What KRA needs to do before leveraging on digital intelligence to weed out tax evaders

The Kenya Revenue Authority (KRA) has announced the establishment of an advanced forensic laboratory that will provide the authority the capability to access financial data from taxpayers’ computers and mobile phones, in a bid to detect tax evasion and to reduce financial fraud.  The Kenyan

Agroecology is the magical bullet to Food Insecurity and Sustainable Farming in Kenya

Agroecology is the application of ecological principles to agricultural systems. Studies reveal that agroecology offers solutions to the ongoing farming and food security challenges in Kenya such as drought, hunger, poverty, and inequality. Agroecology supports small scale farmers in diversity and ensures long-term balance between

13th May 2022 Trade & Financial Services Round Up

KENYA Manufacturers protest new KRA fuel, beer tax powers Manufacturers want the proposed powers to exempt excisable goods like fuel, beer and bottled water from annual price rises due to inflation to be taken away from Kenya Revenue Authority to the lawmakers, citing conflict of

Betting on consolidation of the insurance industry to increase product penetration

As of 2020, the insurance penetration rate in Kenya was at 2.17 percent, down from 2.34 percent in the preceding year. Kenya has maintained a descending trajectory since 2016, when the penetration rate was at 2.78 percent.  Research conducted by the Insurance Regulatory Authority (IRA)

Proposed Regulations on Share Buybacks under the draft Capital Markets (Securities)(Public Offers Listings and Disclosure) Regulations, 2022

The Capital Markets Authority (CMA) has published draft rules that will, among other things, provide for share buybacks by listed companies in Kenya. Despite the Companies Act, 2015, introducing the concept of share buyback in the country, the CMA expressed concerns that the move could

6th May 2022 Trade & Financial Services Round Up

KENYA  Economy grows fastest in 11 years on easing Covid curbs Kenya’s economy rebounded in 2021 to grow at the fastest pace in 11 years on easing of Covid-19 restrictions which boosted recovery in key sectors excluding agriculture whose activities were hit by poor rainfall.

28th April 2022 Trade & Financial Services Round Up

KENYA Safaricom gets Sh46bn loan for Addis licence  Standard Chartered Bank Kenya was one of the major banks that lent Safaricom a total of $400 million (Sh46.3 billion) last year, helping the telecom operator pay for its Ethiopian licence. “The $400 million facilities comprised a

22nd April 2022 Trade & Financial Services Round Up

KENYA  Kenya delays talks on 15pc cut in power bills The State is yet to open talks for a review of power purchase agreements signed over the years by Kenya Power, signalling further delay of the promised electricity bill cut for homes and businesses by

The delicate balance of safeguarding stakeholders and creditors’ interests during administration

The essence of administration is to rescue companies that are under financial distress while safeguarding the interests of creditors and other stakeholders in the company. One of the key objectives of administration as set out under the Insolvency Act, 2015 is to achieve a better

14th April 2022 Trade & Financial Services Round Up

KENYA Fuel prices to hit highest in Kenya’s history without subsidy Petrol prices will from midnight increase to the highest level in Kenya’s history unless the State subsidises the rising crude oil costs, which may further stoke public outrage over the high cost of living.

Treasury avoids tricky decision on long-term action on fuel

The good news from the Budget Statement was that fuel would be spared the proposed 10 per cent increase in Excise Duty that the Treasury has asked the National Assembly to impose on Kenyans when the Finance Bill is passed.  The bad news, according to

Tax Talk Series webinar: A look at post Budget effect on taxes

The Tax Talk Series hosted by the Kenya Revenue Authority held a webinar on April 8, 2022, to discuss the post budget effects on taxes. The session which lasted for close to an hour was moderated by Nixon Omondi – Manager, Digital Economy, Tax Office.

8th April 2022 Trade & Financial Services Round Up

KENYA  Taxpayers to deposit 50pc of disputed tax at CBK before suing KRA Firms and individuals fighting the Kenya Revenue Authority (KRA) in courts over tax demands will have to deposit 50 percent of the disputed amount in a Central Bank of Kenya (CBK) account.

