Kenya Taxpayers’ burden of keeping Kenya Kwanza CASs in office Kenyan taxpayers will spend more than half a billion shillings annually on salaries and benefits for the 50 Chief Administrative Secretaries (CAS) whose names were forwarded to Parliament for approval on Thursday, putting more strain

Telcos in Kenya have adopted Internet of Things (IoT) technology through a variety of projects. Airtel has launched the ‘Always On’ solution to allow devices anywhere to stay connected after launching their eSIM, which has proven particularly useful in the transport sector for tracking cars. 

Kenya has been facing a dollar shortage since March last year. This is an acute foreign exchange crunch, with the US dollar reserves dropping to their lowest in eight years. The Kenyan currency keeps plummeting against major global currencies and according to the Central Bank

The  Kenyan government announced that it will import large quantities of rice, cooking oil, sugar, wheat and beans duty-free through the Kenya National Trade Corporation (KNTC) as part of efforts to tame the rising cost of essential commodities in Kenya. The KNTC is a State

Kenya Raila declares official start of countrywide mass action Azimio la Umoja One Kenya Coalition leader Raila Odinga on Thursday declared the official start of countrywide mass action after the lapse of an ultimatum issued to the Kenya Kwanza government. Azimio has also launched the

Background  The corporate advertising spectrum is awash with words such as “eco-friendly”, “natural”, “sustainable,” “net zero,” and “reusable” either on their products, services or other external communication mediums. These buzzwords have increasingly been used and applied by companies as they make attempts at prioritizing environmental,

Kenya President Ruto clips CS Mutua wings in foreign policy shift President William Ruto’s government has announced a major shift in the country’s foreign policy by allowing other countries and their missions in Kenya to engage directly with ministries and state agencies, without going through

Kenya President Ruto clips CS Mutua wings in foreign policy shift President William Ruto’s government has announced a major shift in the country’s foreign policy by allowing other countries and their missions in Kenya to engage directly with ministries and state agencies, without going through

The Select Committee on Budget and Appropriations submitted the report on the Supplementary Estimates for FY 2022/2023. In the supplementary budget, requests for reallocations and additional allocations as well as expenses covered under Article 223 of the Constitution are submitted for approval by the Parliament.

Second-hand clothes or  ‘mitumba’ as they are popularly known in Kenya, are disposed of clothes previously worn in developed countries and imported to countries such as Kenya and other countries in Africa where they look fashionable and appealing, hence ‘trashion’. Many are familiar with the

China Square is a retail supermarket at Unicity Mall off Thika Superhighway and is owned by Kenyatta University. The mall was conceived as a project to bring in funds to the university but since its opening in 2016 has not attracted a lot of footprint

The Kenya Revenue Authority on Thursday, 23rd February 2023 communicated the new management team after the resignation of Githii Mburu. In addition to his departure, other Commissioners were replaced. These include; Lilian Nyawanda (Commissioner, of Customs and Border Control), Terra Saidimu (Commissioner, Intelligence & Strategic

Kenya  KRA chief Githii Mburu quits, board names Rispah Simiyu in acting role The Kenya Revenue Authority (KRA) Commissioner-General, Githii Mburu, has resigned after a three-year and seven month stint at the seat on the 30th floor of Nairobi’s Times Tower. Recently appointed KRA board

The 2022 Tax Expenditure Report was released by the National Treasury with the goal of promoting data accessibility and transparency while providing information for tracking and analysing tax expenditures. Tax expenditures are utilised to accomplish particular policy goals by enacting targeted preferential tax measures that

  The “Why” of Debt Pre-cursorily, debt is indeed a double-edged sword. Wise and moderate use of the same, history has shown, results in improved welfare. Improper, imprudent and over-indulgence in debt, may end up being calamitous. On one hand, for households, individuals and private

Investments, Trade and Industry Cabinet Secretary (CS) Moses Kuria has met 10 sitting presidents and a former president in an interval of one month, igniting speculations of clashing roles with the Ministry of Foreign Affairs under CS Alfred Mutua. Even though Mr. Kuria on Monday

Kenya Nairobi plans new zoning policy as exclusivity wanes Nairobi is considering a new zoning policy, which will reclassify some estates as residential or mixed-use neighbourhoods at a time some suburbs are coming under pressure from a previous reclassification that has hurt their exclusivity. Speaking

