#PostOfTheWeek Efforts to increase tax revenue can have a profound and positive impact on a country’s ability to deliver quality basic services. When deployed effectively, higher tax revenue can fund infrastructure, healthcare, and educational investments—the pillars of a thriving society. Read how the USAID #ElSalvador Domestic Resource Mobilization (DRM) Activity team managed to mobilize tax revenue equivalent to 2+ percentage points of gross domestic product (GDP)—translating into hundreds of millions of dollars in additional revenue for the country. #Governance #PublicFinance #PublicFinancialManagement #PublicResources
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Treasury CS Nominee John Mbadi Proposes Innovative Revenue Strategies Without Raising Taxes Treasury Cabinet Secretary nominee John Mbadi recently outlined a strategic approach to enhance Kenya’s revenue collection without resorting to new taxes. During his vetting by Parliament’s Committee on Appointments, Mbadi… #JohnMbadie #revenue #Tax #Treasury >>> Read more
Treasury CS Nominee John Mbadi Proposes Innovative Revenue Strategies Without Raising Taxes
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🚀 Boost Your Small Business's Profitability with Effective Tax Strategies! 🚀 Are you a small business owner in South Africa looking to optimize your tax position and drive long-term profitability? At Primorial, we understand the unique challenges you face, and we're here to help! 🌟 Tax Efficiency Strategies for Small Businesses has the following aspects associated with it: 🔹 Understanding Your Tax Obligations 🔹 Maximizing Deductions and Allowances 🔹 Utilizing Tax Incentives 🔹 Efficient Cash Flow Management 🔹 Retirement Annuities and Savings 🔹 Engaging with a Professional Accountant 🔹 Conducting Regular Tax Reviews Our goal is to partner with businesses for their long-term profitability, offering personalized advice and proactive solutions tailored to your needs. As a SAICA-accredited firm and registered SARS Tax Practitioners, you can trust us to guide you through the complexities of tax laws with a friendly yet professional touch. See more blog posts on our website here ➡️ https://primorial.co.za/ Let's build a solid foundation for your business growth together! 💼💡 #SmallBusiness #TaxEfficiency #Accounting #TaxPlanning #BusinessGrowth #Primorial #SAICA #SARS #SMME #Entrepreneur #economicdevelopment #funding #accounting #tax #digital #consulting #noncompliant #retirementplan #notime #slowgrowth
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Consultation between the government, private sector, NGOs, and State Owned Enterprises (SOEs) regarding tax policy can have several economic implications for us. Increased Compliance: Such consultations can lead to tax policies that are perceived as fair and reasonable by all stakeholders. This can enhance tax compliance as businesses and individuals are more likely to willingly pay taxes when they feel they have had a say in the policy-making process. Enhanced Investment Climate: Collaboration between the government and the private sector can lead to the development of tax policies that are conducive to investment. This could include incentives for specific industries or regions, which may attract both domestic and foreign investment, thereby fostering economic growth. Improved Government Revenue: Effective tax policies, developed in consultation with various stakeholders, can potentially lead to increased government revenue. By addressing tax evasion loopholes and ensuring fairness in taxation, the government can collect more taxes without burdening taxpayers excessively. Reduced Corruption: Involving NGOs can bring transparency and accountability to the tax policy-making process, helping to reduce corruption. Transparency in tax policies can discourage rent-seeking behavior and illicit financial flows, contributing to a more efficient allocation of resources. Social Impact Consideration: NGOs often advocate for policies that address social issues and inequalities. Their involvement in tax policy consultations can lead to the incorporation of measures aimed at reducing poverty, promoting education, healthcare, and social welfare, thus contributing to inclusive growth. Balancing Competing Interests: Consultation with a diverse range of stakeholders allows the government to balance competing interests. For example, while the private sector may