tax Archives - AfricaBusiness.com

16May

By Achare TakorNo Comments

Incentives For Digital Economy Production In Cameroon

By Achare Takor, Head of Intellectual Property Desk, Centurion Law Group An Overview of Section 124b of the General Tax Code Over the last decade, information technologies (IT) have revolutionized the way people and businesses carry out their daily activities worldwide. There is abundant evidence that the upsurge of technology has been a major contributor to fundamental economic change, notably the growth in global production and the distribution of intangible goods and services. As a result, the digital economy has become the new focus for economic growth in developing countries. With ICT set to become the engine of development in Cameroon in its role as a hub in the Central Africa sub-region, the 2021 tax scheme has been updated to promote innovative ICT start-ups. Eligibility for ...

27Apr

By Ibrahim MoshoodNo Comments

Nigeria News

A Re-Definition Of The Term “Public Character” And Its Impact On The Taxability Of Non-Governmental Organisations In Nigeria

By Ibrahim Moshood, Associate and Tozaye Balogun, Director of Tax Services, Centurion Law Group The Federal Inland Revenue Service (“FIRS”) recently issued a Revised Information Circular on the Tax Treatment of Non-Governmental Ogranisations (NGOs), hereafter referred to the as “Revised Information Circular” or “the Circular”. The Circular, published on 31 March 2021, amends, updates or replaces the FIRS’ initial information circular (issued in 2010) on the tax exemption status of NGOs - but only to the extent that the initial circular contains information that is inconsistent with the Revised Information Circular. The Revised Information Circular reiterates the tax-exemptions, filing and other compliances obligations of NGOs. It also provides clarification on the application of the term ...

9Mar

By Prenisha GovenderNo Comments

Business, South Africa News

New Export Tax on Chrome Ore Intended to Resurrect the Ferrochrome Industry, but challenges prevail

By Prenisha Govender, Associate, Tax, and Angelo Tzarevski, Senior Associate, Competition & Antitrust, Baker McKenzie Johannesburg The South African Government recently approved a tax on South Africa’s exported chrome, although the tax percentage and further details are still to be announced. The ferrochrome ore industry has been severely threatened in recent years, mostly due to increases in electricity tariffs for heavy use industries, which, combined with the unreliable supply of electricity in South Africa, have crippled the industry to such an extent that reportedly 40% of the country’s ferrochrome mines have been unable to continue production. Some industry stakeholders have suggested that a special electricity tariff would be a better way to support the ailing industry, stating...

27Dec

By Africa BusinessNo Comments

African News

South Africa Platinum Mining Market Overview and Forecast to 2020: Trends, Fiscal Regime, Major Projects and Competitive Landscape

NEW YORK, Dec., 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue: South Africa Platinum Mining Market Overview and Forecast to 2020: Trends, Fiscal Regime, Major Projects and Competitive Landscape http://www.reportlinker.com/p01057646/South-Africa-Platinum-Mining-Market-Overview-and-Forecast-to-2020-Trends-Fiscal-Regime-Major-Projects-and-Competitive-Landscape.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Metal_and_Mineral South Africa Platinum Mining Market Overview and Forecast to 2020: Trends, Fiscal Regime, Major Projects and Competitive Landscape Summary GlobalData's mining industry offering, "South Africa Platinum Mining Market Overview and Forecast to 2020: Trends, Fiscal Regime, Major...

13Dec

By Africa BusinessNo Comments

African News, Energy, Green Energy, South Africa News

How will South African industry deal with tariff hikes and carbon taxes?

African Utility Week to assist Large Power Users to face energy obstacles The proverbial axe is falling on ‘business as usual` as every industry in South Africa, from mining to manufacturing to retail, is cringing at the thought of rising energy tariffs and the impending implementation of a carbon tax. Stemming the tide of rising tariffs On the receiving end of tariff hikes, industry is dealing with three significant elements, namely the cost of electricity, uncertainty around sufficient electricity supply and carbon emission management. According to Shaun Nel, Project Director & Advisor, Energy Intensive Users Group of Southern Africa (EIUG), “the current request by Eskom to raise electricity prices by 16% per annum over 5 years will have a significantly negative ...

