MinBane
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Archive for the tag “Benin”
Opinion: Wouldn’t be shocking if their suddenly came a coup d’etat against Talon…
Not that I wish this on Benin nor anywhere else. But when President Patrice Talon is seeking to end the Central African Franc and let the reserves of Benin out of the Banque de France. Expect that Paris, France gets into a stir and a hiccup will end up happening in Cotonou. They can already play the facade of the acts of one-party local elections and dissidents out of that. That a small infringed and demoralized group of activists, military soldiers and a few high ranking officials, suddenly came into play.
That would fit Paris so wisely, as the French doesn’t want to loose their hold on their former colonies. Fracafrique is too important to loose. The French cannot stomach anyone challenging them or even crossing them. That will not happen in 2019. They rather have more power and more friends on the continent, then lose one of them.
Benin’s “new” President Talon will stop the dependency with the French. Where the Republic of Benin can decide more of their own. If the Republic would leave the CFA it would really show force. Now, they are just preparing to withdraw the foreign reserves. That is a hit on the Banque de France. This must hurt the pride of the French and their glorious colonial history, which the CFA is reminder and a relic of.
Talon is daring the powers to be. His powerful in Cotonou, that’s why he could dismiss and stop the opposition from running in the local elections, but he is now going up against the ones whose running the IMF and has leverage in the United Nations and the World Bank. All of these can hurt the economy of Benin.
And if the French continues their exploits, they would use the previous President Thomas Boni Yayi. Who was the President of Benin between 2006 to 2016. Even with his health defects and struggle. He might muster some courage, if he knew that his previous partners of Paris would reinitiate him in power. As he lost to Talon in 2016. All of that wouldn’t be surprising at all.
If not, the French find a collective of “progressive” and “dissidents” who happens to work some mercenaries and they just suddenly takeover the radio, TV and the Parliament. They put road-blocks into the Capital. Therefore, announcing the resignation of Talon and his regime, as they want a democratic government and they are in transition to another one. So, that they as soldiers will bring a fundamental change. But in reality, the new government will continue the CFA and the French influence. They will secure the French industrial exports and everything else. As long, as the elite can shop and do the kneeling in front of the neo-colonial masters of France.
That would be a real life thing and another story in the tale of French dominance on the continent. Peace.
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Opinion: Francafrique is alive, as Paris axe Arikana Chihombori Quao!
Arikana Chihombori Quao, the African Union Ambassador to the United States, which was terminated on the 7th October 2019 after her open criticism of the Western Powers hold of the African Nation.
She’s been vocal and righteously so against the French hold of the former African colonies it has agreements with, military, monetary and direct trade enriching itself on the spoils of the African continent. Which is all true, that is why all the big-men from the previous colonies are favourable and steady visiting Paris and meeting the heads of state there. That is why, the interests of Paris comes before the needs of the citizens of the respective Republics. They are all Francafrique doing.
That is why Emmanuel Macron has no issues boosting dictators, standing by autocrats who secure the monetary gains of the Central African Francs (CFA). This is boosting the Reserves of France, they are earning on the printing and monetizing the currencies of these Republics. They are all in the hands of the French, controlling and monitoring the monetary policies and the economic policies made in the respective republics. This is how to keep the governments, either by the hook or by the crook.
Secondly, they are also kept by a military pact and a resource sharing agreements, which means the extraction industry of the French gets first deals, if it is Total or anything else. Will get a first rights to extract or be able to trade commodities. That is why you see in former North African Republic, which was colonizes you see Renaults, Citroen’s and so-on. You are not seeing so many American or British cars there, but French produced cars in abundant. That is because, the French still has a foothold and advantages, which the Republic have to abide too.
Therefore, what the axed and sacked AU Ambassador to US said about the French is true. It maybe hurt the pride of the French. But you don’t need to say anything substantial to hurt their pride. You can just dismiss their champagne and they will cry havoc. In addition, the French know they need Francafrique and they would miss out important market, funds and resources, which it cannot live without. The banks, the industries and military would suffer a hit. The French will not say this, but the reason for axing shows this.
The French is weak, the French isn’t as great or has the power to flex without its state under passive control through the measures of the CFA and other Post-Colonial agreements made with Big-Men in the Francafrique. That is just the way it is and because someone with a title said it. It had to be silenced.
