South Africa: Africa Tax In Brief – April 2015

ALGERIA: Tax treaty with the United Kingdom signed

Algeria and the United Kingdom on 18 February 2015 signed an income and capital tax treaty in Algiers.

BOTSWANA: Value Added Tax (Amendment) Act 2015 gazetted

On 23 January 2015, the Value Added Tax (Amendment) Act 2015 was published in the Botswana Government Gazette. Material amendments include:

increasing in the VAT registration threshold from BWP500,00 to BWP1 million; and
zero rating of brown bread, fresh fruits and vegetables (in natural state), […]

By |May 11th, 2015|

United States: Renunciation Of US Citizenship Is On The Rise

On May 7th, 2015, the US Treasury Department published its first quarter 2015 list of individuals who have chosen to expatriate and it was yet again an eye opening number. The 1,335 published names is the highest quarterly figure ever reported in the Federal Register. The number of individuals voluntarily choosing to renounce their US citizenship continues to grow at a record pace, presumably in response to measures put in place by Congress and the Treasury […]

By |May 11th, 2015|

UK: Finance Act 2015 – Avoidance Using Carried-Forward Losses

Tax analysis: Catherine Richardson, associate at Cadwalader, Wickersham & Taft LLP, examines the aspects of the Finance Act 2015 (FA 2015) which concern targeting avoidance using carried-forward losses.
What is the target for the new rule countering tax avoidance involving carried-forward losses?
Where losses for tax purposes arise within a company within a given year, such losses may be able to be offset against profits from other activities or surrendered to another company within the corporate […]

By |May 11th, 2015|