And Mwanza says opposition political parties come short of blaming the Pope when they lose elections. Meanwhile, National Democratic Congress (NDC)… – Continue reading
Mauritius: blue skies, sunshine – and these noteworthy changes to its domestic laws
Not just the ultimate holiday stop, Mauritius is also a preferred jurisdiction for fund managers looking to establish African-focused funds, say Michael Denenga and Nicole Paige, partners at Webber Wentzel. “A scenic island off the coast of Africa, Mauritius’ main competitive advantage is its proximity to the jurisdictions that African-focused… – Continue reading
Joint tax mechanism to enhance trade & investment among BRI countries
A new mechanism aimed at creating a more favorable tax environment for enterprises and countries involved in China’s Belt and Road Initiative (BRI) has been established. Tax officials and experts from dozens of countries and international organizations have gathered in China from April 18 to 20 for the first Belt… – Continue reading
Africa’s problem with tax avoidance
Every year African countries lose at least $50 million in taxes — more than the amount of foreign development aid. So where is it all going and how can multinational companies be held to account? NGOs continue to raise the alarm. African countries are being cheated out of billions in… – Continue reading
Ethiopia arrested 105 businessmen over alleged tax evasion
About 105 businessmen are arrested over an alleged tax evasion in the capital Addis Ababa. Adanech Abebe, minister of the ministry of revenue, said over 135 businesses are identified for “plundering public resources and tax evasion,” according to a report by state affiliated FanaBC. The ministry claims the alleged tax… – Continue reading
Ginimbi $22 Million Tax Evasion Investigations Complete
Businessman Genius Kadungure was back in court yesterday for continuation of his $22 million tax evasion case. Kadungure was represented by Jonathan Samkange when he appeared before Harare regional magistrate Vongai Guuriro. Prosecutor Shephered Makonde told the court that investigations have been completed. He said a trial date will be… – Continue reading
Mauritius, first jurisdiction globally to legally protect crypto
The Mauritius International Financial Centre (IFC) claims to be the first jurisdiction globally to offer a regulatory landscape for the custody of digital assets. This is according to communication from the country’s integrated regulator for the non-bank financial services sector and global business, the Financial Services Commission (FSC). The FSC… – Continue reading
Tunisian Government Estimates Tax Evasion at USD8.3 Billion
Prime Minister’s adviser in charge of tax reform Faisal Derbal has revealed that tax evasion is estimated to reach TND25 billion (around USD8.3 billion) in Tunisia. He denied, during a press conference in the government’s headquarters, rumors circulating about the tax evasion value rising to double of the mentioned number… – Continue reading
Angola’s parliament approves elimination of double taxation with Portugal, China and UAE
The Angolan parliament unanimously approved proposals for the resolution of agreements for the elimination of double taxation and prevention of tax evasion on income tax with Portugal, China and the United Arab Emirates (UAE), according to official information. The Secretary of State for Cooperation, Domingos Vieira Lopes, said that the… – Continue reading
End of double taxation between Angola and Portugal approved in Lisbon
The Portuguese Parliament voted in favour of a proposed government resolution approving the agreement to eliminate double taxation with Angola, the Portuguese press reported on Friday. The parliament unanimously approved an agreement between Portugal and Angola on mutual administrative assistance and co-operation in fiscal matters signed in Luanda on 18… – Continue reading
Countdown to the amended South African Expatriate tax law
The announcement by National Treasury and SARS in 2017 that the tax exemption on South African expatriates is set to change, has resulted in the lifestyle of many South Africans, who are employed by companies abroad, to rapidly change from a South African tax liability point of view. By Claudia… – Continue reading
New EU rules on tax avoidance now effective
FIRST proposed by the European Commission (EU) in 2016, a set of new tax rules aimed at eliminating most common corporate tax avoidance practices came into force on 1 January 2019. The commission posted on its website on 30 December 2018 that the new tax rules known as Atad (anti-tax… – Continue reading
Gov’t targets to lower corporate tax rate
The government is targeting to increase tax compliance among Micro Small and Medium Sized Enterprises by offering them lower corporate tax. East African Affairs Cabinet Secretary Adan Mohammed says various government agencies are working closely in integrating all tax payment regimes to ease tax payment and boost compliance. Tax avoidance… – Continue reading
