DAI’s Post

The adoption of resolution A/C.2/78/L.18/Rev.1 signifies a historic moment at the UN, particularly noteworthy for its implications on global tax cooperation. The overwhelming support with 125 votes in favor underlines a collective dedication, particularly from the African Group, towards fostering a more inclusive and effective international tax framework. For developing nations, this resolution holds immense significance as it is viewed as a beacon of hope. The anticipated facilitation of access to financial resources is crucial for addressing ongoing debt crises and accelerating sustainable development efforts. The alignment with the AU Agenda 2063 underscores a commitment to strengthening tax systems and promoting tax equity, aligning with African aspirations. The remarks by H.E Tijjani Muhammad-Bande, emphasizing the adoption of a unified UN-led framework, highlight the economic advantages expected from such cooperation. The potential to mobilize domestic resources for development projects and social welfare programs is particularly emphasized for emerging economies. Additionally, the aim to create a level playing field by reducing tax evasion and avoidance aligns with the broader goal of economic fairness. The mention of the International Monetary Fund's data indicating a potential reduction in illicit financial flows through improved international tax cooperation adds another layer of significance. Addressing this issue not only provides critical funding for economies, especially in the developing world but also contributes to the overall stability of societies by curbing illicit activities fueled by such flows. Furthermore, the step is in harmony with Africa's call for restructuring the global financial system, emphasizing the need for increased funding to achieve sustainable development goals. The consideration given to the demands and requirements of developing nations in this context reflects a broader push for equity in the global economic landscape. In essence, this resolution reflects a multifaceted approach, addressing economic, social, and developmental aspects, with potential global implications for fostering cooperation, reducing inequities, and advancing shared sustainable development goals. Olatunji Abdulrazaq CNA, ACTI Founder,Taxmobile.Online

https://lnkd.in/eXWaSXVK Classic EU doublespeak. In 2020 EU leaders announced that any EU "own resources" revenue raising [note there they already call revenues of everyone in the EU, the EU's "own resources"...] would be characterised by "simplicity, transparency, equity and fair burden sharing..." and then they come up with this wizard wheeze for indirect taxation based on a measure of corporate profitability that no accounting standard in the world uses or reports (so it has to be calculated by the government). Ireland is just waking up to the fact that their outsize multinational corporate sector will incur a hammering for the Irish treasury on this basis, which they will be forced to pass on. The chickens come home to roost...

InterGest South Africa insights into South Africa's 2024 Budget Speech 📊 Finance Minister Enoch Godongwana's recent address has sparked nationwide discussions on the delicate balance between fiscal responsibility and societal needs. In our latest blog post, we dissect the key highlights and fiscal strategies outlined in the speech, shedding light on critical amendments, tax adjustments, and economic growth initiatives. 📊 Discover why the announcement of no major tax increases brought relief to many and why the financial planning measures aimed at stimulating economic growth, cause implications to both the individual and businesses alike. As South Africa navigates these economic waters, it's crucial for stakeholders to align their financial strategies with the budget's provisions. Our dedicated tax advisory team is here to support both local and international companies in optimizing their tax management and provisions. With two decades of experience in the field, we're well-equipped to guide you through the intricacies of the local tax environment. 📌 Read more about the insights from the 2024 Budget Speech and how they impact your financial planning in our latest blog post. Contact InterGest South Africa today to learn more about our tailored tax advisory services! #Budget2024 #TaxAdvisory #FinancialInsights #InterGestSouthAfrica #SouthAfrica #EmployerofRecord #TaxExperts https://lnkd.in/dUETgzWN

Local Revenue in Local Government (LG) Strengthening local revenue in local governments is crucial for the overall development of a country. According to international practices, local own source revenue (OSR) is a critical component that can broaden fiscal space, mobilize revenues for funding public goods, and increase accountability with residents. While most of the fiscal space is being created through central government revenue mobilization efforts, there is potential for local governments to contribute to this space. By enhancing collection, expanding coverage, and improving valuation, local OSR can be improved. This can be achieved through policy and administrative reforms that improve taxpayer service, revenue collection, and enforcement efficiency. It is essential to note that the revenue potential varies by local government, with some in a position to contribute a substantial portion of needed fiscal space and financial resources, while others may have a smaller capacity. Regardless of the relative importance, all local governments need access to and encouragement to collect local revenues to strengthen downward accountability. To improve OSR, local governments must be empowered with clear responsibility, authority, capacity, and accountability to levy their assigned local fees, charges, taxes, and levies. They must have some discretion for setting the level and structure of the tax rate to encourage efficiency, bounded autonomy, downward accountability, and the ability to raise funding to deliver local services identified by the local residents. In conclusion, policy and administrative reforms that enhance local OSR can expand the overall fiscal space in Zambia. This will not only improve accountability but also provide a level of local 'bounded' autonomy.

