According to the SFIO report, IQ Bridge Limited, Mauritius, and its Indian subsidiary, IQ Bridge Limited, Bangalore, controlled by Mallya and the UB Group, held 15 lakh and 52 lakh equity shares respectively in Kingfisher Airlines before its merger with Deccan Aviation. A PROBE by the Serious Fraud Investigation Office...
The government’s planned changes to the tax law for South Africans working abroad – either permanently or on a long-term contracts – has brought financial emigration into sharp focus. Financial emigration is a formal process with the South African Reserve Bank (SARB) to change your tax status from “resident” to...
If you live in Nigeria and you have a foreign bank account; you should read this.If things go as planned, the FIRS will soon have access to information on the money and other financial investments that you have in your foreign bank account. This will happen when the Common Reporting...
Removal of withholding tax on G-Sec income effectively frees foreign investors paying any taxes New tax law proposes to remove 10% withholding tax on G-Secs but makes such income liable for income tax up to 24% This likely to result in sizeable leakage of tax revenue to govt. as G-Secs...
NAIROBI (Xinhua) — Kenya and China on Thursday signed an agreement on the avoidance of double taxation that aims to boost bilateral commercial ties, Kenyan officials said. Cabinet Secretary in the National Treasury Henry Rotich told a media briefing in Nairobi that the deal will create certainty to the tax...
A seismic change began in the country’s tax system on 29 June, when an Executive Order signed by Vice President Yemi Osinbajo (then Acting President) gave life to the Voluntary Assets and Income Declaration Scheme (VAIDS). The scheme provides a platform for tax defaulters to regularize their tax statuses and...
In our last publication, we discussed the signing of the Ghana-Morocco Double Tax Agreement (“DTA”) and the provisions of the DTA in relation to the taxation of permanent establishments and business income. In the concluding part of the article, we will discuss the taxation of investment, employment and service incomes...
…as tax dispute escalates Vodafone Ghana has filed a motion at the High Court of Justice, Commercial Division in Accra, against the Ghana Revenue Authority (GRA) disputing tax assessments of GH¢160 million, according to the Writ obtained by ghanabusinessnews.com. The GRA has asked Vodafone to pay 30 per cent of...
The Ebonyi State Government has threatened to drag some establishments operated by the Nigerian Government in the state to court over alleged tax evasion and failure to make remittances due to the state. This was made known during the weekend by the state Commissioner for Finance and Economic Development, Dennis...
While at the beginning of the year (The Indian Express, March 16, 2017) the number of requests sent by India stood at 283 cases, it has now crossed 300. And while the number of replies received from among these 13 jurisdictions stood at 165, that figure has now crossed 240....
Mauritius’s Ministry of Finance has denied that there are plans for a renegotiation of the jurisdiction’s double tax agreement with India in the near future. The Ministry stated: “Further to press articles alleging that Mauritius and India are to begin a fresh round of negotiations to amend the Double Taxation...
The inexact science’ is regarded as the big culprit in reducing global companies’ tax exposure Tax collection from transfer pricing audits has become more common in Africa, with little sign that it will abate in the near future. The transfer pricing policies of many multinational companies have attracted widespread attention...
VAT is at the forefront of current tax reforms and soon to be a reality for many regional businesses, as it is expected to be introduced across the GCC from 1 January 2018. The GCC countries have signed up to a unified framework, which will form the basis of the...
The BRICS Summit of five emerging economies on Monday pledged itself to creating a fair and modern global tax system that will address issues like tax evasion by shifting of profits to safe havens and to promote the exchange of tax information that will seek to curb the practice. At...
The Zimbabwe Revenue Authority (Zimra) is making strides to increase tax evasion penalties to punish tax evaders, amid revelations the taxman is currently collecting 30% of the prospective tax revenue. Zimra board chairperson Willia Bonyongwe yesterday told delegates at the EY tax seminar that there were efforts to increase tax...
Malawi’s recent budget included numerous tax changes and announced updates to the country’s transfer pricing rules. On the indirect tax front, the Budget, released in mid-August, introduced a 10 percent excise tax on television subscriptions and introduced a value added-tax exemption for dairy products, animal or vegetable fats and oils,...
Switzerland and Zambia signed a new double taxation agreement (DTA) in the area of taxes on income. It replaces the agreement between Switzerland and the United Kingdom of 1954 which up to now applied to Switzerland and Zambia and will create legal certainty conducive to the further development of economic...
