Digital Service Tax | The Privatisation Bill | A spaceport in Djibouti | Nigerian president’s new currency directives | ChatGPT
East African member states to start Digital Service Tax
During the 50th East Africa Revenue Commissioners-General meeting, held at Serena Hotel Kigo, Wakiso District, it was decided that other member states would adopt Kenya’s tax system to increase revenue collection.
The tax administrators agreed to harmonise tax administration and data systems in the region with a special focus on technology in “tax management for today and the future” to improve efficiency and grow revenue.
Members also agreed to take measures to address cross-border smuggling, such as instituting electronic cargo registration and tracking systems, installing electronic “smart” gates at points of entry and exit, and introducing drones to monitor cargo movement.
Member states are anticipated to introduce measures to plug loopholes where taxpayers exploit one country against another to avoid tax. The need for innovative technology-driven approaches to sustainably facilitate taxpayer compliance was also emphasised.
Source-The independent
The Privatisation Bill
The proposed Privatisation Bill aims to speed up the sale of government assets by allowing the Treasury to bypass parliamentary approval for the sale of State-owned firms. The government plans to sell several State-owned firms through the Nairobi Securities Exchange this year via initial public offerings (IPOs). President William Ruto has urged the private sector to list at least five companies to boost the Nairobi bourse.
The proposed Bill includes the creation of the Privatisation Authority, which would provide guidance on all aspects of privatising public entities, implement the program, and offer advice on the act. The board of Authority would also be responsible for receiving any grants, gifts, donations, or endowments on behalf of the organisation.
Source-Business Daily
Africa to get a new USD 1 billion spaceport in Djibouti
The spaceport, expected to include seven satellite launch pads and three rocket testing pads, will be the first orbital spaceport on African soil.
Africa is expected to get a new spaceport in Djibouti after the country signed a partnership deal to build the facility to launch satellites and rockets with Hong Kong Aerospace Technology. In addition, the project will also include the construction of a power grid and a highway to ensure the reliable transportation of aerospace materials.
Source: Quartz
Takeaways from the Nigerian president’s new currency directives
In December 2022, the Central Bank of Nigeria (CBN) revealed a new design for the N100, N200, N500, and N1000 Naira notes and announced that the old notes of these denominations would no longer be considered legal tender after January 31, 2023. Nevertheless, due to a shortage of new notes, the CBN extended the deadline to February 10, 2023. Despite this extension, the shortage persisted, and the CBN refused to grant another extension, even though Nigeria’s supreme court ruled that the old Naira notes would remain legal tender until further notice.
Source: Business Insider Africa
ChatGPT is testing a paid version — here is what that means for free users
The company has hinted at plans to monetise the AI bot by introducing a subscription option dubbed “ChatGPT Professional” that would offer better access. This move is a common framework done by new tech companies who gauge their clients by introducing a cheaper or free version first to attract them and gauge adoption.
An assistant professor of marketing, Vivek Astvansh believes that it is likely that OpenAI maintains a more bare-bones free version of ChatGPT, where access could be restricted due to demand, and users potentially have to wait in a queue and can also consider paid versions for individuals or companies, and maybe even figure out ways to determine the pricing based on the type and amount of content a user wants ChatGPT to produce, and how much they would be willing to pay for it.
Source: Business Insider Africa
