Latest news with #ForvisMazars
Zawya
3 days ago
- Business
- Zawya
Forvis Mazars Expands Across Africa, Joins African Energy Week (AEW) 2025 as Gold Partner
Forvis Mazars – a global audit, assurance, tax, advisory and consulting services firm – is strengthening its commitment to Africa's energy development through strategic partnerships, market expansion and financial expertise that drives energy growth across the continent. Formed through the merger of Mazars and Forvis, the global professional services network is expanding its footprint in Africa with new offices in Nigeria, Zimbabwe and Burkina Faso, bringing its total presence to 26 countries across the continent. As a Gold Partner of this year's African Energy Week (AEW): Invest in African Energies conference, the firm plays a key role in enhancing corporate governance, boosting project bankability and facilitating long-term investment in Africa's energy market. AEW 2025: Invest in African Energies will take place from September 29 to October 3 in Cape Town under the theme Positioning Africa as the Global Energy Champion. In Nigeria, Forvis Mazars recently launched a $5 billion global financial advisory firm in Lagos, creating a gateway to world-class financial services to support local project development. In Zimbabwe, the firm opened operations amid the country's second gas discovery at the Mukuyu-2 well, aligning with upstream sector growth. Meanwhile, new offices in Ouagadougou, Burkina Faso reflect the firm's strategic focus on West Africa's booming energy sector, as projects such as Senegal's Sangomar oilfield and the Greater Tortue Ahmeyim LNG terminal – straddling the maritime border between Senegal and Mauritania – gain momentum. Forvis Mazars supports energy stakeholders with end-to-end financial advisory services that unlock value at every stage of the project lifecycle. From audits for LNG ventures to advising on energy taxation in oil-rich regions, the firm combines deep regional knowledge with global standards of excellence. Its role in Africa's energy market is expected to grow alongside increasing demand for transparent, sustainable and compliant financial practices. As a trusted advisor to governments, developers and multinationals, Forvis Mazars has become a critical enabler of energy investment and economic development. Its participation as a gold partner at AEW 2025: Invest in African Energies highlights the firm's pivotal role in shaping Africa's energy landscape through rigorous financial guidance, capacity building and private sector support. 'Forvis Mazars' participation as a gold partner at AEW 2025 underscores the vital role financial expertise plays in accelerating energy development across Africa. Their presence strengthens the bridge between global investment standards and local project execution, ensuring transparency and long-term value creation. We are proud to welcome a partner so deeply committed to Africa's energy future,' said NJ Ayuk, Executive Chairman, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber. About African Energy Week: AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
Yahoo
6 days ago
- Business
- Yahoo
Wealthy UK households rush to leave England over tax change
Labour has been warned over a "flight of the non-doms" as the super-rich flock to leave the UK. Reports say the wealthy elite are leaving over tax changes – prompting a possible rethink by Rachel Reeves, the Labour Party Chancellor. More than 20 luxury properties in the Belgravia postcode are on the market, says a buying agent. One Indian non-dom, who has been living in the UK for the past five years, said she was considering moving her family to Switzerland as a result of the tax changes. 'We love England. We feel very much at home here,' she told the Guardian. 'We want to pay fair tax as members of society. But the biggest pain point was inheritance tax … it is not just ours, but my grandfather's and my parents' wealth that would now be taxed by the UK. That feels deeply unfair as the money was not made here. READ MORE: Warning for thousands of drivers who have 'quiet' EVs on driveway READ MORE: Dame Deborah James' husband's new girlfriend 'unmasked' as he finds love again READ MORE Next UK heatwave set to be 'even hotter than expected' and will start within days 'The current philosophical approach seems to be shrinking everyone's pie instead of enlarging the pie, bringing more investment, employability and wealth to the country.' Sean Cockburn, of the advisers Forvis Mazars, said: 'There has been an acceptance of higher income and capital gains but the emotional trigger has been inheritance tax. That seems to be the motivator for those moving. But not everyone is leaving the UK entirely. 'Yes some people have left, some people are considering it, but some people have decided to stay and are broadly accepting of the new rules. In the media there have been very high-profile, very wealthy people leaving who receive a lot of coverage. I personally have not had many clients leaving.' "Non-dom" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. It refers to a person's tax status, and has nothing to do with their nationality, citizenship or resident status - although it can be affected by these factors. A non-dom only pays UK tax on the money they earn in the UK. They do not have to pay tax to the UK government on money made elsewhere in the world (unless they pay that money into a UK bank account). For wealthy individuals, this presents the opportunity for significant - and entirely legal - savings, if they nominate a lower-tax country as their domicile.