9Nov

By Africa BusinessNo Comments

African News, Uganda News

MTN Uganda releases statement on tax evasion case

MTN- Tax Evasion Press ( .pdf Acrobat reader) Allegations of Tax Evasion (Microsoft Word) Dear All, I wish to set the record straight on various negative and inaccurate stories that have appeared in the media over the last couple of weeks: In Mid-September, MTN Uganda discovered suspicious supply chain payments made to several service providers. The MTN forensic team and Uganda Police were engaged to investigate the suspicious transactions. This resulted in the charging of two staff members implicated in the investigation, with offences relating to fraud in the amount of UShs. 13 billion. MTN has also made criminal complaints against the suppliers implicated and filed a civil claim against one of them who reneged on their contractual undertaking to refund the funds misappropriated by...

7Nov

By Africa BusinessNo Comments

African News, Democratic Republic of the Congo

Democratic Republic of Congo: ICT4Gov Project Uses Participatory Budgeting and Telecommunications to Build Transparency and Accountability

Synopsis Project feedback mechanisms driven by participatory budgeting and new innovations in information communication technology are working to successfully build transparency, increase accountability and overcome a long history of mistrust in the Democratic Republic of Congo's South Kivu Province. Challenge Following decades of colonial rule, conflict upon conflict, mismanagement, and internal corruption, the Democratic Republic of Congo's national government was left with limited institutional capacity to provide effective services at the local level. This limited capacity has often prompted citizens' groups to view the central government as illegitimate, rent-seeking authorities uninterested in ensuring that resources filter down from the capital to far flung pr...

6Nov

By Africa BusinessNo Comments

African News

Payroll System: Small Businesses Can Print Paychecks on Blank Stock Easily with New EzPaycheck Software

Small business payroll software ezPaycheck was updated with new and more flexible features to allow users print paychecks and stubs on blank stock easily. Try it free for 30 days at http://www.halfpricesoft.com Detroit, MI, November, 2012 --(PR.com)-- Small business payroll software ezPaycheck was released with new feature to print paycheck with stubs on blank check stock. Designed with small business in mind, ezPaycheck payroll system from halfpricesoft.com was developed to speed up and simplify payroll tax calculations, paycheck printing and tax reporting. ezPaycheck developing team hopes this new blank check stock printing feature will save users more time and money on payroll tasks. To open ezPaycheck payroll software to more small business users, Halfpricesoft.com also announc...

6Nov

By Africa BusinessNo Comments

African News, Uganda News

IMF Concludes Staff Mission to Uganda

KAMPALA, Uganda, November 6, 2012/African Press Organization (APO)/ – An International Monetary Fund (IMF) team visited Kampala from October 24 to November 6, 2012 to carry out discussions with the Ugandan authorities for the fifth review of their IMF-supported economic and financial program. The mission met with Hon. Maria Kiwanuka, Minister of Finance, Planning, and Economic Development, and Professor Emanuel Tumusiime-Mutebile, Governor of the Bank of Uganda, as well as other senior government officials, development partners, and representatives of the private sector and civil society. At the end of the mission, Ms. Ana Lucía Coronel, IMF senior resident representative and mission chief for Uganda, issued the following statement: “Uganda’s economic growth rate declined fro...

6Nov

By Africa BusinessNo Comments

African News

International business must reach out to the global masses

By Thandisizwe Mgudlwa An initiative aimed at mobilizing the Global business community to achieve sustainable prosperity must be taken seriously. A document released from Washington, D.C reveals that transnational corporations are now so numerous and in some cases so well capitalized that their global influence now rivals and in many cases exceeds that of governments, according to research published by the Worldwatch Institute. And that around 80,000 transnational corporations (TNCs) operate worldwide, a mere 147 of which control 40 percent of the total value of all these corporations' value. Any vision of a sustainable future must include full recognition of the role that TNCs play in shaping the planet's human and ecological destiny, authors argue in Institute's Stat...