[ad_1]
Listed here are three huge tales from Africa’s enterprise panorama you (most likely) didn’t miss however ought to be mindful this week:
Meta unveils Threads
Final week was not a daily week for Netizens globally. Fb‘s guardian firm, Meta, lastly unveiled Threads, a extremely anticipated different to Twitter. Meta CEO Mark Zuckerberg describes Threads as a “pleasant” app that goals to deal with the fame challenges confronted by Twitter since its takeover by controversial tech billionaire Elon Musk final yr.
Threads gained over 50 million customers on its first day, signalling that many individuals are enthusiastic about its launch. For context, that’s virtually 20 per cent of Twitter’s 259.4 million every day energetic customers. Prior to now, many different digital platforms together with Donald Trump’s Fact Social have tried to battle Twitter but none have come as near difficult its dominance as Threads. Now, Twitter threatens authorized motion over Meta’s new app. However Will Meta’s Threads rule over Twitter? Solely time will inform.
Tax for Nigeria’s casual sector
Nigeria needs to tax its market ladies and the casual sector. The Federal Inland Income Service (FIRS) just lately launched the VAT Direct Initiative, a first-of-its-kind scheme that can foster collaboration between FIRS and the Market Merchants Affiliation of Nigeria to gather & remit VAT from their members—particularly these within the casual sector—utilizing a unified techniques expertise.
Given Nigeria’s present financial challenges, together with a major debt burden, it’s comprehensible that the nation is searching for to develop its tax base to generate elevated income. The initiative presents a number of interesting advantages, together with the elimination of a number of taxes and extortions imposed by state actors. However there are additionally considerations about exploitation.
The approaching months will probably be eagerly anticipated as we observe how this new tax initiative unfolds and its potential impression on the nation’s financial panorama.
Tinubu halts 5% excise tax on telecoms.
In response to considerations raised by Nigerians and the enterprise neighborhood relating to a number of taxations, President Bola Tinubu has taken decisive motion by signing 4 Government Orders, together with the suspension of the 5 per cent Excise Tax on telecommunication companies and the escalation of Excise Obligation on regionally manufactured merchandise.
The telecoms sector has continued to be a significant contributor to the Nigerian financial system by way of Gross Home Product Contribution (GDP). Nonetheless, operators within the telecoms sub-sector make a fee of no fewer than 41 totally different classes of taxes, levies and expenses.
Along with the telecoms tax, there are different tax exemptions together with, Company Revenue tax, Import duties, Export duties, Capital Positive aspects Tax, Private Revenue tax, and the brand new NYSC levy.
The brand new tax exemptions reveal the federal government’s dedication to making a extra conducive surroundings for companies and assuaging the burden of extreme taxation.
ICYMI: Market roundup
The Nigerian Alternate Group opened buying and selling on the inventory market on Monday 3 Might. The NGX All-Share Index appreciated by 3.40% to shut the week at 63,040.41.
The highest gainers had been Japaul Gold & Ventures PLC (58.57%), Consolidated Hallmark Insurance coverage Plc (57.32%), Chams Holding Firm Plc (56.76%), OMATEK Ventures Plc (52.78%), and Veritas Kapital Assurance PLC (47.83%). The highest losers had been Coronation Insurance coverage Plc. (-26.51%), Tripple Gee & Firm Plc (-26.40), Ikeja Resort PLC (-21.05%), Lasaco Assurance Plc (-21.05%), and Champion Breweries Plc (-14.50%)
The naira closed the week at $1/₦776.90 in opposition to the greenback on the Traders’ and Exporters‘ window.
Brent crude closed the week at $78.47, whereas US West Texas Intermediate (WTI) crude closed at $73.86.
The worldwide cryptocurrency market cap stood at $1.18 trillion, at 6.44 pm on the ninth of July, 2023. Bitcoin stood at $30,277.81 (a 0.78% lower in 7 days), Ethereum stood at $1,866.02 (a 2.48% lower in 7 days), and Binance coin stood at $234.58 (a 3.89% lower in 7 days).
MYDAWA, a Kenya-based health-tech startup working a web based pharmacy, has raised $20 million marking its entry into Japanese Africa’s digital healthcare house.
Nuru, a startup based mostly within the Democratic Republic of Congo (DRC) that focuses on photo voltaic vitality, has efficiently raised $40 million in fairness funding for its Collection B spherical.
Egypt-based fintech Masroofi has closed a $1.5 million funding spherical to develop it’s buyer base and canopy its evolving wants in varied segments of the market.
Morocco-based proptech Agenz, has raised $1.3 million in a pre-Collection A financing spherical to speed up its progress and improve its service choices.
[ad_2]
Source link
