Kenya has been a home for many digital lending apps, which are popular for their unsecured and instant loans disbursed through mobile phones. Unlike banks and Saccos where one is required to have a guarantor, these digital credit providers (DCPs) do not make it a
The Kenya Bankers Association Centre for Research on Financial Markets and Policy released the third annual State of the Banking Industry (SBI) Report on 27th July, 2021. It focuses on the impact of the COVID-19 pandemic on the banking industry and its pass-through effects to
Dr Mohamed Omar – KRA Commissioner – Strategy, Innovation and Risk Management Tax systems go through changes over time, as economies and societies equally evolve. Tax administration in Kenya has been going through reforms, most notably over the last ten years when the intentional use
The Cabinet Secretary to the National Treasury and Planning is proposing to make the Capital Markets (Investment Based Crowdfunding) Regulations, 2021. The Regulations will apply to investment-based crowdfunding platforms in Kenya. They will also apply to persons who are operating investment-based crowdfunding platforms in Kenya.
More than 5.5 million taxpayers filed their tax returns for the year 2020 as the filing period officially closed at midnight on Wednesday 30th June 2021. This means that 1.1 million more taxpayers turned out to file their returns this year compared to the 4.4
The story of sorghum based beer in Kenya illustrates the importance of government policy for the development of smallholder value chains. This has been evidenced by the changes in tax policy for sorghum based beer which in the recent past has been quite successful owing
By Rispah Simiyu Worldwide, a good tax compliance score is a fundamental aspect for the smooth running of any business or any profession. Contrary to popular belief, tax compliance is not entirely defined by payment of taxes only. Filing of tax returns is equally an
This Plan is the eighth in the life cycle of the Authority and runs under the Theme: Revenue Mobilization through tax simplification, technology-driven compliance and Tax Base expansion. In this Plan, the Vision remains to be ‘A globally trusted revenue agency facilitating tax and customs
INTRODUCTION Aptly themed, this year’s Kshs. 3 Trillion budget aims to focus on economic recovery in the wake of the Covid19 Pandemic which has occasioned increased poverty and vulnerability levels across the country. In his speech, CS (Amb.) Ukur Yatani noted that the main focus
“We believe the policies that we have laid down will be able to keep inflation down, interest rates will be controlled, balance of payments will be also managed properly, and also the Kenyan shillings exchange rate, we are expecting it to remain stable on account
The Kenya National Treasury has invited members of the public to contribute to the final Budget Statement for the FY 2021/2022 which will be delivered in Parliament on 10th June, 2021. In this respect, the public is invited to share their proposals via email at:
TAX AMENDMENTS HIGHLIGHTS Introduction: The Finance Bill, 2021 was published on 05th May 2021. The reason for publishing the Bill early, as was the case in 2020, was to comply with the ruling by Justice Winfrida Okwany referencing Petition Number 253 of 2018 where the
Public bodies are expected to comply with the provisions of the Data Protection Act, 2019. The Act defines a data controller as a natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purpose and means of
Oxygéne MCL in partnership with the Institute of Public Finance, Kenya (IPFK) launched the Shadow Budget Report for the Financial Year 2021/2022 on 28th April, 2021. The event was attended by stakeholders- both state and non-state actors. Key issues that came up during the inaugural
A shadow National Budget published by a local public affairs and policy analysis consortium has called for the urgent adoption of a predictable tax regime to foster economic growth and mitigate a looming external debt default situation. The Shadow Budget, dubbed “Road to Recovery” and
Earlier this week, the High Court of Kenya vide a ruling in the Constitutional Petition No. E005 of 2021, a case of Stanley Waweru & 3 others (the Petitioners) V National Assembly, the Commissioner General, Kenya Revenue Authority and the Attorney General (the Respondents), paused
The Officer of the Data Protection Commissioner released Draft Data Protection Regulations earlier this week for public participation. The Regulations comprises: The Data Protection (Compliance and Enforcement) Regulations – The Regulations outline the compliance and enforcement provisions for Data Commissioner, Data Controllers and Data Processors.