However, if the French didn’t want it undressed or questioned their role on the continent. They should have maybe answered it with words or numbers. Instead, they are verifying her words by axing her and pushing the Chairman of AU to get rid of her. Peace.
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European Countries accept to offer tax-exemptions that benefits Europe while stifling the rest, report claims!
“Considering the strong democratic traditions in Europe, and the fact that taxation is considered an issue of great importance to national sovereignty, it seems rather odd that the EU has taken such a negative approach to the inclusion of developing countries in the setting of global tax standards” (Eurodad, P: 33, 2016)
There are in this world, lots of greedy people and states that want to earn on their own benefit and get the little extra without the second party. That is why the European States do what they can to keep as much benefit of businesses inside their own dominion, even as the businesses are earning their profits in developing countries, this is happening with sophisticated business transactions, sweetheart-deals, letter-box companies and stashing profits into tax-havens.
The ones that doesn’t this tactic, this way of earning higher profits and getting better rates on the production; the reality is that European States has worked coherent to avoid their thieving of funds as the taxation deals and openings of the multi-national companies in Europe. So with these possibilities, there comes also the reasoning that the companies do what they can to stifle the European states in their own scheme to keep them. Certainly the countries getting a point on the dollar instead of multiple points on it; they could get a fair trade out of, but when they are tricking the businesses there, the businesses will do what they can to trick out of them too. The Businesses are not in the country out of love, they are there to earn profits and doesn’t’ care how as long as they get. So long the States are having the set-up to be used, they will use them and the citizens will wonder why the sophisticated businesses pay so little why earning fortunes, while the citizens are paying fairly high tax on the dollar.
Just take a look!
Letter box companies:
“The setting up of letterbox companies is one of the practices used by multinational corporations to avoid paying taxes in countries where their economic activity takes place” (…) “Looking at global investment flows, it is clear that several European countries are major centres providing attractive tax regimes for letterbox companies and thus functioning as conduits for multinationals’ investments. By comparing the statistics of foreign direct investments (FDI), Dutch organisation SOMO shows that the Netherlands is by far the largest exporter of FDI in the world, ahead of much bigger economies such as the United States and China” (Eurodad, P:17, 2016).
Sweetheart deals:
“In November 2014, the LuxLeaks revelations exposed the secret world of Advance Pricing Agreements (APAs) – also known as sweetheart deals – which benefited multinational corporations, in some cases with tax rates lower than 1 per cent.89” (…) “Public insight into these kinds of deals is very rare indeed, since they are kept highly confidential. In fact, the LuxLeaks revelations were followed by legal charges against the two whistleblowers, as well as one of the key journalists, who brought the story to the public. The case is still ongoing in Luxembourg (see ‘Lack of whistleblower protection’)” (…) “Other examples of problematic APAs have been highlighted by the European Commission’s state aid cases. For example, APAs played a central role in the tax arrangements between Luxembourg and Fiat, the Netherlands and Starbucks, and Apple and Ireland. In these cases, the European Commission found the tax advantages given to the multinational corporations, through APAs, to be a violation of the EU’s State Aid rules” (Eurodad, P: 19, 2016).
Tax Treaties:
“Another key concern related to tax treaties is that they often include provisions to lower – or remove – withholding taxes on cross-boundary financial flows, and thus can lead to lower tax income in the countries signing on to such treaties, including developing countries. For example, research by ActionAid shows that a tax treaty between Uganda and the Netherlands, signed in 2004, completely takes away Uganda’s right to tax certain earnings paid to owners of Ugandan companies if the owners are resident in the Netherlands” (…) “The underlying problem in the international tax system today is that multinational companies are treated as a collection of ‘separate entities’ even though in reality they function as unified firms, with subsidiaries under the central control of the parent company. In today’s system, subsidiaries of the same company are expected to trade with each other ‘at arm’s length’, as if they did not have any connection to each other” (Eurodad, P: 21-24, 2016).
Bank Secrecy:
“In order to deal with the tax evasion and avoidance risks related to banking secrecy, some developed countries, such as the EU Member States, have agreed to start exchanging information on financial accounts automatically amongst each other” (…) “This means that, for example, the Belgian tax authorities will, automatically and on a periodic basis, receive information on any bank accounts or assets held by Belgians in other EU Member States. The aim of this automatic information exchange is to improve the efficiency of tax collection and prevent taxpayers from hiding capital or assets abroad” (Eurodad, P: 27, 2016).