MEDIUM and large businesses with multinational ties will soon have to start supplying the South African Revenue Service (SARS) with more detailed reports of their relationships and transactions with connected entities residing in other countries. SARS has beefed up its Transfer Pricing Division and is now actively involved in the...
Companies registered in Mauritius are the largest source of FDI into India, making it crucial for New Delhi to amend double tax avoidance agreement (DTAA) in its bilateral tax treaty New Delhi: India and Mauritius are set to begin a fresh round of negotiations to amend their double tax avoidance...
Despite a larger economy and a much bigger population, South Africa’s political uncertainty and failure to draw cost-sensitive investors has given way for the rise of Mauritius as the top investment destination in Africa. Speaking to CNBC Africa, Bravura’s executive director, Soria Hay, said Mauritius is fast-gaining the reputation among...
Forced succession may come into play. In a bid to protect themselves against geopolitical and currency risks, many South Africans have been investing a growing part of their wealth offshore. Due to the different laws applicable, estate planning across multiple jurisdictions is a complicated exercise and it is advisable to...
The South African Revenue Service (SARS) has received 606 applications so far under the special voluntary disclosure programme (SVDP) that allows taxpayers to come clean about their undeclared foreign assets. Of these, 253 applications relating to offshore assets valued at R6.5bn have been processed, SARS said in a statement on...
Top ‘compliant’ rating given to Ireland, Norway and Mauritius Ireland has received one of the highest international ratings on tax transparency from the OECD. The organisation’s Global Forum on Transparency and Exchange of Information is part of the implementation of the common reporting standards in the wake of the global...
JOHANNESBURG — Despite question marks hanging over SARS, its chief Tom Moyane and the institution’s current ability to effectively collect taxes, the authority continues to push ahead with expanding its international net. A 31 August deadline for taxpayers to disclose their offshore assets and income to SARS is fast approaching....
African nations will have more resources at their disposal to meet the Sustainable Development Goals if their national revenue authorities can boost tax collection. The United Nations Economic Commission for Africa estimates that the continent loses more than $50 billion through illicit financial outflows per year, much of this linked...
South Africans face a tax crackdown on offshore earnings under a new government proposal. The measure will scrap the current rules that allow South Africans to work in another country for half the year without paying tax on income. If the change is adopted, South Africa will become one of...
NAIROBI, Aug. 15 (Xinhua) — The Kenyan government on Tuesday announced the deregistration of two human rights and governance lobby groups, citing their failure to adhere to domestic tax and employment regulations. Executive Director of NGO Coordination Board, Fazul Mahamed ordered the Kenya Human Rights Commission (KHRC) and African Center...
Prospects for Mauritius’s economy remain “robust,” with the Government undertaking a number of initiatives to improve the attractiveness of the domestic tax regime for businesses, the International Monetary Fund said. Amadou Sy, who led an IMF mission to the territory, said that the economy remains “robust” but that “Mauritius is...
The Budget Advocacy Network (BAN) has called on the country’s revenue authority to push for better taxation not more taxation. In its Transfer Pricing Report, BAN identified that such efforts hold the potential to stimulate further growth and investment whilst also allowing for increased levels of tax collection. The huge...
Taxpayers have been reminded of the looming deadline for the Special Voluntary Disclosure Programme (SVDP) on 31 August 2017. SVDP is a window period for individuals and companies to regularise undisclosed or unauthorised foreign assets and associated income. It came into effect on 1 October 2016. Taxpayers are urged to...
Nigeria’s federal government on Wednesday signed an agreement with Singapore that would help companies operating in the two countries avoid double taxation in their different bases. The agreement clearly spells out taxing rights of the two countries in respect of different incomes derived from each country. It will specifically assist...
The Common Reporting Standard (CRS) allows for the automatic exchange of information between tax authorities. Local taxpayers who may have stashed their assets in cash and property offshore have a month to disclose their earnings and ownership details to the South African Revenue Services (Sars). The deadline for the Special...
LUSAKA, July 28 (Xinhua) — Zambia’s revenue agency warned on Friday that it will freeze all bank accounts holders without Tax Payer Identification Number (TPIN) by the end of this year. The Zambia Revenue Authority (ZRA) said having a TPIN was a pre-requisite to all procedures of tax registration and...
