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OECD SAYS 49 JURISDICTIONS WILL AUTOMATICALLY EXCHANGE TAX INFORMATION THIS YEAR

THE IDENTITY of 49 jurisdictions that will automatically exchange tax information in 2017 under a global standard has been revealed by the Organisation for Economic Cooperation & Development (OECD).…

DATA has been released by the Organisation for Economic Cooperation & Development (OECD) that shows how African governments collect less tax as a proportion of their countries’ wealth than in Latin America and the Caribbean. Africa’s average 2015 tax-to-GDP ratio was 19.1%; compared to 22.8% in Latin America/Caribbean and 34.3% for the 35 richer countries within the OECD.…

THE EVER-intensifying skyline of Nairobi, Kenya’s capital city, illustrates the rapid economic growth of this equatorial East African country, and its growing workforce is increasingly keen to buy deodorants to keep them dry and comfortable in the office and outside.

An increased focus on banking, industry, manufacturing and construction have raised the country’s gross domestic product (GDP) by 5.3% year-on-year in 2014 and 5.6% in 2015 (Deloitte Economic Outlook 2016).…

Demand is growing for a major international programme designed to support developing countries build up their tax audit capacity and – critically – the funding is there to meet that need. Launched as a joint initiative of the Organisation for Economic Co-operation & Development (OECD) and the United Nations Development Programme (UNDP) in July 2015 after an initial pilot phase, Tax Inspectors Without Borders (TIWB) sees tax experts work side-by-side with local officials in developing and emerging markets.…

THE DIAMOND trade is still one of money launderers’ best friends due the precious stone’s high value to mass ratio, akin to the highest value banknotes that can be obtained. Indeed, it is maybe harder to trace diamonds than numbered banknotes, there is no reliable means by which the point of origin of a particular diamond can be ascertained just by examining it.…

Europe’s automakers have escaped a mandatory European Union (EU) due diligence requirement for using so-called conflict minerals sourced from parts of the world that suffer from armed and civil strife. There had been significant concern about the impact on the auto sector of a law designed to prevent money raised from sales of tin, tungsten, tantalum and gold – the so-called 3TG minerals – from entering the pockets of warlords and violent rebels.…

The European Union (EU) is to require companies importing certain minerals to carry out ‘due diligence’ checks on their suppliers to ensure they are not funding conflict or human rights violations, under a draft regulation approved in the European Parliament in Strasbourg today (March 16). …

KENYA has long been regarded as east Africa’s economic powerhouse, with residential and industrial construction boosting sales of paints and coatings – and for now there seems to be no halt in this progress. Indeed, the last World Bank assessment of growth in this 45 million people country was that GDP rose by 5.6% in 2015.…

LAWRENCE Agbor Abunaw had set his sights on the banking sector as an economics undergraduate student at the UK’s University of Leicester more than two decades ago. But a career orientation fair and meeting a headhunter changed the Cameroonian’s goals and led to joining the accountancy profession in May 1993 with PwC France, before returning to his country of birth Cameroon for eight years.…

The European Union (EU) is struggling to resolve deep political divisions over whether a future diligence scheme to prevent conflict minerals hitting Europe’s shores should be mandatory or voluntary and over the influence that industry should have on the system’s operation. …