Interesting findings from European Countries:
“The Austrian government is against full public country by country reporting, and even the European Commission’s proposal for partially public country by country reporting” (Eurodad, P: 41, 2016).
“Belgium generally has a relatively high number of tax treaties with developing countries, but the average reduction in developing country tax rates through these treaties is low. However, that the average does not show is that several of Belgium’s tax treaties with developing countries are ‘very restrictive’. There are also clear indications that Belgium’s tax treaties have significant negative impacts on the developing countries that sign them. A conservative estimate puts the fiscal cost to 28 developing countries at €35 million in 2012”(Eurodad, P: 41 , 2016). “The Belgian tax treaty system is also an issue of concern. A conservative estimate suggests that 28 developing countries lost €35 million in 2012 due to tax treaties with Belgium” (Eurodad, P: 57, 2016).
“The position of the Czech government on the issue of ownership transparency is ambiguous. On the one hand, the new Czech law is very restrictive in terms of access to information in the Czech beneficial ownership register (in fact, it seems that the definition of the “legitimate interest” is so narrow that in practice it will be inaccessible for the public, no matter if they have a legitimate interest or not)” (Eurodad, P: 42, 2016).
“The Danish government does not support full public country by country reporting. Instead, Denmark supports the proposal from the European Commission, which would only allow the public to get a partial picture of the activities and tax payments of multinational corporations” (Eurodad, P: 42 , 2016).
“Although the French tax treaties with developing countries on average reduce the tax rates less than most other countries covered in this report, France has eight ‘very restrictive’ tax treaties with developing countries. In total, France also has the highest number of treaties with developing countries among all countries covered by this report” (Eurodad, P: 43, 2016).
“The German government has previously worked very actively against the adoption of full public country by country reporting at EU level. Germany remains very sceptical, even towards the proposal from the European Commission, which would only introduce partially public country by country reporting” (…) “Germany’s tax treaties with developing countries are a cause of concern due to the high number of very restrictive treaties. Also of concern is the fact that Germany’s total number of treaties with developing countries is significantly above average” (Eurodad, P: 44, 2016).
“Of all the countries covered by this report, the Irish tax treaties with developing countries introduce the highest average reductions on the tax rates of their developing country treaty partners. Among the Irish tax treaties with developing countries are three ’very restrictive’ treaties” (Eurodad, P: 44, 2016).
“Although the Italian tax treaties with developing countries on average reduce the tax rates less than most other countries covered in this report, Italy and the UK are the countries that have the highest number of ’very restrictive’ tax treaties with developing countries” (Eurodad, P: 45, 2016). “An Italian investigation is also ongoing into Credit Suisse Ag. The Switzerland-based group’s parent company is charged with systematically having helped 13,000 Italian clients to hide their assets of more than €14 billion abroad” (Eurodad, P: 73, 2016).
“According to the Financial Secrecy Index, Luxembourg has the highest level of financial secrecy of all the countries covered by this report (and ranks at number 6 at the global level). The government’s position on the issue of public registers of beneficial owners is unclear” (Eurodad, P: 46, 2016). “In spite of the LuxLeaks scandal, Luxembourg has continued to issue a very high number of advance pricing agreements (or ‘sweetheart deals’) to multinational corporations – with a 50 per cent increase during the year following the scandal. This, as well as the fact that Luxembourg generally has a significant amount of indicators of aggressive tax planning, is highly concerning. Also, on the issue of financial secrecy, Luxembourg remains a high concern – currently placed as number 6 at the list of the world’s most secretive countries” (Eurodad, P: 79, 2016).
“Netherlands currently has some extremely restrictive tax treaties with developing countries, which make it difficult for those developing countries to collect taxes. Netherlands generally also has more tax treaties with developing countries, and is more aggressive in negotiating the lowering of tax rates in developing countries, than the average among the countries covered in this report. In addition, the government does not levy withholding taxes on outgoing payments to tax havens, which would be an effective anti-abuse measure that would not require lengthy treaty renegotiations” (Eurodad, P: 46, 2016). “Leaked EU documents show that the Netherlands is attempting to undermine EU plans to tackle harmful tax practices by introducing a minimum tax rate of 10 per cent for royalties and interest payments. They reveal that the Netherlands has proposed exceptions in the plans for its patent box provision, which can reduce taxation on revenues resulting from research and development to 5 per cent. This provision, which is a key component of the Dutch tax system, would be threatened by a 10 per cent minimum rate” (Eurodad, P: 82, 2016).