Economist Magnus Heystek says that government’s push towards scrapping tax exemptions for South Africans earning a salary in foreign country will encourage a tax revolt. South Africans have expressed a mix of concern and outrage over the past week, following the news that the government is seeking to scrap tax...
The Gupta family sought advice on how to move tens of billions of rands to the United Arab Emirates, revealing the enormous size of their empire, according to a report by the Sunday Times. The treaty which came into effect in March this year, stops the South African Revenue Service...
TEHRAN – A Double Taxation Avoidance Agreement (DTAA) was signed between Iran and Kenya during the visit of an Iranian trade delegation to the African country. According to the Public Relations Department of Iran’s Trade Promotion Organization (TPO), the agreement was signed by the Iranian ambassador to Kenya Hadi Farajvand,...
The UAE Ministry of Finance (MoF) signed a final agreement for the avoidance of double taxation with the Republic of Cameroon at the Ministry’s premises in Dubai today. The agreement comes in line with the ministry’s strategy to strengthen bilateral trade and economic relations between the two countries, in order...
Cameroon has officially become the 70th country to adhere to the convention of the Organisation for Economic Co-operation and Development (OECD), on mutual administrative assistance in tax matters. The act of accession to this convention has just been signed between OECD and the Cameroonian Minister of Finance, Alamine Ousmane Mey....
Mauritius has signed the Multilateral Convention to Implement Tax Treaty Related Measures to prevent Base Erosion and Profit Shifting (MLI). Once ratified, the MLI will affect as many as 23 tax treaties entered into by this island nation, which has been an important jurisdiction for routing investments into India. Interestingly,...
Who is required to file, how it should be filed and what is necessary to disclose. Several South African-based multinational companies have less than six months to prepare their country-by-country reports for exchange with other tax jurisdictions. Many have realised the magnitude of the information expected and have been setting...
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler said the organisation plans to join the global forum on Automatic Exchange of Information (AEOI) to reduce tax evasion. Fowler disclosed this on Sunday in Lagos on the sideline of the just concluded workshop on Automatic Exchange...
Ghana signed another Double Tax Agreement (DTA) with the Czech Republic on 11 April, 2017. Ghana already has DTAs in force with Denmark, the United Kingdom, Belgium, Italy, South Africa, Switzerland, Netherlands, France and Germany. DTAs with Mauritius, Singapore and the Czech Republic are in the process of being ratified...
Nigeria has ratified multilateral conventions on tax related treaties to end profit shifting and tax evasion by multinational companies. The ratification of the treaties Wednesday followed the approval of a memo submitted by the Minister of Finance, Kemi Adeosun, who said this was part of government’s plan to widen its...
The Organisation for Economic Co-operation and Development (OECD) announced on Tuesday that Botswana has joined the Inclusive Framework on base erosion profit shifting (BEPS) becoming the framework’s 99th member.The Inclusive Framework on BEPS is a group of countries that have pledged to implement measures designed by OECD and G20 countries...
The Botswana Unified Revenue Service (BURS) says tax avoidance schemes such as transfer pricing, base erosion and profit shifting appear to be on the rise in the country. Transfer pricing is regarded as a tax avoidance scheme in which multinational corporations shift profits to low tax jurisdictions and avoid taxes...
As Rwanda continues to attract more foreign direct investments and multinational firms, the economy has seen a wave on new developments and trends in areas like taxation and licensing regime. On the issue of taxation, it is important for the country to implement a transfer pricing policy as matter of...
Pretoria – South African financial institutions, which include banks, long-term insurers and asset managers, will have to exchange financial account information in terms of the common reporting standard for the first time this year. Financial institutions, although having to do similar exchanges in terms of the US’s Foreign Account Tax...
You may be liable for capital gains tax. Here’s how. There is a common misconception that the sale of a person’s primary residence will never result in capital gains tax being payable; this is incorrect. For most taxpayers the sale of a primary residence will not result in a taxable...
About 21 staff of the Ghana Revenue Authority (GRA) have been interdicted for allegedly aiding some private companies to evade duties and taxes. Citi News understands that those interdicted were mostly from the customs division of GRA. Sources close to GRA also told Citi News that the case is currently...
About 21 staff of the Ghana Revenue Authority (GRA) have been interdicted for allegedly aiding some private companies to evade duties and taxes. Citi News understands that those interdicted were mostly from the customs division of GRA. Sources close to GRA also told Citi News that the case is currently...