seek lower tax rates to enhance profitability, NGOs may advocate for higher taxes on certain sectors to fund social programs. Finding a middle ground through consultation can lead to policies that benefit both economic growth and social development. However, there are also potential challenges. Consultations can be time-consuming and may lead to policy paralysis if consensus cannot be reached. Moreover, vested interests within certain stakeholder groups may undermine the effectiveness of the consultation process. Overall, effective consultation with the private sector, NGOs, and SOEs can lead to more equitable, transparent, and efficient tax policies ultimately contributing to sustainable economic development. #Taxation #PNGEconomy #GovtConsultation #PapuaNewGuinea #Inflation #Democracy #Treasury
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Local Revenue in Local Government (LG) Strengthening local revenue in local governments is crucial for the overall development of a country. According to international practices, local own source revenue (OSR) is a critical component that can broaden fiscal space, mobilize revenues for funding public goods, and increase accountability with residents. While most of the fiscal space is being created through central government revenue mobilization efforts, there is potential for local governments to contribute to this space. By enhancing collection, expanding coverage, and improving valuation, local OSR can be improved. This can be achieved through policy and administrative reforms that improve taxpayer service, revenue collection, and enforcement efficiency. It is essential to note that the revenue potential varies by local government, with some in a position to contribute a substantial portion of needed fiscal space and financial resources, while others may have a smaller capacity. Regardless of the relative importance, all local governments need access to and encouragement to collect local revenues to strengthen downward accountability. To improve OSR, local governments must be empowered with clear responsibility, authority, capacity, and accountability to levy their assigned local fees, charges, taxes, and levies. They must have some discretion for setting the level and structure of the tax rate to encourage efficiency, bounded autonomy, downward accountability, and the ability to raise funding to deliver local services identified by the local residents. In conclusion, policy and administrative reforms that enhance local OSR can expand the overall fiscal space in Zambia. This will not only improve accountability but also provide a level of local 'bounded' autonomy.
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InterGest South Africa insights into South Africa's 2024 Budget Speech 📊 Finance Minister Enoch Godongwana's recent address has sparked nationwide discussions on the delicate balance between fiscal responsibility and societal needs. In our latest blog post, we dissect the key highlights and fiscal strategies outlined in the speech, shedding light on critical amendments, tax adjustments, and economic growth initiatives. 📊 Discover why the announcement of no major tax increases brought relief to many and why the financial planning measures aimed at stimulating economic growth, cause implications to both the individual and businesses alike. As South Africa navigates these economic waters, it's crucial for stakeholders to align their financial strategies with the budget's provisions. Our dedicated tax advisory team is here to support both local and international companies in optimizing their tax management and provisions. With two decades of experience in the field, we're well-equipped to guide you through the intricacies of the local tax environment. 📌 Read more about the insights from the 2024 Budget Speech and how they impact your financial planning in our latest blog post. Contact InterGest South Africa today to learn more about our tailored tax advisory services! #Budget2024 #TaxAdvisory #FinancialInsights #InterGestSouthAfrica #SouthAfrica #EmployerofRecord #TaxExperts https://lnkd.in/dUETgzWN
Insights into the 2024 Budget Speech | InterGest