Consultation between the government, private sector, NGOs, and State Owned Enterprises (SOEs) regarding tax policy can have several economic implications for us. Increased Compliance: Such consultations can lead to tax policies that are perceived as fair and reasonable by all stakeholders. This can enhance tax compliance as businesses and individuals are more likely to willingly pay taxes when they feel they have had a say in the policy-making process. Enhanced Investment Climate: Collaboration between the government and the private sector can lead to the development of tax policies that are conducive to investment. This could include incentives for specific industries or regions, which may attract both domestic and foreign investment, thereby fostering economic growth. Improved Government Revenue: Effective tax policies, developed in consultation with various stakeholders, can potentially lead to increased government revenue. By addressing tax evasion loopholes and ensuring fairness in taxation, the government can collect more taxes without burdening taxpayers excessively. Reduced Corruption: Involving NGOs can bring transparency and accountability to the tax policy-making process, helping to reduce corruption. Transparency in tax policies can discourage rent-seeking behavior and illicit financial flows, contributing to a more efficient allocation of resources. Social Impact Consideration: NGOs often advocate for policies that address social issues and inequalities. Their involvement in tax policy consultations can lead to the incorporation of measures aimed at reducing poverty, promoting education, healthcare, and social welfare, thus contributing to inclusive growth. Balancing Competing Interests: Consultation with a diverse range of stakeholders allows the government to balance competing interests. For example, while the private sector may seek lower tax rates to enhance profitability, NGOs may advocate for higher taxes on certain sectors to fund social programs. Finding a middle ground through consultation can lead to policies that benefit both economic growth and social development. However, there are also potential challenges. Consultations can be time-consuming and may lead to policy paralysis if consensus cannot be reached. Moreover, vested interests within certain stakeholder groups may undermine the effectiveness of the consultation process. Overall, effective consultation with the private sector, NGOs, and SOEs can lead to more equitable, transparent, and efficient tax policies ultimately contributing to sustainable economic development. #Taxation #PNGEconomy #GovtConsultation #PapuaNewGuinea #Inflation #Democracy #Treasury

SME Tax Empowerment Program (STEP) by SME Founders Association & KRA Present Empowering SME Owners with Essential Tax Knowledge and Compliance Skills The SME Founders Association, in partnership with the Kenya Revenue Authority (KRA), is proud to introduce the SME Tax Empowerment Program (STEP). This initiative is designed to equip small and medium-sized enterprise (SME) owners with the essential tax knowledge and compliance skills necessary for business success. Through a series of informative and interactive sessions, STEP will cover crucial tax topics, provide expert guidance, and offer practical tools to ensure your business remains compliant and thrives in the competitive market. Why Participate? - Understand tax laws and obligations. - Learn practical compliance strategies. - Engage with KRA officials and industry experts. - Network with fellow SME owners and leaders. Stay ahead of the tax curve, avoid penalties, and position your business for sustainable growth. Register now and be part of this transformative program for SME success. Sign up here FREE https://lnkd.in/d3Fha3bg #SMEGrowth #TaxCompliance #BTEP #KRA #Empowerment #KenyanBusiness #SMEFounders

Executive Summary on Tanzanian fiscal budget 2024/25 as tabled on 13th June 2024. 1. Increased investment in infrastructure development: The government has allocated significant funds towards infrastructure projects such as roads, railways, ports, and to improve connectivity and support economic growth. 2. Boosting healthcare and education sectors: There is a focus on increasing funding for healthcare and education services to enhance access to quality healthcare and education for all Tanzians. 3. Strengthening agriculture sector: The budget includes initiatives to support smallholder farmers, promote agribusiness, and enhance food security through investments in agriculture and rural development. 4. Promoting industrialization and manufacturing: The government is prioritizing initiatives to promote local industries, attract investments, and boost manufacturing capabilities to create jobs and drive economic diversification. 5. Enhancing digital transformation: There is an emphasis on investing in digital infrastructure, technology adoption, and innovation to accelerate digital transformation across various sectors and improve efficiency and competitiveness. On long time challenge on Tax issue; We have noted In the fiscal budget for 2024/25, Tanzania has introduced exemptions on withholding tax for certain financial services to promote investment and economic growth. For example, withholding tax exemptions are proposed for interest payments made to non-resident institutions, aimed at attracting foreign investors and encouraging financial transactions. Additionally, exemptions on withholding tax may also be granted for fees paid to non-resident financial advisors or consultants providing services in Tanzania, in order to foster collaborations with international experts and enhance the quality of financial services in the country. These exemptions on withholding tax for financial services signal Tanzania's commitment to creating a favorable environment for investment and financial activities, ultimately contributing to the development of the financial sector and the overall economy. Overall, the Tanzanian fiscal budget for 2024/25 aims to stimulate economic growth, improve social services, promote sustainable development, and advance the country towards its development goals.Joseph Maji ,CGIA,CPA

This week’s Suits the C-Suites article is titled “Public-private partnerships reboot.” It is written by Jonald Vergara and Donelle Jay A. Quilates, a Tax Principal and Tax Senior Director respectively of SGV & Co. This is the sixth article in our series following the 2nd SGV Tax Symposium, which focused on how a sustainable and effective tax ecosystem can advance the sustainability agenda for both the public and private sectors. This article will discuss the PPP landscape in the Philippines and ongoing government initiatives to improve it. While the Philippines is trying to catch up with its neighbors in infrastructure development, ongoing government initiatives spearheaded by the PPP Center, legislation from Congress, and the support of both foreign and local institutions are expected to reel in funding from the private sector and drive future PPP projects. Click here to read the article: https://lnkd.in/gYUWGwPv SGV’s “Suits the C-Suite” column is published every Monday in BusinessWorld’s Economy Section.

ZM: Zambia Launches Smart Invoice System to Revolutionize Tax Administration Minister of Finance and National Planning, Hon. Dr. Situmbeko Musokotwane, inaugurated the groundbreaking Smart Invoice System Initiative. This innovative tool marks a pivotal moment in Zambia’s journey towards modernizing tax administration, boosting domestic revenue collection, and fostering economic growth.

I realized, being a commerce graduate specializing in Financial accounting was not enough since the tax system is not limited to what I knew. It has many fragments that requires each individual's attention. I would definitely recommend the course to each #globalcitizen to pursue the Tax for SDGs module @ https://lnkd.in/gU39PD9y I am eager to earn more as I earned my certificate in advancing the Sustainable Development Goals! 🌍 #SDGs #Taxation #CertificateComplete