Kenya KRA set to tax hedging profits under new rules Kenyans engaging in transactions with foreigners to cushion them from volatility in financial markets will now be required to account for any profit realised by non-resident parties and remit tax on the same to the

Kenya EPRA reveals second plan to increase cost of power The Water Resources and Management Authority (WARMA) is the latest State entity to seek a bigger pie of the electricity bills in what looks set to further increase the cost of power. WARMA has applied

The Hustler Fund, which was launched late last year and has been in operation for over two months now, has so far disbursed Kshs. 15.9 billion in loans with about half of that money (Kshs. 7.7 billion) being repaid. 18.4 million Kenyans are subscribed to

Taxation in Kenya has taken a political twist in a week that saw President William Ruto train his guns on former President Uhuru Kenyatta and businesses associated with his family. Speaking a day after Azimio leader Raila Odinga held a rally at Jacaranda grounds, Ruto

The Hustler Fund, which was launched late last year and has been in operation for over two months now, has so far disbursed Kshs. 15.9 billion in loans with about half of that money (Kshs. 7.7 billion) being repaid. 18.4 million Kenyans are subscribed to

The former CS for Education, Prof. George Magoha, passed away after a short illness at the age of 71. The Cabinet approved the proposal to implement new taxes on products that are imported into the country yet similar goods are being manufactured locally. Former IEBC

Kenya Banks’ Sh224bn record profits signal bonus, dividends boom Banks’ pre-tax profits for 11 months to November last year hit a record Sh223.7 billion on increased lending, setting the stage for a dividend windfall for owners when full-year results are announced in March. Central Bank

After a recent court ruling on Cytonn’s two funds, the CEO, Mr. Edwin Dande, has had occasion to shed light on what happened with the two portfolios that are to be liquidated and the challenges attending to this process.  Cytonn High Yield Solutions (CHYS) and

Dr Too is the Director, Graduate Programs (LLM and LLD) at the Strathmore University Law School. She has also previously served as the Dean, Kabarak University Law School. In social service, Dr Too is the Chairperson of Kipteris Girls High School Board of Management. She

        Wilkister Simiyu Ms. Wilkister Simiyu is the Company Secretary and Head of Legal Services at the Kenya Seed Company. She has over 10 years’ work experience both as a practicing advocate and an in- house counsel having worked with Kitiwa &

  Kenya   Users allowed to sue Safaricom over clients’ bank details access  The High Court has allowed millions of Safaricom subscribers to join a class action suit against the telecoms operator over a clause in the SIM card registration rules that allows the firm

In the last few years, the global economy has been trying to cope with multiple shocks and economic uncertainties. This has been elicited by the Covid-19 pandemic, political instability, climate change induced shocks and international conflicts. These effects may not end soon and have provided

The government has, in recent days, spared no effort or platform to confirm its commitment to economic transformation as outlined in the Kenya Kwanza Manifesto. Tax compliance is one of the critical planks featuring prominently in the economic transformation agenda. President William Ruto hardly misses

Kenya State bursts recurrent budget forecast by Sh81.7bn President William Ruto’s administration projects expenditure for the day-to-day running of the government is Sh81.7 billion more than what the previous regime budgeted, pointing to piling spending pressures, including salaries and wages. The Treasury has forecast recurrent

The year 2023 has started well for us with a great deal of interest in our recently published Environmental, Social and Governance (ESG) Report. The growing interest by various players, many looking forward to learn from us, is a welcome development as ESG disclosure regulations

Kenya KRA in dilemma over Ruto directive on seizing property The Kenya Revenue Authority (KRA) faces a legal dilemma in the wake of President William Ruto’s directive to the taxman to go slow on issuing distress orders that trigger asset seizures of suspected tax evaders.