Daily Record
6 days ago
- Business
- Daily Record
Emma Raducanu's Wimbledon prize money halved after Sabalenka defeat
Emma Raducanu's Wimbledon campaign came to an end on Monday as she was beaten by Aryna Sabalenka. Emma Raducanu's Wimbledon journey brought her £152k in winnings before her exit at the hands of top seed Aryna Sabalenka. The 22 year old British ace, who stunned the tennis world with her US Open win in 2021, cruised past Mimi Xu and Marketa Vondrousova in early rounds, but struggled against the formidable Belarussian, bowing out in straight sets. Despite creating opportunities that could have altered the match's outcome and increased her prize to £240,000, Raducanu will see a significant portion of her earnings diminish due to taxes. Tax professionals speculate she'll face hefty cuts, with Paul Barham, tax partner at Forvis Mazars, explained: "Assuming that Emma is an additional rate taxpayer (with other income over £125,140), the tax rate that will apply to the prize money will be 45 per cent resulting in a UK tax liability of £68,400." He further noted: "Assuming Emma is resident in the UK, she is also likely to have Class Four National Insurance to pay at two per cent on this income resulting in a National Insurance liability of £3,040. Therefore, her take home pay after tax and NIC would be £80,560. "These figures represent the liabilities before taking into account any deductible expenses such as travel and accommodation costs and coaching fees. These expenses can be deducted from the taxable amount and will therefore reduce the final tax bill." After her defeat to Sabalenka, Raducanu was visibly shaken as she stated in her post-match press conference that it was tough to focus on the positives, reports the Mirror. "I think I'm just very self-critical," she remarked. "It's hard to see. Of course, I'm very proud of being competitive on the court. I think I would rather that than it being completely one way. "But, yes, there are positives. Right now, it's so soon after the match. I think it's better for me to kind of feel a bit of the pain right now and then process it better that way. "I think it's difficult to see that right now, having just come off the court. It's hard to take a loss like that. At the same time, I'm playing Aryna, who is No.1 in the world, a great champion. I have to be proud of my effort today." Following her triumph over Elise Mertens, Sabalenka has set her sights on the quarters, where she'll face Laura Siegemund. A Wimbledon win could net her a staggering £3million prize fund, and with several top seeds out, she's currently the outright favourite.