After the death of BBI, the Finance Bill is the next battlefield

Every party took something from the judgement by the Supreme Court that ended the journey for the bid to amend the Constitution that started with the Building Bridges Initiative.    Those opposed to the bid, Deputy President William Ruto and the Kenya Kwanza group, took the

1st April 2022 Trade & Financial Services Round Up

KENYA Monetary Policy Committee report indicates strong economic performance amid gnawing global pressure  The Monetary Policy Committee (MPC) met on March 29, 2022, against a backdrop of a changed global outlook with heightened geopolitical tensions, volatile commodity prices, the Covid-19 pandemic and measures taken by

25th March 2022 Trade & Financial Services Round Up

KENYA Fertiliser crisis looms on Sh5.7bn subsidy row MPs want President Uhuru Kenyatta to order the reinstatement of a Sh5.7 billion fertiliser subsidy that the Treasury has removed from the supplementary budget. The legislators have threatened to paralyse the passage of the Sh138 billion mini-budget

New regulations set to tame predatory digital lending practices in Kenya

Digital lenders have up to September 2022 to comply with regulatory requirements, including licensing by the Central Bank of Kenya (CBK). The Central Bank of Kenya (Digital Credit Providers) Regulations, 2021 (“Draft Regulations”), which are expected to be published before the end of March 2022,

18th March 2022 Trade & Financial Services Round Up

KENYA Banks abandon CBK’s SME mobile loans deal  Four lenders selected by the Central Bank of Kenya to give low-cost mobile loans to small businesses under a programme dubbed ‘Stawi’ have abandoned the deal. The Business Daily can reveal that the platform has not issued

Cybersecurity in Kenyan Fintech, threats, trends and solutions: Highlights of GIZ Report, 2022

Digital payments are progressively entering the mainstream, in correlation to the increased access, use, and adoption of ICTs in Kenya. However, the transition to and eventual adoption of digital payments will bear its own risks, in the form of cybersecurity risks.  Against this backdrop, “A

Shadow Budget Report casts doubt on economic recovery as rising debt and electoral jitters persist

The 2022/23 Annual National Shadow Budget by IPFK™ for Kenya is the second edition, and it is one of its kind in the country.  The production of the Shadow Budget was supported by the integrated marketing firm Oxygéne Marketing and Communication Limited with the aim

11th March 2022 Trade & Financial Services Round Up

KENYA KRA signals peace with Keroche in Sh22bn row The Kenya Revenue Authority (KRA) has signalled concessions for Keroche Breweries after day-long negotiations with the owners of the embattled firm on Thursday over a disputed Sh22.79 billion tax bill. The taxman revealed that a deal

The security initiative in CBK’s National Payments Strategy 2022-2025

In this second part of our series on the Central Bank of Kenya National Payments Strategy for 2022 – 2025 (NPS Strategy), we examine CBK’s strategic initiatives under the principle of security. A core focus of the strategic initiatives under security is ensuring adequate protection

A first for mobile digital lenders after Branch International acquires majority stake at Century Limited

On February 9, Branch International Limited acquired a majority stake in Century Microfinance Bank Limited effective January 1, 2022. This follows CBK’s approval on December 30, 2021, under Section 19 (4) of the Microfinance Act and approval by the Cabinet Secretary for the National Treasury

4th March 2022 Trade & Financial Services Round Up

KENYA Sanctions block Sh10bn Kenya exports to Russia Kenya’s exports of tea, flowers, coffee and fruits to Russia have been derailed in the wake of sanctions imposed on Moscow by Western nations after its invasion of Ukraine, hurting local smallholder farmers. The blockade of the

Kenya Power shining bright

Kenya Power has reported a net profit before tax of Shs.5.659 Billion in the half year trading period ended 31 December 2021, compared to Shs.332 Million realised in a similar period last year. This growth is mainly attributable to an increase in sales, enhanced system

25th February 2022 Trade & Financial Services Round Up

KENYA  State pushes to raise debt ceiling to Sh13 trillion in chaotic session Parliament has asked the Treasury to increase the debt ceiling to allow it to borrow Sh846 billion to plug the budget deficit in the next financial year. Majority Leader Amos Kimunya successfully

CBK’s strategic initiatives in the National Payments Strategy: Key highlights

The Central Bank of Kenya (CBK) unveiled its National Payments Strategy for 2022 – 2025 (NPS Strategy) this week. The NPS Strategy is anchored on the vision of a secure, fast, efficient and collaborative payments system that supports financial inclusion and innovations that benefit Kenyans.

