Kenya’s Consolidated Bank, the state-owned bank, on Monday stated that it was seeking a new investor to stake 3.5 billion Kenyan shillings (about $34.21 million) as part of its ongoing balance sheet re-organisation targeted at boosting its assets base and leveraging its financial services. A statement issued by the bank and published in some newspapers […]
Nigeria has contributed $710, 497,352, equivalent to 480, 355,205 West Africa Units of Account (UA) to the Economic Community of West African States (ECOWAS) Community Levy in the last 12 years. The West Africa UA is the official nominal monetary unit of measure or currency used to represent the real value. Available statistics on payment […]
Japan’s central bank, Bank of Japan (BOJ), on Tuesday was reported to have become the first among G7 nations to own assets collectively worth more than the country’s entire economy, following a half-decade spending spree designed to accelerate weak price growth. Online reports by Reuters indicate that the bank’s 553.6 trillion yen (4.87 trillion dollars) […]
Alibaba, the world’s foremost e-commerce company, recorded a record $30.7 billion orders on Sunday during its annual “Singles Day” shopping frenzy. The feat came even as the Chinese company’s growth slowed from previous years. For instance, Alibaba’s share price, which doubled in 2017, is down 16 percent this year. Online reports indicated that the world’s […]
India’s projected Goods and Services Tax (GST) collections for the current fiscal year have not been met by the tax authorities, thereby compelling the government to jack up the country’s direct tax-GDP ratio. Speaking on the development on CNBC TV, national tax leader at Ernst & Young (EY), Sudhir Kapadia, pointed out that if the direct […]
South African new Finance Minister, Tito Mboweni, will on Wednesday seek 50 billion rand ($3.5 billion) for a stimulus package as the country contends with fiscal challenges in 2018 budget implementation Mboweni, the former central bank governor who took over the finance ministry barely two weeks ago after Nhlanhla Nene resigned, has to do that […]
Two closely related tax schemes have helped banks and investors avoid tax or even syphon cash directly out of European treasuries, totaling billions more than previously thought, an investigation indicated on Thursday. So-called “cum-ex” and “cum-cum” deals complex stock transactions around the days when companies pay out dividends have cost taxpayers as much as 55 […]
The Japanese Prime Minister, Shinzo Abe, is expected to announce on Monday the country’s decision on the proposal to raise its consumption tax rate to 10% from 8% to take effect from October 2019. A news report sourced from Nikkei described the proposed fiscal measure as “a bitter pill seen as necessary to help pay […]
Africa Finance Corporation (AFC), one of the leading development finance institutions in Africa, on Thursday announced that it successfully secured a loan facility from the Export-Import Bank of China (CEXIM) of a US$200m 5-year loan and a US$100m 5-year stand-by facility for general corporate purpose. The facility from CEXIM is the first to be secured […]
A Zimbabwean analyst, David Mhlanga, has described the latest fiscal measures by the Zimbabwean government which reviewed money transfer tax in the country as potentially dangerous for the financial inclusion agenda of the government. Mhlanga, in his article published in Zimbabwe Situation on Friday specifically pointed out that the latest review of intermediated money transfer […]