Estate Duty in African Nations

Dr Daniel N Erasmus 13 December 2023

Commentary by Prof. Dr. Daniel N. Erasmus on the article: “Spotlight on Death Taxes Across Africa”

The original article (Spotlight on Death Taxes Across Africa) was first published by Regan van Rooy and follows the commentary.

The article, provides a valuable overview of the current state of Estate Duty in African Nations. Individuals and families need to be aware of the tax implications of their assets and wealth, particularly in the context of estate planning and wealth transfer.

While the article suggests that people should not be overly concerned about Estate Duty in African Nations, it is essential to recognize that tax lawsTax laws form the backbone of any nation’s revenue system, setting the rules that govern how individuals and corporations contribute financially to support government functions. These laws define the types of taxes, the applicable rates, and the regulations regarding payment and compliance. They also outline the rights and obligations of taxpayers, ensuring a balanced and fair approach to funding public... and regulations can vary significantly between countries. As such, individuals and families must consult with tax professionals and legal experts to ensure they are fully informed about the tax implications of their assets and wealth in their specific country.

Furthermore, it is worth noting that tax lawsTax laws form the backbone of any nation’s revenue system, setting the rules that govern how individuals and corporations contribute financially to support government functions. These laws define the types of taxes, the applicable rates, and the regulations regarding payment and compliance. They also outline the rights and obligations of taxpayers, ensuring a balanced and fair approach to funding public... and regulations can change over time, and it is essential to stay up-to-date with the latest developments in tax legislationTax laws form the backbone of any nation’s revenue system, setting the rules that govern how individuals and corporations contribute financially to support government functions. These laws define the types of taxes, the applicable rates, and the regulations regarding payment and compliance. They also outline the rights and obligations of taxpayers, ensuring a balanced and fair approach to funding public... and case law. For example, Prof. Dr. Erasmus is involved in providing tax education and updates on the latest transfer pricingTransfer pricing is a fundamental concept in international taxation that defines the pricing methods and rules applied to transactions between related entities within a multinational enterprise (MNE). In the context of tax regulations, it governs how prices for goods, services, or intangibles (such as intellectual property) are set when these items are exchanged between different branches, subsidiaries, or affiliates of... developments for multinationals in Africa.

The article “Spotlight on Death Taxes across Africa” offers a useful starting point for understanding the current state of Estate Duty in African Nations. However, individuals and families should consult with tax professionals and legal experts to ensure they are fully informed about the tax implications of their assets and wealth in their specific country.

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Citations:

ORIGINAL ARTICLE

Old Ben Franklin said that nothing in the world is certain except death and taxes. Most people find both subjects disagreeable, and generally the two of them together. i.e. taxes due to death, are even worse.

Having worked hard to leave a legacy to one’s heirs, only for a chunk of it to disappear into the government’s coffers, is dispiriting. It can also lead to practical problems for the heirs, such as how to actually pay the tax without selling whatever asset was bequeathed to them in the first place. You as bequeathor may decide that any tax on death is not your problem – but if you actually like your heirs, anticipating the cost and problems caused by death taxes is well worthwhile! – CLICK HERE TO CONTINUE READING>>>

Categories: Dispute Resolution

Dr Daniel N Erasmus

S.Africa: Summary of the Davis Tax Committee’s BEPS Sub-committee General Report released December 2014

Summary of the Davis Tax Committee’s BEPSBEPS stands for "Base Erosion and Profit Shifting". BEPS refers to tax avoidance strategies used by multinational enterprises (MNEs) to exploit gaps and mismatches in the international tax system. By shifting profits from high-tax jurisdictions to low- or no-tax locations, MNEs reduce their overall tax burden, even if little to no economic activity occurs in the low-tax jurisdictions. These practices erode... Sub-committee General Report released December 2014 by Peter Dachs of ENS Introduction This note provides a summary of

ATL-Editor 26 February 2015

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Understanding Double Tax Treaties: A Comprehensive Guide

*For clarity, the term Double Tax TreatyA Double Taxation AgreementA Double Taxation Agreement (DTA), also known as a Double Taxation Treaty (or a Tax Treaty), is an international tax treaty between two or more countries that aims to prevent individuals or businesses from being taxed twice on the same income. With globalisation and the increase in cross-border economic activities, DTAs have become essential tools for promoting trade, investment, and... (DTAA Double Taxation Agreement (DTA), also known as a Double Taxation Treaty (or a Tax Treaty), is an international tax treaty between two or more countries that aims to prevent individuals or businesses from being taxed twice on the same income. With globalisation and the increase in cross-border economic activities, DTAs have become essential tools for promoting trade, investment, and...), also known as a Double TaxationDouble Taxation occurs when the same income or financial transaction is taxed twice, typically in different jurisdictions. It can arise in two primary contexts: economic double taxation, where the same income is taxed twice in the hands of different taxpayers, and juridical double taxation, where the same taxpayer is taxed on the same income in more than one country. Double... Treaty (or a Tax TreatyA Double Taxation Agreement (DTA), also known as a Double Taxation Treaty (or a Tax Treaty), is an international tax treaty between two or more countries that aims to prevent individuals or businesses from being taxed twice on the same income. With globalisation and the increase in cross-border economic activities, DTAs have become essential tools for promoting trade, investment, and...), is an international

ATL-Editor 28 August 2024

AFRICA: Sub-Saharan Africa and international arbitration – how does that work?

COMMENT Tax arbitration via new double tax treaties is on the increase. Hence, knowledge of international arbitration is important. Take a look at the following

ATL-Editor 29 August 2014

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Cook Islands: FATCA’s impact – this paper applies to many other offshore centres

April/May 2015[1] Impact of FATCA on Cook Islands Entities[2] TABLE OF CONTENTS Background The key differences between FATCA and IGA Models 1 and 2

ATL-Editor 27 April 2015

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Emerging Transfer Pricing Trends in Africa: Insights from Dr. Daniel Erasmus at the 13th Annual Africa TP Summit

In this insightful address at the 13th Annual Africa Transfer PricingTransfer pricing is a fundamental concept in international taxation that defines the pricing methods and rules applied to transactions between related entities within a multinational enterprise (MNE). In the context of tax regulations, it governs how prices for goods, services, or intangibles (such as intellectual property) are set when these items are exchanged between different branches, subsidiaries, or affiliates of... Summit, Dr. Daniel N Erasmus explores the most pressing trends in transfer pricingTransfer pricing is a fundamental concept in international taxation that defines the pricing methods and rules applied to transactions between related entities within a multinational enterprise (MNE). In the context of tax regulations, it governs how prices for goods, services, or intangibles (such as intellectual property) are set when these items are exchanged between different branches, subsidiaries, or affiliates of... across Africa and developing regions.

ATL-Editor 10 October 2024

Commentary by Prof. Dr. Daniel N. Erasmus on the article: “Spotlight on Death Taxes Across Africa”

Citations:

ORIGINAL ARTICLE

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