Foreign Affairs Cabinet Secretary Monica Juma says the move is aimed at eliminating double taxation. Juma and her Mozambique counterpart Jose Antonio Pachecho have constituted a Joint Commission of Cooperation tasked with this mandate ahead of the State Visit by Mozambique President Filipe Nyusi who will be hosted by President… – Continue reading
Our previous article about the taxable basis for the taxation of companies in the Macau territory made reference to the fact that the courts in Macau, notably the Court of Second Instance (TSI) and the Tax Administration, do not seem to share the same view regarding income considered as the… – Continue reading
Value Added Tax (IVA) will replace the Consumer Tax in Angola in 2019, the coordinator of the Technical Group for the Implementation of IVA, Adilson Sequeira, said according to a report published on the website of the Angolan Ministry of Finance. “The introduction of IVA is the result of a… – Continue reading
Trade relations between Singapore and Africa are set to deepen, with several agreements signed on Wednesday (Aug 24) at the fourth edition of the Africa Singapore Business Forum. These include the signing of the Avoidance of Double Taxation (DTA) with Ethiopia, a bilateral investment treaty (BIT) with Mozambique and an… – Continue reading
Treaties limit the tax poorer nations can place on British companies doing business within their borders, says ActionAid. The UK has signed a high number of tax deals with some of the world’s poorest countries, potentially depriving those states of millions in tax revenues every year, according to an analysis… – Continue reading
Macau’s Financial Services Bureau (DSF) has confirmed to Business Daily that the local authority is to sign a Tax Information Exchange Agreement (TIEA) with South Korea, which would add to the existing 15 jurisdictions that have already signed this agreement with the territory. According to the Bureau, its South Korean… – Continue reading
The Federal Inland Revenue Service (FIRS) which is now saddled with the onerous task of getting alternative sources of revenue for the federal government has since adopted a stick and carrot approach to bringing tax payers into the tax net. Assistant Editor, Nduka Chiejina looks at the issues contained in… – Continue reading
Mozambique may introduce an LNG-specific tax regime for its giant Rovuma Basin projects if new petroleum tax regulations prove too tough for investors in today’s $30 per barrel oil environment. “Amendments to the tax law framework that were made [when oil prices were high] may serve Mozambique less well right… – Continue reading
Luanda – Throughout the year just ended, as in the previous, the country’s economy “found himself grappling” with a major setback if they can be considered, due to the continued drop in oil prices, which is in the house $ 37 a barrel, far from the historic $ 122 value,… – Continue reading
AMidst the continued decline in the country’s Southern African Customs Union (SACU) receipts, government has decided to enhance domestic revenue which will see the introduction of new taxes and a possibility of increasing some. Minister of Finance Martin Dlamini speaking during breakfast meeting hosted by the Federation of Swaziland Employers… – Continue reading
THE new double-tax treaty between SA and Mauritius is set to come into force in January next year, following a controversial renegotiation to better protect the South African tax base. However, tax experts have warned that sweeping changes to the treaty, including withholding taxes for interest (10%) and royalties (5%)… – Continue reading
African countries are losing up to 12.7% of their national GDP due to shady practices in international trade. Global Financial Integrity, a Washington DC-based think-tank, reports that $542bn (£321bn) worth of capital was lost from Africa in illicit capital flows and estimates that almost 80% of this coming through “trade… – Continue reading
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