The Center for International Private Enterprise (CIPE) released a policy brief on micro and small enterprises’ participation in Kenya’s digital economy. It explored challenges that MSEs face in the digital economy. The study considered four categories of digital technologies; that is connectivity; digitisation and automation

What will the New Year usher in, in emerging markets and in Kenya? From an economic perspective, the following is expected in emerging markets:   GDP Growth  Global economic experts appear to be in agreement that there will be an economic growth slowdown but it

PUBLIC SECTOR Appointments: Cabinet Secretary for Interior and National Administration, Kithure Kindiki, has appointed: Silas K. Sachida, Masika M. Mukuyuni, Geoffrey Wanyoike, and Moses Mucheru Hopkins M. Hoyt to be fingerprint experts.   Cabinet Secretary for Lands, Public Works, Housing and Urban Development, Zachariah Njeru,

Kenya KRA starts crackdown on hidden employee perks The Kenya Revenue Authority (KRA) has started a crackdown on firms under-declaring their payrolls in what will see thousands of employees pay taxes on items like overtime, leave pay and per diems. The taxman is targeting a

Fractional shareholding allows a person to purchase a piece, or a fraction of a share.  For example, if one share costs KSh 500, a person could buy a proportion of that say for KSh 250 while another person buys the remainder for KSh 250. Each

The global economy has gone digital. This has increased the issue of tax avoidance and tax equity and sparked an increase in digital taxes worldwide, therefore increasing the number of challenges to trade law. Kenya is one of the nations that have rolled out a

Kenya Equity’s takeover of Spire the best way out, says CBK Equity Bank’s plan to buy struggling Spire Bank is the best deal available in the market, the Central Bank of Kenya told Parliament yesterday. CBK governor Patrick Njoroge told MPs that the deal is

Post- Election Snapshot On Monday 21st, The Employment Court extended orders issued last week stopping the PS nominees’ vetting. Justice Nduma Nderi extended the order to next Tuesday when he will deliver a ruling on the issue of jurisdiction that was raised by the National

Meru The Governor of Meru County appoints the following to be members of the County Executive Committee: Kisii The Governor of Kisii County has appointed the following to be members of the Kisii County Executive Committee: Migori A gazette notice has been given on the

Significant Political events of the week On Monday 14th November, Nairobi Governor Johnson Sakaja questioned the county’s legal pending bills worth Sh21 billion. Prime Cabinet Secretary Musalia Mudavadi defended the performance of Kenya Kwanza administration assuring Kenyans that things would take shape with time. Reports

Kenya Counties with the worst loan defaulters exposed Drought-hit Marsabit, Garissa, Samburu and Isiolo counties have the highest proportion of borrowers defaulting on credit, including dues owed to shopkeepers and shylocks. The rates of default in the four counties ranged between 47 per cent and

As part of measures aimed at increasing industry liquidity and relieving the Central Bank of Kenya (CBK) from frequently having to bail out cash-strapped institutions, banks will soon be able to borrow from one another using government debt securities as collateral. The CBK implemented this

There are unique opportunities to use ICT for economic growth, productivity increase, and better service delivery.  According to the International Cooperation Development 2019 report on Guidelines and Roadmap for full deployment of e-governance systems in Africa, there are two critical elements of e-governance: digital elements

The Kenya Kwanza administration is now set to roll out its first big pledge bylaunching the Hustler Fund. The launch event is set to happen on November 30, withPresident William Ruto presiding. In an administration that faced difficult issues from the first day – drought,

TRADE AND FINANCIAL SERVICES ROUND UP Kenya Kenya eyes 100pc shift to clean energy by 2028 Kenya will fully transition to green energy by 2028, President William Ruto has said. Speaking to CNN, he said continued reliance on fossil fuels was no longer tenable. “I

As Kenya spearheads efforts for the continent to join the African Continental Free Trade Area (AfCTFA), President William Ruto’s government has established the tone for economic diplomacy on the regional and continental fronts. In addition to four other agreements that would address non-tariff barriers like

Kenya Airways (KQ) woes came to head this week with its pilots going on strike and bringing to a halt the operations of one of the largest airlines on the continent. It was not just passengers getting stranded, but the horticultural sector also reported losses

Kenya Dollar crisis piles pressure on Sh75bn State firms foreign debt State-owned enterprises (SoEs) are sitting on non-guaranteed foreign currency debt worth Sh74.9 billion, exposing them to higher financing costs due to the sharp depreciation of the shilling against the US dollar. The dollar loans