18th February 2022 Trade & Financial Services Round Up

KENYA  Joint Statement of the Heads of Competition Authorities Dialogue on Regulation of Digital Markets The Heads of Competition Authorities of the Egyptian Competition Authority (ECA); the Competition Authority of Kenya (CAK); the Competition Commission of Mauritius (Competition Commission); The Federal Competition and Consumer Protection

Central Bank Digital Currency discussion: The pros, cons and reading between the lines

Central Bank Digital Currency discussion: The pros, cons and reading between the lines The Central Bank of Kenya (CBK) recently released a discussion paper on a Central Bank Digital Currency (CBDC) intending to tease out a conversation around the possible introduction of a digital currency

11th February 2022 Trade & Financial Services Round Up

KENYA CBK tests market with digital Kenya shilling The proposed Central Bank of Kenya (CBK) digital currency will for the first time allow Kenyans to directly keep cash at the apex bank, placing it in direct competition with commercial banks for deposits. The Kenyan version

GFANZ: Change Climate Finance to Fund Climate Action

The Glasgow Financial Alliance for Net Zero (GFANZ) has its sights set on becoming the biggest financial catalyst for climate ambition and action. The Alliance has only three financial institutions from Africa, a continent that has 7 of the 10 emerging markets in the world.

4th February 2022 Trade & Financial Services Round Up

KENYA  Firms slow down on hiring for first time in nine months Kenyan firms in January slashed expenditure on workers for the first time in nine months, citing a sharp fall in sales compared with December amid the Omicron threat. Findings of Stanbic Bank Kenya’s

What you need to know about unclaimed financial assets

Recent media revelations paint a shocking picture of vast amounts of unclaimed assets that lie idle despite Kenyans going through a tough economic season. According to the media reports, the amount of unclaimed assets currently stands at KSh 55 billion, with a paltry KSh 1

28th January 2022 Trade & Financial Services Round Up

KENYA Treasury to pay part of defaulted mobile phone loans The Treasury will guarantee mobile phone loans given to small traders in a bid to increase supply of credit under a scheme where the State will also pay part of the defaulted loans. Mobile phone-based

21st January 2022 Trade & Financial Services Round Up

KENYA Banks risk Sh27bn as mortgage, matatu loan defaults jump 60pc Car and homeowners defaulted on loans totalling Sh27.8 billion in the 12 months to September last year, giving a peek into the nightmare that the two sectors have become for banks amidst the Covid-19

Central Bank of Kenya Diaspora Remittances Survey 2021

This week, the Central Bank of Kenya released the results of the first-ever Diaspora Remittances Survey (the “Survey”). The Survey was conducted between March and May 2021 by the Central Bank of Kenya in collaboration with the Kenya National Bureau of Statistics and the Ministry

14th January 2022 Trade & Financial Services Round Up

KENYA Disquiet as State fails to pay oil subsidy billionsThe government has defaulted on fuel subsidy billions that continue to be paid under a cloud of secrecy, sparking disquiet among the oil marketing companies ahead of the fresh pricing review to be effected from midnight.

7th January 2022 Trade & Financial Services Round Up

KENYA Bond transactions rise to record Sh956 billion The flight to fixed-income investments in the Covid-19 pandemic period swelled transactions in bonds at the Nairobi Securities Exchange (NSE) to a record Sh956 billion last year, nearly seven times the value of equities traded on the

17th December 2021 Trade & Financial Services Round Up

KENYA  Oil companies to get Sh8bn for unchanged fuel prices The State will pay oil marketers an estimated Sh8.12 billion ($71.8m) for keeping fuel prices unchanged in the monthly review that will lapse on January 15. Compensation for diesel will be highest at Sh4.82 billion

10th December 2021 Trade & Financial Services Round Up

KENYA Kenya paid China Sh29bn to ease debt repayment standoff Kenya wired Sh29.86 billion ($264.4 million) to China in the quarter to September 2021 to ease a standoff over debt repayments that delayed disbursements to projects funded by Chinese loans. Treasury documents reveal that Kenya

