Ivory Coast to implements VAT on sales platforms. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Ivory Coast to implements VAT on sales platforms

Ivory Coast has unveiled a shift in its tax policy aimed at boosting its tax revenue.

As part of this change, online sales platforms and digital services in the country will now be subject to the Value Added Tax (VAT), marking a substantial transformation in the nation’s fiscal landscape.

The General Tax Directorate (DGI) made this known in a press release seen by Ripples Nigeria on Monday, October 29, 2023.

The new development will include online sales platforms and digital services in the VAT framework.

The newly affected operations encompass a wide array of digital services, spanning online advertising, data services, digital content, online marketplaces, online gaming, cloud computing, social media platforms, search engines, and transactions involving both business-to-consumer (B2C) and business-to-business (B2B).

This particular tax measure was originally introduced in the fiscal appendix to the 2021 – 899 Finance Act of December 21, 2021, for the year 2022.

Ivory Coast’s decision to impose VAT on online sales and digital services aligns with the global trend of countries adjusting their tax policies to address the challenges and opportunities presented by the digital age.

Trivia: Many applications save activity and error records to what kind of file?

A. Log file

B. Executable file

C. Bin file

D. Library file

Find Answer Below

2. Ghana’s Injaro invests $2m in Zeepay to boost fintech

Injaro Investment Advisors, a Ghanaian private capital fund manager, has unveiled an investment in Zeepay Ghana Limited, a wholly Ghanaian-owned global mobile finance service (MFS) provider.

The $2 million equity injection is part of Zeepay’s ongoing Series A.5 fundraising round and signifies the first investment from Injaro Ghana Venture Capital Fund (IGVCF).

Injaro joins a consortium of international investors backing Zeepay, a pioneer in digital termination of remittances (DTR) and mobile money services operating across over 20 countries.

Since its establishment in 2014, Zeepay has specialized in facilitating cross-border payments into mobile wallets, particularly in underserved markets.

Injaro’s investment aims to drive Zeepay’s expansion into multiple countries, aligning with IGVCF’s strategy of supporting Ghanaian small and medium-sized enterprises (SMEs) with growth potential in various sectors.

Jerry Parkes, Managing Director of Injaro Investment Advisors, expressed enthusiasm for partnering with Zeepay to build a successful Ghanaian multinational and underscored the importance of circulating investment profits within the local economy.

Andrew Takyi-Appiah, Co-Founder and CEO of Zeepay, welcomed having a local private equity investor, highlighting its symbolic importance in showcasing Ghana’s confidence in its businesses.

3. SA’s WhereIsMyTransport ceases operations due to funding

South African mobility startup WhereIsMyTransport has ceased its operations due to an inability to secure the necessary funding to continue its mission.

Founded in 2016, WhereIsMyTransport operated as a significant big data platform for sustainable mobility in emerging markets, aggregating and integrating data to create an open data platform.

Their solutions served cities, transportation operators, and passengers, offering coordinated and monitored services, system integration, and user access through various endpoints.

The company, which had a presence in South Africa and Mexico, had previously secured substantial funding, including a US$14.5 million Series A extension round, bringing their total funding to over US$27 million.

However, the founder, Devin de Vries, announced the closure of the company, describing it as the “journey’s end” after being unable to secure further capital.

WhereIsMyTransport joins the list of well-regarded and well-funded African startups that have closed in recent times due to a global venture capital market facing liquidity challenges.

The shutdown followed the company’s failure to raise the necessary funding, bringing an end to its mission of “empowering people everywhere to get where they want to go.”

Trivia Answer: Log file

A log is a file that contains a list of events, which have been “logged” by a computer. Log files are often generated during software installations and are created by Web servers, but they can be used for many other purposes as well. Most log files are saved in a plain text format, which minimizes their file size and allows them to be viewed in a basic text editor.

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