Tag: Policy & Regulatory

Lesotho revokes Vodacom’s operating licence

Frank

LESOTHO – The government of Lesotho has informed Vodacom of its decision to revoke the giant telco’s operating licence for flouting its licence conditions. The decision by the Lesotho Communications Authority (LCA) comes after the regulator imposed what Vodacom called “a staggering” fine of US$ 8 million  on the company for allegedly flouting its licence conditions and for allegedly being in breach of local legislation governing companies. Vodacom is Lesotho’s biggest mobile operator. In response, Vodacom Group said statement that it intends to lodge an urgent high court interdict against…

Read More

Nigeria’s Lagos State announces new tax measures to bolster COVID-19 resilience efforts

Frank

NIGERIA – Lagos, Nigeria’s largest state by population size, has announced new tax measures aimed at helping businesses and individuals living in the state cope with the economic challenges occasioned by COVID-19 pandemic. Earlier, Lagos State Governor, Babajide Sanwo-Olu, okayed the slashing of operational license fee placed on ride-hailing companies operating in the state by 20%. The reduction was part of a new regulatory framework by the state for ride-hailing companies which will take effect in late August this year. According to the framework, ride-hailing companies will be required to…

Read More

Ghana closes foreign-owned shops to protect local businesses from competition

Frank

GHANA – The Government of Ghana has ordered the closure of all foreign- shops that are operating in the country without business operating documents in order to protect local business from stiff competition. According to a report by Ghana Web the Presidential Committee on Retail Trade under the Ministry of Trade and Industry will begin the closure exercise at the country’s capital, Accra before moving to other cities and townships in the country. The Committee is expected to move to Opera Square, Zongo Lane, Kantamanto, UTC and Kumasi to fish…

Read More

Senegal exempts renewable energy equipment from VAT to accelerate rural electrification

Frank

SENEGAL – The Government of Senegal has decided to exempt equipment used for the production of renewable energies such as solar, wind and biogas from paying VAT (value added tax). A statement from Senegal’s Ministry of Oil and Energy explained that the decision was aimed at accelerating the electrification of rural areas in the country. The decision by the Senegalese government was well received by operators in the renewable energy sector in the country who have for a time been lobbying for reduced taxes to make renewable energy affordable. According…

Read More

Accident cars no longer allowed in Ghana as from October this year

Frank

GHANA – The parliament of Ghana has finally passed the automotive bill prohibiting the importation of any vehicle that has a history of accident into the country as from October this year. Prior to the new the new law, Ghanaian car dealers could bring in damaged vehicles, repair them before selling them to customers. This provided a cheaper option to Ghanaians keen on having their own cars. According to a report by Bloomberg, vehicles older than 10 years were also not spared by the automotive bill which also bans their…

Read More

Government to ban importation of accident and overaged vehicles into Ghana

Frank

Ghana – Government has initiated processes to pass the Customs Amendments Bill into law to regulate the importation of vehicles into Ghana. Mr Osei Kyei-Mensah-Bonsu, the Majority Leader and Minister of Parliamentary Affairs disclosed this in a radio interview on Okay FM, an Accra based Radio Station Tuesday morning. He said the decision to ban importation of accident and overaged vehicles into Ghana is to create the enabling environment and market for the many automobile companies about to establish outlets in Ghana. German car-maker, Volkswagen, Nissan and Toyota are among…

Read More

AfDB calls for sustainable debt management to tame rising debt in Africa

Frank

AFRICA – The African Development Bank (AfDB) has called for sustainable debt management to tame the rising debt which currently stands at US$500 billion. AfDB president, Dr Akinwumi Adesina revealed the current state of debt in Africa during the launch of the Economic Outlook for 2020 publication and was quoted as saying that the median debt to GDP ratio had risen from 38 per cent in 2008 to 54 per cent in 2018. He said, “We must tackle rising debt levels. Total debt stock (external and domestic) currently stands at…

Read More

Nigeria to go after non-tax paying multinational digital firms in effort to expand tax pool

Frank

NIGERIA – Vice President Yemi Osinbajo has disclosed that multinational digital companies operating abroad with significant economic presence in Nigeria will be subjected to taxation under the new Finance Act. Osibanjo explained that previously the government only taxed companies with physical presence in the country but was now targeting even those without any physical presence in the country. The vice president disclosed this while delivering a lecture titled, ‘Economic Dimension of National Security: The Nigerian Experience,’ at the National Defence College. He said, “So, most digital and multinational technology companies…

Read More

Brazil gives greenlight to Boeing, Embrear strategic partnership deal

Frank

BRAZIL – Boeing and Embraer have secured unconditional approval from the Administrative Council for Economic Defense’s (CADE) General-Superintendence (SG) in Brazil for their strategic partnership. Under this partnership, the two companies have planned to embark on two joint ventures, namely Boeing Embraer-Defense and Boeing Brasil-Commercial. The Boeing Embraer-Defense joint venture will focus on developing new markets for the C-390 Millennium multi-mission airlift and air mobility aircraft. Embraer will own 51% controlling stake in  the JV with US aircraft manufacturer will be the custodian of  the remaining 49%. The Boeing Brasil–Commercial…

Read More

Tunisia seeks to boost e-commerce to curb cash use

Frank

TUNISIA – Tunisian Ministry of Commerce has revealed that plans to digitise commercial transactions were at their initial stages and have a long way to go to reach their goals. At a workshop to develop commercial law in cooperation with the US Department of Commerce, Director of E-Commerce Development at the Ministry of Commerce Khabbab Hadhri stressed the need to have 300,000 retailers join the electronic payment system. He said required conditions, mechanisms and laws for the switch were available but “the number of participants in the system did not…

Read More