Tanzanian Leader’s War for Taxes Puts Economy in Firing Line

Tanzanian Leader’s War for Taxes Puts Economy in Firing Line

DAR ES SALAAM (Capital Markets in Africa) – Tanzanian President John Magufuli’s deepening dispute with  companies he accuses of being tax cheats is rattling investors and dimming the   allure of one of Africa’s fastest-growing economies. Since taking office in late 2015, Magufuli has been on a drive to increase  revenue from natural resources to help fund his industrialization plans. His   administration has passed laws enabling it to renegotiate contracts and ordered   foreign mining firms to…

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Death Threats, Split Authority Said to Endanger Kenyan Vote

Death Threats, Split Authority Said to Endanger Kenyan Vote

NAIROBI (Capital Markets in Africa) – Death threats to top members of Kenya’s divided electoral body are endangering preparations for a rerun of last month’s annulled presidential election, a senior official at the authority said. The relatives of one administrator at the Independent Electoral & Boundaries Commission fled the country after their lives were threatened, while Chairman Wafula Chebukati made additional security arrangements for his family, said the official, who asked not to be identified…

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KPMG Slammed by South Africa’s Pravin Gordhan on Tax Report

KPMG Slammed by South Africa’s Pravin Gordhan on Tax Report

JOHANNESBURG (Capital Markets in Africa) – Pravin Gordhan, who was ousted from his post as South Africa’s finance minister in March, slammed KPMG LLP after it withdrew the findings of a report on the country’s tax agency that was used as evidence in a police probe against him and led to the removal of senior staff. The auditing firm said on Friday that its conclusions and recommendations in a report for the South African Revenue Service about a unit that allegedly…

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Nigeria Signals Oil-Output Cap Needs Six Months of Stability

Nigeria Signals Oil-Output Cap Needs Six Months of Stability

LAGOS (Capital Markets in Africa) – Nigeria indicated Wednesday that it won’t be willing to cap its oil production until at least the second quarter of next year, and then only if it’s managed to keep output consistent near its target for six months. The OPEC member, which along with Libya was exempted from a 2016 accord to reduce production to ease a global-supply glut, had previously said that the output limit would come into play…

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Boko Haram Defies Buhari With More Attacks in Northeast Nigeria

Boko Haram Defies Buhari With More Attacks in Northeast Nigeria

LAGOS (Capital Markets in Africa) – Ten months after Nigerian President Muhammadu Buhari declared a victory over Boko Haram, the Islamist militant group is stepping up attacks in the far northeast of the country. Boko Haram militants deployed at least 80 children as “human bombs” this year, Mark Lowcock, the United Nations under-secretary-general for humanitarian affairs, said on Tuesday in the north-eastern city of Maiduguri, the group’s birthplace. The most spectacular attack occurred in July when the…

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Zuma’s Fight to Avoid Trial Goes to South Africa’s Appeals Court

Zuma’s Fight to Avoid Trial Goes to South Africa’s Appeals Court

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Supreme Court of Appeal will consider a case Thursday that may determine whether President Jacob Zuma should stand trial on graft charges that were dropped by the prosecutors eight years ago. Prosecutors probed allegations that Zuma took 4.07 million rand ($310,000) in bribes from arms dealers and brought 783 charges of fraud, corruption and racketeering against him. They scrapped the case a month before he became president in May…

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UK New immigration check requirements on banks and building societies: are you prepared?

UK New immigration check requirements on banks and building societies: are you prepared?

 LONDON (Capital Markets in Africa) – From 1 January 2018, banks and building societies will be required to undertake quarterly immigration status checks on all existing customer current accounts.  Following this, the Home Office may then require the bank (or building society) to close any accounts or products operated by or for a person who does not have leave to remain in the UK.  Those subject to the requirements should act now to ensure that…

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