“Norway has a high number of ‘very restrictive’ tax treaties with developing countries” (Eurodad, P: 47, 2016). “Norway’s tax treaty with Benin completely prevents Benin from taxing royalty payments to Norway. This is problematic since multinational corporations can use royalty payments between subsidiaries to minimize their profits and thereby avoid taxes in the countries where they have business activities” (…) “Norway does not have a patent box. It does however have a very favourable tax regime for shipping companies, albeit in line with EU countries’ legislation. Shipping income is tax-exempt and qualifying companies instead pay a small tax based on the tonnage of its vessels” (Eurodad, P: 84, 2016).
“Poland has a significant number of ‘very restrictive’ tax treaties with developing countries” (Eurodad, P: 47, 2016).
“Spain has on average been the second most aggressive negotiator when it comes to lowering developing country tax rates through tax treaties. Spain also has a relatively high number of tax treaties with developing countries, which gives even more reason for concern” (Eurodad, P: 48, 2016). “Wealthy Spanish people have doubled their money stashed in Luxembourg (more than €13 billion) – afraid of uncertainty and looking for lower tax rates” (…) “Inside Spain, the Canary Islands (located close to the African Atlantic coast) have a special economic and tax regime that make them “one of the most profitable tax regimes in Europe”, according to PwC. A tax rate of 4 per cent for companies located there is one of the several tax benefits. Special incentives also are applied in Ceuta and Melill” (Eurodad, P: 90-91, 2016).
“Sweden has four ‘very restrictive’ tax treaties with developing countries” (Eurodad, P: 49, 2016).
“Together with Italy, the UK has the highest number of ‘very restrictive’ tax treaties with developing countries. On average, the UK’s tax treaties with developing countries contain relatively high reductions in developing country tax rates. The fact that the UK at the same time has the second highest number of treaties with developing countries gives even more reason for concern” (Eurodad, P: 49, 2016).
If this isn’t eye-opening, than I don’t know, but it shows the systematic state of easy taxation to benefit big-business, the multi-national companies, so they can set-up show and get grander profits, while the states works the perks between them to settle score. The negotiations and the tax-havens gives more space for the companies to fuel money out of Europe and of the Developing Countries, which hurts all sort of government operations as the end-game is that the government doesn’t get the supposed tax-base as that flee to offshore or overseas where the taxations is lax or non-compliance with the place the business actually operates. We all should get our MPs, Senators, MEPs, Governors and all other Elected Representatives, to take action against this sophisticated thieving from the Multi-National Companies and the Representatives who opens the gates for this activity. Peace.
Reference:
EURODAD – ‘Survival of the Richest – Europe’s role in supporting an unjust global tax system 2016’ (15.11.2016).
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Press Release: WorldRemit customers can now send money instantly to MTN Mobile Money wallets in Rwanda, Uganda and Zambia (28.01.2016)
London, UK and Johannesburg, South Africa – WorldRemit and MTN Group today announced that WorldRemit customers can now send money instantly to MTN Mobile Money wallets in Rwanda, Uganda and Zambia.
The launch follows the signing of a global partnership agreement earlier this year, to enable WorldRemit customers all over the world to send international remittances to MTN’s Mobile Money customers.
“This partnership makes sense for both companies, as WorldRemit and MTN share a disruptive approach to innovation and bring impactful services to our customers. Together, we are now providing an instant, fully digital and very affordable solution to send international remittance to Rwanda, Uganda and Zambia. Other countries will follow soon,” says Serigne Dioum, MTN Group Head of Mobile Financial Services.
“At WorldRemit, we are pioneering international mobile-to-mobile remittances. Our partnership with MTN allows our customers around the world to send money instantly from the WorldRemit app to MTN Mobile Money users in Rwanda, Uganda and Zambia. Together with MTN, we make sending money home as easy as sending an instant message,” says Alix Murphy, Senior Mobile Analyst at WorldRemit.
She continues: “For diaspora members sending money to friends and family back home in these countries, Mobile Money is a real game-changer. In Uganda, Mobile Money has already overtaken cash pick-up and bank deposits as the preferred method to receive money. We expect this trend to continue as MTN’s Mobile Money services reach millions of people without bank accounts, giving them access to a variety of life-enhancing financial services including savings and insurance schemes.”
