The year 2012 began with a lot of activity and change in Africa. Many African countries had a tax year ending 31 December and therefore we have seen several changes in the tax legislation in Africa.
We continue seeing an increased focus on Africa, with authors of various publications describing it as a continent abound with natural resources, untapped markets and more relevant than ever – one of the last frontiers in a stagnating economy.
It is in this milieu that we give you a glance of the current tax landscape across the continent. We take a closer look at:
• Recent changes emanating from budget events in Ghana, Zambia and Zimbabwe
• Seychelles, where social security has been replaced with Non-Monetary Benefits Tax and VAT introduced from July 2012
• Swaziland, which has introduced a reverse charge system that commenced on 1 December 2011
• Corporate taxation in Cameroon
• Tax considerations in Congo
• The need to obtain tax clearance certificates early in the year in Nigeria and the new Financial Reporting Council set up recently
We also gain a better understanding of transfer pricing, policy and mining tax practices on the continent.