Language version

Business

Burundi Taxes Grew From U$174 Million To U$526million In Ten Years

Advertisement

Published

on

In the past decade, Burundi says it has managed to expand its tax base from U$ 174,787,242.789 in 2010 to a staggering U$526,418,048.869 by 2019.

According to Audace Niyonzima the Commissioner General of Burundi Revenue Authority (OBR), the country had a tax base worth FBu 340 billion in 2010 and has since expanded to FBu 1024 billion in 2019- this is equivalent to 201.18% increase.

These revelations were made on Thursday during ceremonies marking the day dedicated to taxpayers 5th edition organized by the revenue collection body OBR.

At national level, the event was held at Kugasaka stadium in the capital of the province of Ngozi. Taxpayers had the opportunity to showcase the innovations made in different sectors of production.

Niyonzima said the OBR is making efforts to facilitate taxpayers’ access to its services through their decentralization by building provincial offices as well as the popularization of the tax law.

Regarding fraud, Niyonzima said that OBR was able to recover more than FBu 4 billion of the 17 closed cases, all thanks to the collaboration of all stakeholders including the police, intelligence and the population.

Meanwhile, the OBR also intends to computerize its services in charge of internal taxes to facilitate collection and thus avoid embezzlement of the latter.

Audace Ndayizeye the President of the Federal Chamber of Commerce and Industry of Burundi (CFCIB) said that the traders of the 10 provinces already have provincial offices which facilitates the task of the OBR and allows a good collaboration between traders and the OBR.

However, there are concerns that traders are not well registered and this leads to gross fraud and tax defaults.

Ndayizeye asked the government of Burundi to conduct a census of traders as was done for officials to facilitate the task of the OBR, to collect taxes. And to demand the fight against false accountants who deceive traders by making false statements.

President Evariste Ndayishimiye called upon Burundian traders to group together and undertake major projects in order to increase production and be able to export the surplus to earn foreign currency.

He also said his government will set up teams that will travel across the country to track down those involved in fraud and economic embezzlement. He warned the governors, provincial commissioners and information officers that once fraudsters caught in their areas of ​​jurisdiction without intervening to arrest them, will all be sacked.

Tax payers awarded

President Ndayishimiye officially unveiled Belan hotel as an addition to the country’s tax base and sign of confidence in the economy despite Covid-19 pandemic

Burundi has a tourism sector that could be tapped into and increase foreign exchange earnings. However, the country has yet to address its internal politics that have affected its attractability to tourists and cross border trading

Business

Ecobank Transnational Incorporated Lists On LSE For US$350M

Published

on

Ecobank Transnational Incorporated (“ETI”), the Lomé based parent company of the Ecobank Group (www.Ecobank.com), was hosted today by the London Stock Exchange for a market opening virtual ceremony to celebrate the successful listing of the Tier 2 Sustainability Notes on the London Stock Exchange (LSE) main market.

This represents the first ever Tier 2 Sustainability Notes by a financial institution in Sub-Saharan Africa.

This Tier 2 issuance is the first to have a Basel III-compliant 10NC5 structure outside of South Africa in 144A/RegS format and is now listed on the main market of the London Stock Exchange.

The bond, which matures in June 2031, has a call option in June 2026 and was issued with a coupon of 8.75% with interest payable semi-annually in arrears.

An equivalent amount of the net proceeds from the notes will be used by ETI to finance or re-finance, new or existing eligible assets as described in ETI’s Sustainable Finance Framework, available at https://bit.ly/3j4xrlb on which DNV issued a Second Party Opinion.

Investor interest for this Sophomore Eurobond issue was global, including United Kingdom, United States, Europe, the Middle East, Asia and Africa, achieving a 3.6x oversubscribed orderbook, of over US$1.3 billion at its peak.

Ade Ayeyemi, Group Chief Executive Officer of ETI, stated: “The strong global interest in our issuance reflects investors’ confidence in Ecobank’s strategy and our commitment to sustainable financing. We thank the LSE for hosting ETI today and look forward to value creation for all our stakeholders. ”

The Joint Lead Managers and Bookrunners in the transaction were Citi, Mashreq, Renaissance Capital and Standard Chartered Bank.

Continue Reading

Business

Botswana Finds Another Diamond Larger than 1000ct

Published

on

Botswana has delivered another diamond at 1 174.76 ct from Karowe mine a producer of high-quality rough diamonds.

It is the third diamond weighing more than 1,000 ct to be recovered from the South Lobe of the AK6 kimberlite since 2015.

In recent years, Lucara had recovered the 1,758 ct Sewelô and the 1,109 ct Lesedi La Rona diamonds from the South Lobe.

Lucara’s latest find also follows hot on the heels of the recovery of a 1,098 ct diamond by Debswana at its Jwaneng mine, in Botswana.

When Debswana announced the find on June 16, that diamond was said to be the world’s third-largest.

The 3,106 ct Cullinan diamond recovered in South Africa in 1905 is the largest diamond ever to be recovered.

“Lucara is delighted to be reporting another historic diamond recovery and its third diamond over 1,000 ct – a world record for Karowe.

“Although complex, these diamond recoveries do contain large domains of top-colour white gems that will be transformed through our partnership with HB Antwerp into valuable collections of top-colour polished diamonds, very much in high demand in the market today,” comments Lucara CEO Eira Thomas.

Lucara notes that the 1,174 ct diamond was recovered in the Mega Diamond Recovery XRT circuit at Karowe.

“On the same production day, several other diamonds of similar appearance – a 471 ct, a 218 ct and a 159 ct – were recovered at the main XRT circuit, indicating the 1,174 ct diamond was part of a larger diamond with an estimated weight of more than 2,000 ct,” the company points out.

Continue Reading

Business

Swiss Glencore Plc Hints On Reopening Idle Cobalt Mine In DRC

Published

on

Glencore Plc could reopen its Mutanda Mining copper and cobalt project in Democratic Republic of Congo by the end of 2021, about two years after idling the mine.

Congo’s new mines minister, Antoinette N’Samba Kalambayi met with representatives from the Swiss company Monday to discuss the restart of the mine, which closed in November 2019, the ministry said in a statement sent to reporters.

Mutanda “will start the commissioning of operations towards the end of this year in order to allow the return to production in 2022,” Glencore said in a separate emailed statement.

A reopening of Mutanda, one of the world’s biggest cobalt mines, comes when there’s renewed demand for battery metals as automakers focus on metal-intensive electric vehicles and global economies shift away from fossil fuels in favor of cleaner technologies that use electricity for energy.

Cobalt and copper are key metals in that transition.

Glencore said in August 2019 that it would close the mine for two years to carry out care and maintenance after prices of cobalt slumped.

Mutanda was responsible for a fifth of global cobalt production in 2018, according to Darton Commodities Ltd., a U.K.-based firm that specializes in the metal.

bloomberg

Continue Reading
Advertisement

Canal+ Advert

Canal+ Advert
Advertisement
Advertisement
Advertisement

Trending