November 2023 / Focus Africa

27 Novembre 2023

Africa in Review by the Numbers (November 2023)

$1 billion Planned investment by Sahara Energy to boost production of liquefied petroleum gas (LPG) to 75,000 tonnes in the next five years. The energy firm is increasing its vessels to boost the supply of gas in Nigeria and across Africa, in an attempt to solidify its footprint in the gas sector as part of the transition to cleaner fuels. (This Day) 3x Increase in Zimbabwe's lithium export revenues this year, earning the country $209 million, up from $70 million in 2022 and $1.8 million in 2018. The growth comes on the back of more than $1 billion invested in the sector by Chinese firms, which are also commissioning processing plants after the government banned raw exports. (Reuters) 50% Shares in Airtel Uganda's IPO bought by the country's social security fund, NSSF, in a last-minute decision to support the telecom operator's extended public offering. NSSF invested over $50 million to purchase 10.55% of the 20% stake floated. (The East African) $50 billion Pledge issued by the Arab Coordination Group (ACG) to promote sustainable African infrastructure ahead of the COP28 Climate Change Conference. The funding will support initiatives in areas such as energy security and transition, regional integration and connectivity, trade finance and facilitation and private sector financing. (Africa Business Communities) 800 km Greenfield rail line between Angola and Zambia to be built under the Lobito Corridor project, which secured $600 billion investment from the US, EU, AFC and AfDB at the Global Gateway forum in Brussels in late October. Plans for the corridor, which some say is designed to challenge China's Belt and Road investment on the continent, also include road, telecommunications, and renewable energy infrastructure. (Africa Business Insider) 75% Cars produced in South Africa for export to Europe, where sales of petrol vehicles will be banned from 2035. Maintaining access to this market means local automakers will need to transition to electric vehicles. The local unit of Ford is investing over $280 million to produce hybrid vehicles and automakers are pushing the government to create a supportive policy for the transition. (Reuters) $200 million Risk-sharing agreement signed by Ecobank and African Guarantee Fund (AGF) to catalyse economic growth and support entrepreneurial ventures, including women-owned businesses in Africa. This agreement marks the third renewal of Ecobank's partnership with AGF as it aims to address the challenges faced by SMEs in accessing affordable financing. (Punch Nigeria) 100 MW Storage capacity of Eskom's Hex Battery Energy Storage System (BESS), making it the largest such facility on the continent, according to the company. Eskom is planning eight BESS sites with combined storage capacity of 833 MWh to help alleviate the pressure on the national electricity grid. (Africa Business Communities) 18 Commodities set to be traded on Kenya's agricultural produce exchange when it launches in February. Sourcing goods from Kenya, Uganda and Rwanda, the KOMEX is designed as a fully electronic market to support efficiency by  market efficient by introducing standardised contracts and trading systems. (Business Daily) $500 million Initiative to boost investment and hasten Nigeria's transition to green energy has been unveiled in a partnership between the IFC and Nigeria Sovereign Investment Authority (NSIA). The project seeks to advance the West African country's transition to energy-efficient solutions, optimise productivity, enhance energy security and reduce its carbon footprint amid threats posed by climate change. (This Day) 88% Value of private equity transactions in sub-Saharan Africa linked to a Sustainable Development Goal target, according to new research published by Brookings. The analysis examines which countries attract investment, what sectors benefit most, and how private financing differs from public investment to help measure its impact in achieving development outcomes. (Brookings) 35 State-owned companies in Kenya set to be privatised in an effort to raise market activity by boosting the pipeline of company flotations. New legislation was enacted last month to guide the process, the first privitisations since a minority stake of Safaricom was listed in 2008. (Reuters)   Review by Kili Partners. Powered by Asoko Insight
10 Novembre 2023

South Africa Issues the “Taxation in South Africa” guide

The South African Revenue Service (SARS) has published the 2023 issue of the "Taxation in South Africa" guide, providing an overview of the most significant tax legislation administered in South Africa by the Commissioner for the South African Revenue Service (the SARS).

The updated guide deals, amongst others, with the following:

  • taxation of natural persons and companies;
  • special allowances and recoupments;
  • deductions for pre-trade expenditure and losses;
  • taxation of non-residents working temporarily in South Africa;
  • transfer pricing and thin capitalization;
  • taxation of foreign entertainers and sportspersons;
  • withholding tax on royalties and interest;
  • donations tax;
  • dividends tax;
  • turnover tax and employment tax incentive;
  • general anti-avoidance rules;
  • value added tax;
  • customs and excise duties;
  • administrative non-compliance and understatement penalties, and criminal offences for non-compliance with tax legislation;
  • dispute resolution;
  • exchange control; and
  • automatic exchange of information.