Tax |

EU to Rubber-Stamp Tax Blacklist as It Takes on Tech Giants

LONDON (Capital Markets in Africa) – The European Union is set to agree on a blacklist of tax havens that could potentially face sanctions for failing to bring their standards in line with the bloc, as it seeks to further step up its fight against opaque practices that facilitate avoidance by multinationals and individuals. The group of jurisdictions is set to be rubber stamped by EU finance ministers at a meeting in Brussels on Tuesday. According to a…

Glencore’s Role in Paradise Papers: What You Need to Know

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The activities of Glencore Plc, the world’s biggest commodity trader, are under scrutiny after a massive leak of confidential information from offshore law firm Appleby Global Group Services Limited. Glencore was one of the top clients of Appleby, which even had a “Glencore Room” at its Bermuda office that kept information on the trader’s 107 offshore companies, according to an investigation led by the International Consortium of Investigative Journalists. Appleby suffered…

Barrick’s Trouble in Tanzania Deepens as Acacia Chiefs Depart

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DAR ES SALAAM (Capital Markets in Africa) – The downfall of Acacia Mining Plc took a new turn as the company’s top executives resigned, bringing fresh uncertainty to the future of the Tanzanian miner owned by Barrick Gold Corp. Chief Executive Officer Brad Gordon and Chief Financial Officer Andrew Wray will step down on Dec. 31, the gold miner said in a statement. The miner’s top three executives are planning to leave, as Chief Operating Officer Mark Morcombe said last month…

In Ghana, Collecting Tax Starts With Distributing Addresses

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ACCRA (Capital Markets in Africa) – In a country where most households and businesses either don’t know their address or claim not to have one, Ghana’s government is starting afresh to compile a database that will not only make it easier to locate people, but also boost the collection of taxes. Ghana is planning to identify and register every household and business, and give them an address, President Nana Akufo-Addo said in an emailed statement on Wednesday. While…

South Africa’s poor tax revenues to delay fiscal consolidation

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s finance minister is expected to address concerns over dwindling tax revenues in his mid-term budget on Wednesday to reassure credit agencies of his commitment to a tighter purse, a Reuters poll found. Malusi Gigaba is due to give his first review on finances on Oct. 25 and economists expect him to announce a revenue shortfall of 40 billion rand ($3.0 billion) for the year that began in…

Tunisia to Raise Taxes, Curb Wage Growth in 2018 to Fix Finances

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TUNIS (Capital Markets in Africa) – Tunisia plans to cut its budget deficit by raising taxes and curbing wage increases next year, as it implements an IMF-backed plan designed to fix state finances, spur growth and create jobs. The government is aiming for a budget gap of 4.9 percent of gross domestic product in 2018, the state-run news agency TAP reported, compared with about 6 percent projected by the IMF for this year. Revenue measures…

What to Watch for as Wall Street Reports Third-Quarter Results

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – What to make of the surge in cryptocurrencies? Will the Trump administration’s tax-overhaul proposals find traction anytime soon? The biggest U.S. banks are about to show how much those uncertainties, and the slide in market volatility, affected third-quarter results and the lenders’ outlooks. JPMorgan Chase & Co. and Citigroup Inc. come first, on Thursday. Here are some likely takeaways: Trading Revenue Trading probably dropped from the same period a…

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