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Executive Summary on Tanzanian fiscal budget 2024/25 as tabled on 13th June 2024. 1. Increased investment in infrastructure development: The government has allocated significant funds towards infrastructure projects such as roads, railways, ports, and to improve connectivity and support economic growth. 2. Boosting healthcare and education sectors: There is a focus on increasing funding for healthcare and education services to enhance access to quality healthcare and education for all Tanzians. 3. Strengthening agriculture sector: The budget includes initiatives to support smallholder farmers, promote agribusiness, and enhance food security through investments in agriculture and rural development. 4. Promoting industrialization and manufacturing: The government is prioritizing initiatives to promote local industries, attract investments, and boost manufacturing capabilities to create jobs and drive economic diversification. 5. Enhancing digital transformation: There is an emphasis on investing in digital infrastructure, technology adoption, and innovation to accelerate digital transformation across various sectors and improve efficiency and competitiveness. On long time challenge on Tax issue; We have noted In the fiscal budget for 2024/25, Tanzania has introduced exemptions on withholding tax for certain financial services to promote investment and economic growth. For example, withholding tax exemptions are proposed for interest payments made to non-resident institutions, aimed at attracting foreign investors and encouraging financial transactions. Additionally, exemptions on withholding tax may also be granted for fees paid to non-resident financial advisors or consultants providing services in Tanzania, in order to foster collaborations with international experts and enhance the quality of financial services in the country. These exemptions on withholding tax for financial services signal Tanzania's commitment to creating a favorable environment for investment and financial activities, ultimately contributing to the development of the financial sector and the overall economy. Overall, the Tanzanian fiscal budget for 2024/25 aims to stimulate economic growth, improve social services, promote sustainable development, and advance the country towards its development goals.Joseph Maji ,CGIA,CPA
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SME Tax Empowerment Program (STEP) by SME Founders Association & KRA Present Empowering SME Owners with Essential Tax Knowledge and Compliance Skills The SME Founders Association, in partnership with the Kenya Revenue Authority (KRA), is proud to introduce the SME Tax Empowerment Program (STEP). This initiative is designed to equip small and medium-sized enterprise (SME) owners with the essential tax knowledge and compliance skills necessary for business success. Through a series of informative and interactive sessions, STEP will cover crucial tax topics, provide expert guidance, and offer practical tools to ensure your business remains compliant and thrives in the competitive market. Why Participate? - Understand tax laws and obligations. - Learn practical compliance strategies. - Engage with KRA officials and industry experts. - Network with fellow SME owners and leaders. Stay ahead of the tax curve, avoid penalties, and position your business for sustainable growth. Register now and be part of this transformative program for SME success. Sign up here FREE https://lnkd.in/d3Fha3bg #SMEGrowth #TaxCompliance #BTEP #KRA #Empowerment #KenyanBusiness #SMEFounders
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This week’s Suits the C-Suites article is titled “Public-private partnerships reboot.” It is written by Jonald Vergara and Donelle Jay A. Quilates, a Tax Principal and Tax Senior Director respectively of SGV & Co. This is the sixth article in our series following the 2nd SGV Tax Symposium, which focused on how a sustainable and effective tax ecosystem can advance the sustainability agenda for both the public and private sectors. This article will discuss the PPP landscape in the Philippines and ongoing government initiatives to improve it. While the Philippines is trying to catch up with its neighbors in infrastructure development, ongoing government initiatives spearheaded by the PPP Center, legislation from Congress, and the support of both foreign and local institutions are expected to reel in funding from the private sector and drive future PPP projects. Click here to read the article: https://lnkd.in/gYUWGwPv SGV’s “Suits the C-Suite” column is published every Monday in BusinessWorld’s Economy Section.