Another contest on the way in new anti-money laundering Bill

The balance between the protection of the right to privacy and enforcing anti-money laundering laws will once again come to the fore as Parliament works to seal loopholes in the current legal framework.  Kenya is considered one of the major money laundering jurisdictions in the

Effects of Government Domestic Borrowing to Private Sector Investment in Kenya

By: John Mburu The EGCL Institute recently conducted a study on the impact that Government domestic borrowing has on private sector investment in Kenya. In summary, the study established that Government domestic borrowing can affect private investment negatively by reducing the amount of credit available

3rd December 2021 Financial and Trade Services Round Up

KENYA Shilling hits all-time low of 112.5 to dollar The shilling has declined to a new all-time low of 112.5 against the dollar as importers increase demand for the greenback with the economy recovering from the impact of the pandemic. Reuters quoted the shilling at

26th November 2021 Financial & Trade Services Round Up

KENYA Shilling weakens further on rising dollar demand  The shilling ceded further ground to the dollar Wednesday, November 24, trading at a new low of 112.38 units amid the end of month demand for dollars from importers even as supply remained low. It has shed

19th November 2021 Trade and Financial Services Round Up

KENYA CBK Takes Baby Steps Towards Launch of Digital Currency (Source: Business today) Kenya is exploring the possibility of developing and launching a central bank digital currency (CBDC) to settle cross-border payments, as it seeks to advance the shift to a cashless economy and secure transactions.

12th November 2021 Trade and Financial Services Round Up

KENYA Kenya’s economy rebounds 10.1%, first double-digit growth in 4 decades (Source: Business Daily) Kenya’s economy expanded 10.1 percent in the second quarter of the year on the back of a rebound in economic activity compared with a similar period last year when tough Covid-19

5th November 2021 Trade and Financial Services Round Up

KENYA Equity Bank signals plan to buy stake in local rival (Source: Business Daily) Equity Group is ready to acquire a local rival if acquisition targets emerge, marking a shift to its previous strategy of seeking organic growth. Equity Group chief executive James Mwangi said

29th October 2021 Trade and Financial Services Round Up 

KENYA Kenya slides in credit default rules enforcement survey (Source: Business Daily) Kenya’s failure to enforce rules to reduce credit default risks locking out local and foreign investors in the financial market and reduce the country’s attractiveness for investment, a report has shown. The Absa

22nd October 2021 Trade and Financial Services Round Up

KENYA Auditor queries CBK law breach over board members (Source: Business Daily) Auditor-General Nancy Gathungu has once again raised concerns over Central Bank of Kenya’s (CBK) legal breach operating with seven instead of 11 directors and the absence of a second deputy governor. Ms Gathungu

15th October 2021: Trade and Financial Services Round Up

KENYA Economy on path to recovery as banks record 53pc profit increase (Source: Business Daily) Pre-tax profits for banks in the seven months from January to July jumped 53.2 percent and surpassed last year’s full-year earnings, pointing to continued recovery from the Covid-19 downturn with

8th October 2021: Trade and Financial Services Round Up

KENYA Controller of Budget Releases Implementation Report for June 2020 – June 2021 (Source: Office of the Controller of Budget) As required by the Constitution of Kenya and the Controller of Budget Act, the Office of the Controller of Budget made public the budget implementation

20th August 2021 Trade & Financial Services Round Up

ETHIOPIA Ethiopia Attracts $3.9 billion FDI in 2020/21 Fiscal Year Foreign Direct Investment (FDI) inflow into Ethiopia reached 3.9 billion US dollars in the recently concluded 2020/21 fiscal year, says the country’s investment commission. The amount, recorded in the FY which ended on July 7,

14th August 2021 Trade & Financial Services Round Up

KENYA State to take all public tenders to online platform Kenya has started the search for an online platform that will process all public tenders and linked to the Kenya Revenue Authority (KRA) in a policy shift aimed at enhancing transparency and nabbing tax cheats.