In the financial year ended June 2022, the Kenya Revenue Authority (KRA) recorded a historic high of KSh2.031 trillion against a revenue target of KSh1.882 trillion, representing a 21.7 per cent growth and the highest ever in its history. Despite this tremendous performance, the government

Kenya President Ruto to reverse Uhuru’s termination of JKIA deal President William Ruto’s administration plans to revive the Sh56 billion airport tender cancelled eight years ago, reversing another major infrastructure decision by former President Uhuru Kenyatta. Roads, Transport and Public Works Cabinet Secretary nominee Kipchumba

KENYA Treasury disowns official papers on Sh1.3bn China fine for SGR loans The Treasury Thursday disowned an official statement indicating that Chinese lenders penalised Kenya Sh1.312 billion for delayed payments of loans provided to build the standard gauge railway (SGR). Treasury Secretary Ukur Yatani maintained

The Africa Continental Free Trade Area (AfCFTA) Guided Trade Initiative (GTI) is a temporary intervention of the AfCFTA secretariat that rolled out last week on Friday, October 7, 2022, on the fringes of the 10th Council of Ministers meeting held in Ghana. The initiative nudged

ANDA Rwanda, EU sign Rwf72.5 billion deal for climate-resilient agriculture The Government of Rwanda and the European Union signed a financing agreement worth €69 million (approx.Rwf72.5 billion) to support climate-smart and inclusive agriculture, on October 6. The three-year financing agreement will be implemented in two

Traders and transporters who were disadvantaged by the Standard Gauge Railway (SGR)  and Naivasha dry port, can now smile after President William Ruto reverted most operations to the Mombasa Port. President Kenyatta had ordered that most cargo landing in Mombasa be ferried to Naivasha for

Kenya Treasury asks MPs to unlock Sh39bn county allocations The National Treasury has asked the new Parliament to reintroduce and fast-track a Bill that will unlock Sh39 billion in additional allocations to county governments. Treasury Cabinet Secretary Ukur Yatani said the delayed approval of the

KENYA State saves Sh9.4 billion from scrapped fuel subsidy The Treasury will save an estimated Sh9.49 billion from the partial withdrawal of fuel subsidies that sent diesel and petrol prices to a historic high. The energy regulator scrapped the subsidy on petrol a day after

KENYA How budget chief plans to kill false unpaid bills The Controller of Budget (CoB) will not accept fresh payment requests from counties and entities of the national government for the year ended June, in the latest move to curb a surge in fake claims

KENYA NHIF drops bid to have top earners pay more monthly The National Hospital Insurance Fund (NHIF) has dropped its bid to have workers earning more than Sh100,000 pay more in monthly contributions, easing the financial strain on top earners and their employers. The State-backed

KENYA New President inherits half a trillion shillings of unpaid bills Kenya’s new President will inherit more than Sh500 billion owed to suppliers and contractors by ministries and State agencies in bills that have exposed many small and medium-sized businesses to closures and auctions. Latest

Recently, Kenya was selected among several countries that would initiate trading under the African Continental Free Trade Agreement (AfCFTA). The pilot phase is meant to test environmental, legal and trade policy basis for intra-African trade.Trading under the AfCFTA provides great opportunities such as a combined

KENYA EABL’s Kisumu and Nairobi biomass plants almost ready East African Breweries Plc (EABL) is set to complete the setting up of its biomass-fired energy plants as it accelerates its shift to renewable energy. Diageo Plc, a majority shareholder of EABL, says the Kenya biomass

KENYA Deloitte fined for Sh2.1bn hidden hole in Chase Bank The capital markets regulator on Wednesday fined Deloitte after the audit firm failed to detect a non-existent Sh2.1 billion Chase Bank account at the Central Bank that enticed bond investors to offer the collapsed lender

KENYA Kenya inks cheap power deal with Ethiopia Kenya on Tuesday officially signed a Power Purchase contract with Ethiopia for the purchase of cheap hydroelectric power even as Nairobi nears completing the transmission line to evacuate power from its northern neighbour. Kenya is expected to

KENYA Kenya disowns port deal promises made to Dubai Kenya has disowned promises of a July tender made to Dubai Port (DP) World that would have allowed the UAE-based firm to offer a bid for development, operation and management of the country’s four ports. DP

