Category: South Africa

Kenya Inks Deal With Seychelles To Eliminate Double Taxation

NAIROBI (Xinhua) — The Kenyan government on Monday signed an agreement with the Seychelles to phase out double taxation on companies from the two countries. Kenya’s Cabinet Secretary for Treasury Henry Rotich said the elimination of double taxation will promote flow of investments, trade and labor between the two countries. “ Kenya has… – Continue reading

Developing countries ‘lose taxes to profit shifting’

STUDIES show multinationals shift profits of $365bn a year from developing to developed countries through transfer pricing mechanisms, the South African Revenue Service (SARS) said on Tuesday. Over three years South Africa has seen “hundreds of billions of rand” leaving in royalties, management and service fees and intellectual property payments,… – Continue reading

Tax Evasion Threatens Africa’s Socio- Economic Transformation: UN Expert

The quest of African countries to carry out economic stability and transformation is threatened by illicit financial outflows through tax evasion and avoidance, a UN expert observed here on Thursday. He said the draining of tax revenues and scarce foreign exchange resources stifled growth and socio-economic development and weakened governance…. – Continue reading

Trusts on Treasury’s radar

Despite National Treasury’s silence on proposed changes to trust legislation in Wednesday’s Budget, a review is still firmly on the agenda, tax experts say. Fatal Limpopo blast caught on camera Related Stories ANC will not reveal its election budget 4.3.2014 Should you still invest in listed property unit trusts? 1.3.2014… – Continue reading

G20 to tackle transfer pricing with new tax exchange scheme

The days of multinational companies being able to use the Double Irish Dutch Sandwich to avoid taxation may soon be coming to an end, with the G20 group of nations looking to create a reporting standard to allow for automatic exchange of tax information. In the official communique coming at the end… – Continue reading