June 2022 / Focus Africa

29 Giugno 2022

Africa in Review by the Numbers (June 2022)

$300 million Fund launched by infrastructure investor Harith General Partners, and power company Anergi Group to accelerate the adoption of renewable energy across Africa. (News24)

10 Films and television shows to be produced by Nigeria's LaVida Studios under a 3-year deal with Dentsu’s The Story Lab US. PAC Capital Limited has committed the initial $50 million  to bring African stories to the global stage. (Variety)

55% Increase in the value of Uganda's coffee exports in May 2022 despite a 7.75% drop in volumes. The monthly rise is part of a year-long trend, which saw exports bring in $837 million in May 2021-June 2022, 55% more than the year before. (Food Business Africa)

$26.1 billion Pledges made in support of Ivory Coast's 2021-25 development plan by by multilateral and bilateral lenders including the West Africa Development Bank, AfDB, the World Bank and the Islamic Development Bank. The plan will require $94.74 billion, with $70.09 billion to be provided by the private sector. (Reuters)

500 Locations across Nigeria said to be endowed with commercial-quality minerals that could boost the country's economy through revenue growth and job creation. The resources comprise 44 different minerals that cut across various mineral spectrums. (The Guardian)

64.7% First-quarter results of Ghana's new Logistics Managers Index (LMI), a score which is indicative of growing logistics activities in the country. Developed by the Center for Applied Research and Innovation in Supply Chain – Africa (CARISA) to track the movement of logistics activities, the index aims to fill the data gap in the sector. (Joy Online)

31 million tonnes  Gold ore discovered in Uganda, with extractable pure gold estimated to gross 32,000 tonnes. These reserves are valued at some $12 trillion, according to the government. If these estimates are accurate, it would suggest the new gold find would topple the expected windfall from oil still in the ground in the Albertine region. (The Citizen)

$15.6 billion  Cost of planned highway connecting Nigeria and Ivory Coast via Benin, Togo, and Ghana. The 1000-km highway funded by African Development Bank is expected to boost the economies of the five countries it will traverse. (Global Construction Review)

35% Electricity coverage launched by SolarAfrica to boost automaker Ford’s Silverton assembly plant in South Africa. The project puts the assembly plant on the map as part of Ford’s commitment to shift its energy supply from fossil fuels to environmentally friendly and renewable sources. (CEO Business Africa)

$100 million Venture capital fund launched by Constant Ventures to invest in technology startups working on financial inclusion, education, and healthcare. Nigeria and Ghana will be the first target markets for the fund, which will later expand to the rest of West Africa. (CEO Business Africa)

188% Decline in earnings recorded by Honeywell Flour Mills, resulting in a $2.3 million full year loss for Nigeria's leading manufacturer of wheat-based products. This fall was attributed to a 32.9% rise in costs at its three operational factories. (Food Business Africa)

30 GW  Generation of renewable energy set to be achieved by Mauritania's $40 billion green hydrogen AMAN, to be undertaken by the government and renewable energy developer CWP Global. One of the largest of its kind in Africa, the project is expected to transform the regional energy mix while generating critical revenue for the Mauritanian government. (Energy Capital & Power)

  Review by Kili Partners . Powered by Asoko Insight
10 Giugno 2022

Tax Authority to Commence Tax Compliance Inspections in Free Zones

The Federal Inland Revenue Service (FIRS) has signed a Memorandum of Understanding (MoU) with the Nigerian Export Processing Zones Authority (NEPZA) for the effective administration of taxes in free zones in Nigeria. In line with the terms of the MoU, the FIRS will require exempt businesses operating within the free zones to file returns. These businesses are statutorily required to file returns, for government documentation and planning purposes. It is also expected that business entities within the free zones will act as VAT collecting agents for the FIRS when any taxable supplies are made between the business and other companies not operating within the free zones. Further, the FIRS would be granted access to the free zones to conduct tax compliance inspections at periodic intervals. The MoU signed on 8 May 2022, was also to bridge cooperation gaps between the government agencies and ensure the efficient operation of activities in the zones.
23 Giugno 2022

Tunisia Issues List of Jurisdictions Under Country-by-Country Reporting

Tunisia has established the list of jurisdictions with which country-by-country (CbC) reports will be automatically exchanged with effect from the 2020 reporting fiscal year.

The list is important in relation to the secondary local filing requirements, which include that a non-parent constituent entity in Tunisia is required to submit a CbC report if the ultimate parent is resident in a jurisdiction with a tax information exchange agreement with Tunisia but does not appear on the list. Although the secondary local filing requirements do not apply for 2020 and 2021 as per Common Note No. 18/2022, the list may still be relevant for these years in relation to secondary local filing requirements in other jurisdictions in which constituent entities of Tunisia-parented MNE groups are resident.

From the 2022 reporting fiscal year, the list will effectively apply for secondary local filing in Tunisia unless local filing is further limited to ultimate parent entities resident in Tunisia.

The list provides the following 90 jurisdictions:

Andorra, Anguilla, Argentina, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Barbados, Belgium, Belize, Bermuda, Brazil, British Virgin Islands, Bulgaria, Canada, Cayman Islands, Chile, China, Colombia, Costa Rica, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gabon, Georgia, Germany, Gibraltar, Greece, Guernsey, Haiti, Hong Kong (China), Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Italy, Japan, Jersey, Kazakhstan, Korea, Latvia, Liechtenstein, Lithuania, Luxemburg, Macau (China), Malaysia, Maldives, Malta, Mauritius, Mexico, Monaco, Morocco, Netherlands, New Zealand, Nigeria, Norway, Oman, Pakistan, Panama, Peru, Poland, Portugal, Qatar, Romania, Russia, San Marino, Saudi Arabia, Senegal, Seychelles, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Swiss, Turkey, Turks and Caicos Islands, United Arab Emirates, United Kingdom, and Uruguay.

The list was published under Ministerial Decree of 15 June 2022 and has been published in the Official Gazette.