Kenya is a recognized trade hub in the continent, and has been viewed as an important strategic partner of the United States. This is evident from the nomination and recent approval by the US Senate of former CEO of Hewlett Packard Enterprise and eBay, Margaret

KENYA Biden dumps Uhuru’s trade deal with Trump The Biden administration on Thursday launched a fresh strategic trade and investment partnership with Kenya, replacing an agreement ex-President Donald Trump’s government had inked with Nairobi. The US and Kenyan governments will start work within three months

KENYA Safaricom Ethiopia to start operations next month The Safaricom-led consortium aims to start operations in Ethiopia next month but will stagger the rollout of the telecommunication services across various Ethiopian cities until next year. The Safaricom consortium, which also includes British development finance agency

ACTS, 2022 The County Allocation of Revenue Act, 2022 The Supplementary Appropriation (No. 2) Act, 2022. The Appropriation Act, 2022 The Finance Act, 2022 The Traffic (Amendment) Act, 2022 PUBLIC SECTOR Appointments President Uhuru Kenyatta has appointed Joanne Yelbert to be the Chairperson of the

The set-up of the Nairobi International Financial Centre is a major milestone in Kenya’s ongoing efforts to become an Upper Middle-Income Country (UMIC). While its significance will largely become clear with time, the set-up of International Financial Centres (IFCs) generally, often are precursors for market

Background The alleged Kenya port and Dubai Port World FZE (“DP World”) deal has caused an uproar among Kenyans and particularly leaders from the Kenya Kwanza coalition. The Kenya Kwanza leaders have alleged that President Uhuru Kenyatta appointed DP World, acting on behalf of the

KENYA Treasury shuns law set to control goods prices The Treasury will not invoke the law that allows the government to control the prices of essential goods in reaction to the surge in inflation. Treasury Principal Secretary Julius Muia on Wednesday said the State will

KENYA Hoteliers, traders jostle for piece of KSh6bn rally windfall Palatial homeowners with spacious grounds in Naivasha are hurriedly setting up tents to cash in on the windfall from the World Rally Championship. With lodging spaces having been problematic during last year’s event, ingenuity is

KENYA Grain stuck at Tanzania border due to new import requirement Tanzania has imposed a new requirement on grain traders to get an export permit before shipping maize into the country, in a policy shift that has locked already bought stocks of grain by Kenyan

By Chris Flowers  The avocado fruit has, over the last decade and more, swept the world’s imagination and attention to iconic superfood levels. Like never before, the world has embraced avocado consumption, significantly increasing new plantings. However, environmental challenges lie as some of these new

KENYA Kenya FDI declines Kshs 31.5 billion amid rebound in the EAC Kenya’s foreign direct investment (FDI) inflows went against a regional recovery trend in 2021 after falling by $269 million (Kshs 31.47 billion), a United Nations survey showed on Thursday. The UN Conference on

KENYA New alcohol, SIM card taxes rock Parliament A Member of Parliament affiliated to Deputy President William Ruto’s Kenya Kwanza coalition on Thursday evening proposed higher taxation on beer and a new duty on imported SIM cards in changes to the Finance Bill 2022 that

KENYA KCB first quarter profit jumps to Sh9.9 billion KCB Group net earnings grew by more than half in the first quarter ended March, helped by higher interest and non-interest income and lower loan loss provisions. The lender’s net profit in the period stood at

KENYA Kenya’s debt repayments to China shoot to Sh73.5 billion Kenya’s debt repayments towards China-funded infrastructure projects have more than doubled to a record Sh73.48 billion this financial year on the back of increased clearance of principal sums after the grace period lapsed. Expenditure data

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

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.

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

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

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.

The 2022 National Trade Estimate Report on Foreign Trade Barriers (NTE) is the 37th version in an annual series that highlights significant foreign barriers to US exports, US foreign direct investment, and US electronic commerce. The NTE Report identifies significant barriers, regardless of whether they

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.

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

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

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

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 proposed maximum East African Community Common External Tariff rate of 35% is set to boost intra-EAC trade by USD 18.9 million if adopted by the EAC partner states. This is according  to an  analysis done by the East Africa Community Secretariat on the proposed

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  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

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

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

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

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

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