The Business Laws (Amendment) (No. 2) Act, 2021 (“New Act”) was signed into law on 30th March 2021, thereby coming into effect straightaway. The new Act amends various laws and is part of the reforms that are aimed at facilitating ease of doing business in
The Employment (Amendment) Bill, 2019 was signed into law on 30th March 2021. The new Act – Employment (Amendment) Act, 2021 came into force on 15th April 2021. The Act goes a long way in supporting the adoption of children in Kenya. The Act amends
The Division of Revenue Bill (DoRB), 2021 proposes to allocate to County Governments Ksh.409.88 billion in the financial year (FY) 2021/22, which relative to the financial year 2020/21 allocation, reflects an increase of Ksh.53.5 billion or 16.9 %. This allocation comprises; equitable share of Ksh.370
In the MTEF period 2017/18-2019/20, the total approved budget for the sector’s programmes and sub programmes was 78.9 Billion Ksh, while the actual expenditure was 66.47 Billion Ksh.
This represented 84.6% absorption level.
The Kenyan economy is currently facing significant challenges as a result of the COVID-19 (C19) exacerbating an already grim situation. Despite having attained a lower middle income status in 2014, Kenya has failed to adequately address institutional and structural inadequacies that have continued to hinder
Taxing businesses on profits as
it has always been means
that loss making entities
comfortably escape the
taxman’s noose. Bear
in mind that the onus of
determining profits or losses
rests on the taxpayer.
KENYA NATIONAL BUDGET The current state of engagement between the state and the public on matters related to budget allocations, expenditures, and actual service delivery outcomes is mostly focused on printed and actual figures and narratives already approved for execution. There is limited engagement at
The National Treasury has finalized the Draft 2021 Budget Policy Statement for the MTEF FY 2021/22 -2023/24 budget which is available at the National Treasury website www.treasury.go.ke. and it invites comments on it.
SPECIAL FEATURE: The Kenya Government has reiterated its commitment in implementing international standards on transparency and exchange of information for tax purposes as part of a national effort to curb tax evasion and illicit financial flows. Speaking at the OECD Global Forum on Transparency and
In Kenya’s national finance cycle, the Energy, Infrastructure and ICT Sector (EII) comprises nine sub-sectors namely: Energy and Petroleum; Infrastructure; Transport; Shipping and Maritime; Housing and Urban Development; Public Works; Information Communication and Technology; Broadcasting and Telecommunications. The Sector aims at providing efficient, affordable and
The Kenya budget cycle is well on its way and is in fact half way through with the National Treasury and Planning having just concluded the public hearings for FY 2021/22 and Medium-Term budget proposals. The budget is the most important policy through which the
Growth in broad money supply, M3, improved to 10.7
percent in the year to September 2020 compared to a
growth of 6.5 percent in the year to September 2019.
The National Treasury and Planning published a public statement on the status of payments to county governments. The Statement was published to inform citizens about the quantum of funds transferred to County Governments in FY 2019/20 and in preceding years. By the end of FY
A report on the role that digitization shall play in financing a sustainable future was released this week by the UN Secretary General Task Force on Digital Financing of the Sustainable Development Goals (SDGs). The taskforce was established as part of the roadmap for Financing the 2030 Agenda for Sustainable Development: 2019-2021 and its mandate is to recommend and catalyse ways to harness digitalization in accelerating financing of the SDGs.
The Kenya Revenue Authority held a Stakeholder Engagement on Thursday, August 13, 2020 to create awareness of the provisions of the Finance Act 2020.
Setting Trends Earlier this week, KRA released a press statement highlighting the findings of OECD report on corporate taxation. The Global report has identified Kenya as one of the leading countries currently fostering tax reforms for economic growth. The report by the OECD dubbed Corporate
TABLING OF COMMITTEE REPORT On 18th of June 2020, the National Assembly held its plenary session. Hon. Joseph Kirui Limo, the Chairperson of the Departmental Committee on Finance and Planning laid before the House the Committee’s report on its consideration of the Finance Bill 2020.
The Uganda 2020/21 national budget is based on the theme: Stimulating the economy to safeguard livelihoods, jobs, business and industrial recovery. It was delivered by Hon. Matia Kasaija Minister of Finance Planning and Economic Development on 11th June 2020.
On 2nd June 2020, the Cabinet Secretary for National Treasury and Planning Published Draft Value Added Tax (Digital Marketplace Supply) Regulations, 2020 for public review and comment. The draft Regulations are to give effect to the VAT Act as amended by the Finance Act, 2019 providing for levying of VAT on services rendered in the ‘digital market place’.
Three House committees are angry at the Governor for the CBK’s failure to submit crucial but unpopular regulations.