Daily Mirror
6 days ago
- Business
- Daily Mirror
Emma Raducanu loses almost half of her £152k Wimbledon prize money
Emma Raducanu was beaten by Aryna Sabalenka in the third round of Wimbledon, with the British No.1 set to lose a large chunk of her prize money Emma Raducanu earned herself £152k in prize money with her run to the third round at Wimbledon. But the young Brit won't be taking that figure home after her KO by world No.1 Aryna Sabalenka. The 22 year-old, who previously triumphed at the US Open in 2021, claimed one-sided wins over Mimi Xu and Marketa Vondrousova in her opening two matches. But she found the powerful Belarussian just too strong in the third round, falling in straight sets despite a valiant effort. Indeed, had she taken the chances she created, things could have been very different. And her money would have grown too - had Raducanu advanced to the fourth round, her prize money would have soared to £240,000. Now, tax deductions are set to swallow a significant chunk of her £152k prize money, according to tax experts. Paul Barham, tax partner at Forvis Mazars, told The Express:"Assuming that Emma is an additional rate taxpayer (with other income over £125,140), the tax rate that will apply to the prize money will be 45 per cent resulting in a UK tax liability of £68,400. "Assuming Emma is resident in the UK, she is also likely to have Class Four National Insurance to pay at two per cent on this income resulting in a National Insurance liability of £3,040. Therefore, her take home pay after tax and NIC would be £80,560. "These figures represent the liabilities before taking into account any deductible expenses such as travel and accommodation costs and coaching fees. These expenses can be deducted from the taxable amount and will therefore reduce the final tax bill." After her loss to Sabalenka, a visibly emotional Raducanu admitted in her post-match press conference that finding positives was challenging. "I think I'm just very self-critical," she said. "It's hard to see. Of course, I'm very proud of being competitive on the court. I think I would rather that than it being completely one way. "But, yes, there are positives. Right now, it's so soon after the match. I think it's better for me to kind of feel a bit of the pain right now and then process it better that way. "I think it's difficult to see that right now, having just come off the court. It's hard to take a loss like that. At the same time, I'm playing Aryna, who is No.1 in the world, a great champion. I have to be proud of my effort today." Sabalenka has her sights on the quarter-finals against Laura Siegemund following her victory over Elise Mertens in round four. A win at Wimbledon could see her pocket a cool £3million in prize money and she is the overwhelming favourite, with a number of her main rivals having already crashed out.
Wales Online
7 days ago
- Business
- Wales Online
Emma Raducanu has almost half of her £152k Wimbledon winnings taken off her
Emma Raducanu has almost half of her £152k Wimbledon winnings taken off her Emma Raducanu took home a six-figure sum in prize money after reaching the third round of Wimbledon, but the former US Open champion will lose a sizeable chunk of it Emma Raducanu faces a hefty tax bill after making six figures at Wimbledon (Image: GETTY ) Emma Raducanu's Wimbledon journey ended in the third round, resulting in a significant cut from her prize money after an impressive start at SW19. The British talent was ousted by Aryna Sabalenka in straight sets, following commanding victories over Mimi Xu and Marketa Vondrousova. Despite a valiant effort against Sabalenka, including a tiebreak in the first set, Raducanu couldn't overcome the Belarusian's strength. Her third-round exit guarantees her £152,000 in winnings, a sum that would have increased to £240,000 had she progressed to the fourth round, reports the Express. However, the former US Open winner faces a substantial tax deduction from her earnings. Paul Barham, a tax partner at Forvis Mazars, explained to Express Sport: "Assuming that Emma is an additional rate taxpayer (with other income over £125,140), the tax rate that will apply to the prize money will be 45 per cent, resulting in a UK tax liability of £68,400." Barham added: "Assuming Emma is resident in the UK, she is also likely to have Class Four National Insurance to pay at two per cent on this income resulting in a National Insurance liability of £3,040. "Therefore, her take-home pay after tax and NIC would be £80,560. Article continues below "These figures represent the liabilities before taking into account any deductible expenses such as travel and accommodation costs and coaching fees. "These expenses can be deducted from the taxable amount and will therefore reduce the final tax bill." Following her match, Raducanu was visibly moved, confessing in her post-match press conference that finding positives was challenging. "I think I'm just very self-critical," she said. "It's hard to see. Of course, I'm very proud of being competitive on the court. I think I would rather that than it being completely one way. "But, yes, there are positives. "Right now, it's so soon after the match. I think it's better for me to kind of feel a bit of the pain right now and then process it better that way. "I think it's difficult to see that right now, having just come off the court. "It's hard to take a loss like that. At the same time, I'm playing Aryna, who is No. 1 in the world, a great champion. I have to be proud of my effort today." Article continues below Sabalenka has earned herself a quarter-final clash with Laura Siegemund following her victory over Elise Mertens in the fourth round. Should she triumph at Wimbledon and claim her maiden title, she stands to receive a staggering £3million in prize money.