6th August 2021 Trade & Financial Services Round Up

KENYA Ethiopia clears hurdle for M-Pesa expansion Ethiopian authorities told Business Daily on Thursday that the Safaricom licence will be upgraded to include mobile financial service. A consortium led by Safaricom secured the first licence, which does not have a permit for mobile financial services

31st July 2021 Trade & Financial Services Round Up

KENYA  THE FISCAL BUDGET FOR THE FINANCIAL YEAR 2022/2023 In pursuit of openness and accountability in financial matters as spelt out in Article 201 of the Constitution, the National Treasury has invited Government Departments and Agencies, the private sector, non-governmental organizations and individuals to submit

Highlights of the State of the Banking Industry Report, 2021

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

23rd July 2021 Trade & Financial Services Round Up

KENYA StanChart slashes interest rate on fresh mortgages Standard Chartered Bank of Kenya  has cut the interest rate on new mortgages and waived legal and valuation fees for customers moving existing facilities from other banks in the latest bid to grow home loans. Borrowers who

16th July 2021 Trade & Financial Services Round Up

KENYA Treasury exceeds July bond uptake target by Sh20bn The Treasury took up an extra Sh19.9 billion above the target of Sh60 billion in the first bond sale of the new fiscal year, taking advantage of high investor appetite for the offer that was sold

Key Strategies in the Transformation of Kenya’s Tax Administration

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 draft Capital Markets (Investment Based Crowdfunding) Regulations, 2021.

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. 

10th July 2021 Trade & Financial Services Round Up

KENYA CMA blames courts for Cytonn funds debacle The Capital Markets Authority (CMA) has blamed the courts for issuing orders baring the regulator from pursuing Cytonn Group for defaulted investments in Sh13.5 billion funds. The CMA told Parliament that its hands are tied, following a

25th June 2021 Trade & Financial Services Round Up

KENYA Safaricom’s Kenya staff to help set up Ethiopia unit Safaricom will second its staff to run Ethiopia operations for products and network development that will help it gain market share that is in the hands of state-owned Ethio Telecom. The telco, which alongside other

18th June 2021 Trade & Financial Services Round Up

KENYA CMA cautions investors against investing in unregulated products offered or promoted by unlicensed firms or unapproved entities The Capital Markets Authority (CMA) has cautioned investors against investing through unlicensed and unapproved entities. Following numerous enquiries regarding the licensing status of the Cytonn Investment Group,

11th June 2021 Trade & Financial Services Round Up

KENYA Shifting of Internet cable from Sh160bn highway path starts The government has been forced to relocate a crucial fibre optic cable to avoid internet outages when work on the Sh160 billion toll highway from Nairobi to Mau Summit begins in September. The ICT ministry

4th June 2021 Trade & Financial Services Round Up

KENYA Digital lenders call for laws that will spur sector growth Digital lenders have asked legislators and the Central Bank of Kenya (CBK) to enact non-restrictive laws that will spur the growth of the sector. This comes in the wake of the Central Bank of

21st May 2021 Trade & Financial Services Round Up

KENYA Justice Martha Koome sworn in as Kenya’s first female Chief Justice Justice Martha Koome made history on Friday, 21st May, 2021 when she was sworn in as Kenya’s first female Chief Justice at State House, two days after the National Assembly approved her nomination

14th May 2021 Trade & Financial Services Round Up

KENYA Public debt relief helps cut Kenya payments by Sh78bn Kenya projects savings of up to Sh78.17 billion after it signed debt repayment moratoriums with several rich countries, lifting pressure on its thinned domestic revenue collection. The National Treasury estimates that deferred repayments for loan

Finance Bill, 2021

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

7th May 2021 Trade & Financial Services Round Up

KENYA NSE hits 34-month high on Safaricom, banks The value of investor wealth on the Nairobi Securities Exchange (NSE) hit a 34-month high of Sh2.62 trillion Thursday, lifted by a rally of the share prices of Safaricom , East African Breweries (EABL) and banks. The

At the peak of the Budget Cycle – FY 2021/2022

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

30th April 2021 Trade & Financial Services Round Up

KENYA Ajua acquires rival in drive for Africa small enterprises Kenya-based customer experience intermediary Ajua has acquired WayaWaya, a local artificial intelligence and machine learning firm. The financial details of the transaction were not disclosed. Ajua, which assesses customer feedback, said in a statement the

23rd April 2021 Trade & Financial Services Round Up

KENYA Foreign investors pull Sh2 billion from NSE Foreign investors have withdrawn Sh1.98 billion from the Nairobi Securities Exchange (NSE) since January, with more than half of the takeaways coming in this month alone, highlighting the impact of profit-taking and fresh Covid-19 control measures announced

