Nigerian Manufacturers Warn of Job Cuts Because of Diesel Price Hike

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CBN Releases New Guideline For Electronic Payments, Collections

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The Central Bank of Nigeria (CBN) has new guidelines for electronic payments and collections for public and private sectors in the country. The regulation is a revision of the Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria (2014). The CBN, in the regulation, introduced a penalty of two million for Deposit Money Banks (DMBs) on third party e-payment solution not approved by it on every repeated occurrence. It also introduced penalty of One million naira for Other Financial Institutions (OFIs) on third party e-payment solution not endorsed by the apex bank. The apex bank states on its website that the regulation is intended to guide the end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in Nigeria. Governor-Central-Bank-of-Nigeria-CBN-Godwin-Emefiele-right-Deputy-Governor-Financial-System-Stability-Mrs.-Aishah-Ahmad-and-her-Operations-counterpart...
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Cap Mining Royalties at 7.5% - Zambia Chamber of Mines

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Zambia’s Chamber of Mines has advised that mineral royalties should be capped at 7.5 percent in the 2020 budget. This is to safeguard the health of the mining sector and promote additional investment. A Zambian Mine. Source : daily maverick.co.za The mining body had this as part of its proposals to the finance ministry. It argued that the 2019 mining tax regime had raised the tax burden on mines to unsustainable and noncompetitive levels. Africa’s No.2 copper producer increased its sliding scale for royalties of four to six percent by 1.5 percentage points and introduced a new ten percent tax when the price of copper exceeded 7,500 dollars per tonne. The scale is adjusted so that royalties are paid at higher levels as commodity prices climb and are reduced as prices fall. The mineral royalty tax should also be tax-deductible for mining firms as making it non-deductible as Zambia does amounts to taxation on revenue not received, it said. The chamber said a proposed swi...
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SportPesa Ends Operations In Kenya

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Kenyan online betting firm SportPesa on Saturday says it will be halting operations due to a drastic hike in taxes on betting stakes.   Sports betting Source: BettingShamnam Online sports betting companies such as SportPesa have grown rapidly in the East African nation in recent years, riding a wave of enthusiasm for sports, with the government saying the gaming industry achieved a combined revenue of 204 billion shillings (2 billion U.S. dollar) last year. That sparked government concern about the social impact of betting, and in May Kenya introduced new gambling regulations, including a ban on advertising outdoors and on social media. This week, parliament voted an amended proposal raising the excise duty proposed in the 2019/20 (July-June) budget on the amount wagered at the time a bet is placed on all betting platforms to 20% from an initial 10percent. SportPesa says it is “disappointed” by the move and that it would s...
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