Africa regulatory ENSight

Transcription

1 Africa regulatory ENSight

2 Angola Angola Central Bank Directive No.05/DSB/DRO/DMA/2018 Issued on 20 August The directive notes that commercial banks will now be required to submit, through the Financial Institutions Supervision System, their Daily Foreign Exchange Position and respective closing balances in Euros. The banks are to also submit information relating to the previous business day.

3 Botswana Rules regulating Market Makers on the Botswana Stock Exchange ( BSE ) Issued on 20 August 2018 and will come into effect on 1 January These rules regulate Market Makers whose purpose on the BSE is to provide liquidity in listed securities by submitting both bids and offers for a designated security during the designated Market Making session.

4 Ghana Income Tax (Amendment) Act, 2018, Act 973 Assented to on 31 July The Act inter alia increases the tax rate applicable to the chargeable income of a non-resident individuals from 20% to 25%. Value Added Tax (Amendment) Act, 2018, Act 970 Assented to on 31 July The Act reduces the standard VAT rate on taxable supplies to 12.5%. National Health Insurance (Amendment) Act, 2018, Act 971 Assented to on 31 July The Act: repeals the National Health Insurance (Amendment) Act, 2015 (Act 888); provides that the National Health Insurance Scheme Levy ( NIHL ) contribution is no longer the subject to an input tax deduction; and clarifies that persons who are taxable under the VAT flat rate scheme at a flat rate of 3% is exempt from NIHL contributions. Ghana Education Trust Fund (Amendment) Act, 2018, Act 972 Assented to on 31 July The Act converts the Ghana Education Trust Fund Levy of 2.5% into a levy that is not subject to input tax deductions.

5 Kenya All The Prevention of Terrorism (Amendment) Bill, 2018 Gazetted on 19 July The objective of this bill is to amend the Prevention of Terrorism Act to provide for the duty of institution administrators to counter radicalization. All Public Private Partnership (Amendment) Act, 2017 Gazetted on 29 December The Act: amends the Public Private Partnership Act, 2013; and makes provisions for guidelines to be issued by the Cabinet Secretary to facilitate the manner in which county governments may deal with public-private partnership arrangements.

6 Madagascar All Law No Recasting of the Law on Competition Issued on 29 June The law: amends the provisions of the current law to better define all matters relating to competition; harmonizes the Malagasy competition provisions with international organizations of which Madagascar is a member; and strengthens the economic capacity of market players facing global competition.

7 Mauritius (Miscellaneous Provisions) Act, 2018 Issued in July The Act amends various Acts, including: the Companies Act; the Consumer Protection (Prices and Supplies Control) Act; the Financial Services Act; the Income Tax Act; and the Value Added Tax Act.

8 Namibia Determination under the Banking Institutions Act, 1998 (Act No. 2 of 1998): Measurement and Calculation of Capital Charges for Credit Risk, Operational Risk and Market Risk for Domestic Systemically important banking institutions (Bid 5a) Gazetted on 24 August This determination ensures that: banking institutions maintain a level of capital which is adequate to protect its depositors and creditors; the banking sector improves its ability to absorb shocks arising from financial and economic stress, thus reducing the risk of spill-over from the financial sector to the real economy; capital is commensurate with the risk activities and profile of the banking institution and banking group; and it promotes public confidence in the banking institution and the banking system. Amendment of short-term insurance regulations: Short-term Insurance Act, 1998 Gazetted on 24 August The regulations note that, notwithstanding some sub regulations, a registered insurer or reinsurer shall, in respect of its short-term insurance business, invest in domestic assets, at all times after the following dates, not less than the following percentages of the market value of its total assets: 31 August 2018, not less than 40%; 30 November 2018, not less than 42.5%; and 31 March 2019, not less than 45%. Amendment of long-term insurance regulations: Long-term Insurance Act, 1998 Gazetted on 24 August The regulations note that notwithstanding some sub regulations, a registered insurer or reinsurer shall, in respect of its long-term insurance business, invest in domestic assets not less than the following percentages of the market value of its total assets, at all times after the following dates: 31 August 2018, not less than 40%; 30 November 2018, not less than 42.5%; and 31 March 2019, not less than 45%.

9 Namibia Healthcare Amendment of medical aid funds regulations: Medical Aid Funds Act, 1995 Gazetted on 24 August The regulations note that a registered fund shall keep in Namibia, subject to specific sub regulations, assets of which the value shall not at any time after the following dates be less than the following percentages of the total value of the assets of such fund: 31 August 2018, not less than 40%; 30 November 2018, not less than 42.5%; and 31 March 2019, not less than 45%.

10 Nigeria Rule 15.34: Nominal Transfers Rulebook of The Nigerian Stock Exchange, 2015 (Dealing Members Rules) Approved on 10 February 2015 and became effective on 11 July The rules note that: no security listed on The Exchange shall be bought or sold outside the facilities of The Exchange; and any securities holder that wishes to transfer his securities by way of a nominal transfer shall apply to The Exchange through his Stockbroker for transfer of the securities.

11 Swaziland Value Added Tax (VAT) (Rates) (Amendment) Regulations, 2018 Gazetted on 9 July 2018 and became effective on 1 August The regulations increase the standard VAT rate from 14% to 15%.

12 Tanzania Amended operational guidelines for custodians and brokers Issued in August 2018 and will become effective on 1 October The guidelines: set out the procedures for the settlement of equities transactions; and note that both purchase and sale transactions have been extended by two hours. Mining The Mining Commission (Guideline for Submission of Local Content Plan), 2018 Issued on 17 July The guidelines: are applicable to all applicants of Mineral Rights and holders of a Prospecting Licence, Mining Licence, Special Mining Licence, Processing Licence, Smelting Licence and Refining Licence issued under the Mining Act; including their Contractors, Subcontractors or other allied entity carrying out mining activities; require local content plans to have sub-plans relating to procurement of goods and services, employment and training, research and development and technology transfer; and note that licence holders are, after commencement of mining activities, obliged to submit to the Mining Commission an annual local content performance report, within 45 days of the beginning of each year.

13 Uganda Uganda National Bureau of Standards (Use of Distinctive Mark) Regulations, 2018 Assented to on 21 June The regulations relate to the: use of distinctive marks; application for a distinctive mark; and terms of use of a distinctive mark;

14 Zambia All Corporate Insolvency Act, Assented to on 21 April The Act provides for: 2017 corporate receiverships, the appointment of receivers and the duties and responsibilities of receivers; business rescue, the appointment, duties and responsibilities of business rescue administrators, rights of affected persons during business rescue proceedings and business rescue plans; schemes of arrangements or compromise with creditors; winding up of companies, appointment of liquidators and the duties and responsibilities of liquidators, committees of inspection, special managers and the Official Receiver; insolvency practitioners and the duties and responsibilities of insolvency practitioners; and cross-border insolvency; and matters connected with, or incidental to, the foregoing. All Accounts (Client Fees) Assented to on 16 April The Act: Regulation, 2018 requires members to charge clients a service fee as set out in the Schedule; requires members to agree with clients on the fee scale to be applied on taking instruction; and an Accountant shall not charge a client a service fee below the fee scale set out in the Schedule.

15 Zimbabwe All Special Economic Zones (General) Regulations, 2018 Gazetted on 17 August The regulations relate to the: declaration of Special Economic Zones ( SEZ ); considerations for declaring SEZs; licensing of operators; developers permits; and licensing of investors. The information provided herein is intended to provide a general overview, and is not an exhaustive list of all legislative developments across Sub-Saharan Africa. For more information, please contact info@ensafrica.com