16th April 2021 Trade & Financial Services Round Up

KENYA A majority of company chief executives in Kenya believe the high cost of doing business and taxation posed the biggest threat to their operations over the next 12 months. The survey found that although most business leaders projected a substantial economic rebound in the

9th April 2021 Trade & Financial Services Round Up

KENYA Call for Comments: Draft National Insurance Policy The National Treasury is in the process of developing a National Insurance Policy which aims at strengthening the policy, legal and regulatory environment for the insurance sector in Kenya. The ultimate goal is to increase insurance penetration

2nd April 2021 Trade & Financial Services Round Up

KENYA Resumption of charges for transactions through Bank Specific (In House) Mobile Money Wallets The Central Bank of Kenya (CBK) today announced the resumption of charges for transactions above Ksh.100 effected through bank specific (in-house) mobile money wallets that are closely linked to the Savings

19th March 2021 Trade & Financial Services Round Up

ETHIOPIA Deputy Prime Minister and Foreign Minister, Demeke Mekonnen told Ambassador of Saudi Arabia to Ethiopia Sami Jamil Abdullahi that Ethiopia is keen to resume the negotiation under the leadership of the new chairperson of AU President Felix-Antoine Tshisekedi of the Democratic Republic of the

12th March 2021 Trade & Financial Services Round Up

KENYA Payment of external debt nearly doubles in 6 months to Dec Repayment of principal sums owed to external lenders for six months through December 2020 nearly doubled in the lead-up to Treasury’s U-turn in taking debt relief offer and the push to create a

5th March 2021 Trade & Financial Services Round Up

KENYA City Hall seeks new terms for Sh4.5 billion KCB loan City Hall has revealed plans to restructure a Sh4.45 billion KCB Group loan in a bid to end a legal showdown with the lender and avoid property auction. The county said that it will

26th February 2021 Trade & Financial Services Round Up

KENYA Tech firm to set up regional data hub in Nairobi Kenya’s data centre market has a new suitor after Europe-based IXAfrica launched plans to build its ‘Africa Campus’ in Nairobi. IXAfrica chairman Guy Willner said they had chosen Nairobi as their regional expansion Launchpad

19th February 2021 Trade & Financial Services Round Up

The World Bank has named Senegalese national Makhtar Diop as the new managing director of its private sector arm, the International Finance Corporation effective March 1 2021. He becomes the first African to head the institution. Mr Diop, a former Minister of Economy and Finance in the West African country, is currently
serving as World Bank’s vice president for infrastructure, overseeing the lender’s work across energy, transport, and digital
development sectors.

12th February 2021 Trade & Financial Services Round Up

KENYA Safaricom biggest winner in Sh1.6bn network upgrade Giant telecommunications firm, Safaricom is among five firms that have been awarded a Sh1.57 billion deal to build base transceiver stations to boost network connectivity in 101 remote sub-locations across the country. The telcos will set up

5th February 2021 Trade & Financial Services Round Up

KENYA Jambo Pay obtains licence to operate MVNO service Online payments company Jambo Pay, owned by Web Tribe, has obtained a licence to operate an MVNO service, and says that its initial services will include IoT services such as ‘smart communications networks which will enable

Minimum tax is an idea worth pursuing

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.

29th January 2021 Trade & Financial Services Round Up

KENYA Monetary Policy Committee (MPC) retain the Central Bank Rate (CBR) at 7 %  The Monetary Policy Committee (MPC) met on January 27, 2021and assessed the outcomes of its policy measures deployed since March 2020 to mitigate the adverse economic effects and financial disruptions from

Kenya National Payments System (NPS) Vision and Strategy 2021-2025

The Central Bank of Kenya
has come up with Kenya
National Payments Vision
and Strategy 2021-2025
to regulate this area more
effectively. The paper is open
for public participation until the
31st of January 2021.