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[🔔 NEWS ARTICLE]💡 Building trust and participation in tax systems among citizens is crucial for enhancing domestic revenue mobilisation #DRM. The session "Strengthening Tax Compliance Through Technical Assistance", part of UNDP Sustainable Finance Hub's 2023 Dialogue on Tax & SDGs, delivered key insights on promoting taxpayer trust and participation in partner countries' #tax systems: 🔹 Vanessa van den Boogaard from International Centre for Tax and Development highlighted service provision, #transparency, taxpayer engagement, and procedural fairness as drivers of #trust; while Sarah Lister from UNDP emphasised the close relationship between trust, the social contract, and #governance. 🔹 Henrik Lund and Tais Chartouni Rodrigues, in representation of the Swedish Tax Agency Skatteverket and the Secretariat of the Addis Tax Initiative #ATI, respectively, presented their organisations' capacity-building efforts to foster tax #compliance to enhance DRM. 🔹 Commissioner Darlingston Talery at the Liberia Revenue Authority shared his country's experience in participating in technical assistance programmes in the field of DRM, and the latest developments in #Liberia towards a more transparent, fair, and examined approach to #taxexpenditures. The discussions and outcomes of the session, co-hosted by the ATI and Skatteverket, and moderated by Fredrik Werring from Norad - Norwegian Agency for Development Cooperation, are available in our latest news article 👉 https://lnkd.in/dQ2DvvyG 📸 © UNDP / Tom Pietrasik #technicalassistance #capacitybuiding #taxcompliance #SDGs #Tax4SDGs2023 #NewYork #partnership #sustainabledevelopment #collaboration #development #cooperation #UNDP
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Group Company Secretary, Head of Compliance, Acting Chief Financial officer & Group HRM at FNE Group, Director Corporate Affairs at AR Associates Lahore, Executive Member of Hijab Foundation and CFO at Deejhon’s Pharma
PRESS RELEASE ***** ASIAN DEVELOPMENT BANK MISSION VISITS FBR **** The Asian Development Bank (ADB) mission visited Federal Board of Revenue (FBR) on Thursday and met FBR leadership who have been assisting in the implementation of the Domestic Resource Mobilization Program (DRM). The mission was led by Mr. Tariq Niazi, Senior Director ADB from Manila and included Mr. Laisiasa Tora, Senior Public Sector Management Specialist, Ms. Sana Masood, (Economist) and Ms. Farzana Noshab (Economist). Mir Badshah Khan Wazir, Member (IR Operations), Mr. Ardsher Salim Tariq, Member (Reforms and Modernization), Mr. Qasim Raza Member (IT), Mr. Karamatullah Chaudhry, Member (Digital Initiative), and Arbab Muhammad Tariq, Member (Legal-IR) were also present in the meeting. The mission’s objectives included discussion on structural and policy reforms under the DRM Program funded by the ADB. The ADB showed satisfaction on the successful rolling down of the DRM Program. It was noted that significant achievements were made in the Sub Program I of the DRM program and due to the dedicated efforts of FBR, $300 Million was disbursed by ADB to the Government of Pakistan in December 2023. Subprogram I laid down the foundations for improved policies, laws, and institutional capacity for the FBR. Subprogram II reforms are to be completed by end 2024 which will build on earlier actions to ensure full implementation and operationalization. FBR apprised the ADB team that the Revenue Division in line with the vision of the Prime Minister of Pakistan to transform Federal Board of Revenue into a Digital Tax Administration and keeping pace with global trends, has embarked on a journey of digitalization focused towards automation of its processes and digitalizing of the economy. These initiatives reduce the cost of compliance of taxpayers, document the economy, expand the tax base and lead FBR on a sustainable path to revenue growth. FBR will be collaborating with Karandaaz for developing a comprehensive digital strategy for realizing the digital transformation of FBR and its digitalization initiatives and their implementation. Contours of a Digital Tax Administration Project of the FBR with the support of ADB were also discussed and the ADB team showed keen interest in this reform. Both sides agreed to explore ways to strengthen collaboration in support of Government of Pakistan's Digital Tax Administration Project. ***** ایف بی آر ***** پریس ریلیز ***** ایشیائی ترقیاتی بینک مشن کا ایف بی آر کا دورہ ***** ایشیائی ترقیاتی بینک کے مشن نے جمعرات کو فیڈرل بورڈ آف ریونیو ہیڈکوارٹرزکا دورہ کیا اورایف بی آر کے اُن افسران سے ملاقات کی جو ڈومیسٹک ریسورس موبلائزیشن پروگرام کے نفاذ میں معاونت کر رہے ہیں ۔ اس مشن کی قیادت منیلا سے ایشیائی ترقیاتی بینک کے سینئر ڈائریکٹر طارق نیازی کررہے تھے اور اس میں پبلک سیکٹر مینجمنٹ کے سینئر ایکسپرٹ لائیسا تورا، ماہر معاشیات ثنا مسعود، ماہر معاشیات فرزانہ نوشاب شامل تھے ۔
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