People in more than 52 countries already use the WorldRemit app to send around 400,000 money transfers every month to over 125 destinations. WorldRemit is the leading sender of remittances to Mobile Money wallets connecting to over 25 different services worldwide.
MTN Mobile Money enables users to perform utility payments, save money, purchase airtime and access a range of mobile financial products. To date, MTN Mobile Money is used by customers in 15 countries across Africa, i.e. Benin, Botswana, Cameroon, Congo, Ghana, Guinea Bissau, Guinea Republic, Ivory Coast, Liberia, Nigeria, Rwanda, South Africa, Swaziland, Uganda and Zambia.
In keeping with its aim to accelerate the rollout of international remittance, MTN launched a cross-border mobile money transfer service between Uganda and Rwanda in August. The service allows customers in both countries to transact via MTN Mobile Money with the same simplicity as for a local money transfer. MTN also offers a mobile money cross-border remittance service between Ivory Coast, Benin, Burkina Faso and Niger. The remittance corridor between Kenya and Rwanda is the latest addition to MTN’s Mobile Money bouquet of services. It forms part of a major initiative between MTN and Vodafone, to enhance financial inclusivity in East Africa.
In the six months to 30 June 2015, MTN grew mobile money subscribers by 45,8% to 32,4 million.
*NB: All figures are unaudited
About the MTN Group
Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 30 June 2015, MTN recorded 231 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. Visit us at, www.mtnbusiness.com and www.mtn.com
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Press Release: Western Union Celebrates its 20th Anniversary in Africa (28.07.2015)
ACCRA, Ghana–(BUSINESS WIRE)–Western Union Company (NYSE:WU, a leader in global payment services, today celebrated its 20th anniversary in Africa. With over 34,000 locations and connections to millions of bank accounts and mobile wallets in more than 50 countries and territories, across Africa, the Western Union network serves millions of senders and receivers with a choice of 120 currencies.
To celebrate this special milestone, Western Union’s President for Africa, Middle East, Asia Pacific, Eastern Europe and CIS, Jean Claude Farah, in addition to Aida Diarra, Western Union’s Regional Vice President and Head of Africa and other members of the Africa leadership team visited the first agent location at ADB (Agricultural Development Bank) that offered Western Union money transfer services for the first time in Africa in 1995. The WU leadership team also visited Ecobank head office in Accra and marked the occasion with the launch of the Account Based Money Transfer services through ATM in Ghana.
The Western Union 20th Anniversary celebration in Ghana in Africa, coincides with a speech made by President Barack Obama at the African Union Headquarters in Addis Ababa, Ethiopia, where he is quoted saying:
“Today, Africa is one of the fastest-growing regions in the world. Africa’s middle class is projected to grow to more than one billion consumers. With hundreds of millions of mobile phones, surging access to the Internet, Africans are beginning to leapfrog old technologies into new prosperity. Africa is on the move, a new Africa is emerging.”
Western Union is committed to the expansion and development of its pan-African network which provides a critical link to the ever growing African Diaspora living and working in countries around the world.
“More than 30 million Africans live outside their home countries, contributing billions of USD in remittances to their families and communities back home every year1”, said Jean Claude Farah. “We are very humbled to play a role in helping them move their money as they seek to elevate their economic status, meet emergency needs, support healthcare requirements, contribute to the education of future generations and in many instances build their own small businesses. By moving money for better for 20 years Western is enabling a world of possibilities for Africa and in Africa.”
Aida Diarra added, “Through the work we do we also enable economic activity and job creation. Currently over 155,000 Front Line Associates (FLAs) are employed in our agent network on the African continent. Western Union invests in training these FLAs developing their business, technical and compliance skills.”
In addition to the socio-economic impact that remittances enable, the company also supports philanthropic activities in Africa via the Western Union Foundation which has a long history of giving back to communities across the African continent. It supports organizations that promote economic opportunity and growth for individuals, families and entire communities throughout the region. Since its creation, the Western Union Foundation has committed to $8.703 million in grants and donations to 158 NGOs in more than 40 countries across Africa.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of March 31, 2015, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments. For more information, visit www.WesternUnion.com.
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1 IFAD, 2009
WU-G
View source version on businesswire.com: http://www.businesswire.com/news/home/20150728006647/en/
Western Union Press Contact:
Khalid Baddou, +212 522 42 84 02
Khalid.Baddou@westernunion.com