22nd January 2021 Trade & Financial Services Round Up

KENYA Banks sucked into Sh24.5bn State stipends row The State Department for Social Protection has failed to account for Sh24.5billion stipends disbursed to the elderly, the disabled and orphans across the country, raising questions on whether the amount reached its intended beneficiaries. Auditor-General Nancy Gathungu

15th January 2021 Trade & Financial Services Round Up

KENYA Anne Mwenda sworn-in as Nairobi deputy governor Anne Mwenda was on Friday sworn-in as Nairobi County’s third deputy governor following a swift confirmation process by ward representatives earlier in the day. The county assembly accepted a report from the vetting committee approving Ms Mwenda’s

2021 ushering in tax changes

Kenya has greatly been affected by the outbreak of Covid-19 that was subsequently declared a global Pandemic. Businesses had to minimize their activities due to the Pandemic. This led to job cuts, unpaid leave and redundancies as profitable entities moved into losses. Millions of Kenyans

18th December 2020 Trade & Financial Services Round Up

KENYA Expiry of Emergency Measures to Facilitate Mobile Money Transactions and the Introduction of Principles to Guide Pricing On December 17, 2020 the Central Bank of Kenya (CBK) after consulting with Payment Service Providers (PSPs) announced the expiry of emergency measures  to facilitate mobile money

Kenya on course to implement global tax exchange of information protocols by 2022

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

11th December 2020 Trade & Financial Services Round Up

KENYA Treasury bonds trade falls as CBK mops up shilling The value of bonds traded in the secondary market at the Nairobi Securities Exchange fell by a fifth in November compared to October, as investors turned their sights to new government debt issues amid reduced

4th December 2020 Trade & Financial Services Round Up

KENYA The return of Pre-COVID taxes on VAT and Income Tax  The Office of the Cabinet Secretary for Treasury and Planning has released a press statement today stating that the preCOVID tax rates on VAT and income tax are back from 1st January 2021. Corporate

Demystifying Digital Service Tax

On 27th November, 2020, the Kenya Revenue Authority (KRA) hosted an online sensitization forum on Digital Service Tax (DST). In his presentation, Mr. Nickson Omondi provided highlights of the policy and legislative changes that have been effected in order to operationalise DST which comes into

27th November 2020 Trade & Financial Services Round Up

KENYA KCB Group PLC and Atlas Mara Limited Sign Acquisition Deal for Rwanda, Tanzania Banking Businesses.The Proposed transaction will see KCB acquire Banque Populaire du Rwanda Plc (BPR) and African Banking Corporation Tanzania (BancABC). KCB Group Plc (KCB) and Atlas Mara (ATMA) have signed a

20th November 2020 Trade & Financial Services Round Up

KENYA The Public Sector Hearings for FY 2021/22 and Medium -Term period The National Treasury and Planning has organized the Public Sector Hearings for FY 2021/22 and Medium-Term period on 25th – 27th November, 2020 at KICC Amphitheatre hall starting at 8:30 am. TIME SECTOR/PRESENTATIONDAY

Appointment of Chief Executive Officer at the Capital Markets Authority

On 19 th November, 2020 it was confirmed that the Cabinet Secretary for National Treasury & Planning, Hon. (Amb.)Ukur Yatani, EGH, had approved the appointment of Mr. Wyckliffe Shamiah as the Chief Executive Officer of theCapital Markets Authority, a role that he has been acting

Summary of the consolidated government investment report 2019/2020

Introduction The Consolidated Government Investment Report 2019/2020 (“the Report”) is put together in accordance with Section 89 of the Public Financial Management Act, 2012.  The Section requires the Cabinet Secretary for Public investments to submit to Parliament, a detailed status of Government Investments for each

13th November 2020 Trade & Financial Services Round Up

KENYA Kenya set to shift to e-visa services in 2021 The Kenyan government on Tuesday, 3 November announced a shift to e-visa services effective 1 January 2021. The Department of Immigration Services said passengers from countries requiring a visa to enter Kenya are expected to

6th November 2020 Trade & Financial Services Round Up

KENYA Petrol, electricity prices to rise on new levy plan Consumer prices of petroleum and electricity are set to climb if Parliament approves a new taxation formula aimed at boosting the finances of the Energy Petroleum Regulatory Authority (EPRA). The formula proposed by the Energy

KRA Commissioner General elected as member of ATAF executive arm

The Commissioner General of the Kenya Revenue Authority was nominated as a Member of the Governing Council of the Africa Tax Administration Forum (ATAF). He was voted during the ATAF General Assembly meeting held 4th November, 2020 by 13 member states, accounting for the highest