Mozambique President Named Africa Oil & Power’s “Person of the Year” for 2020

Africa Oil & Power will present H.E. Filipe Nyusi, President of Mozambique, with highest honors at the Mozambique Gas & Power 2021 event. H.E. Filipe Nyusi, President of Mozambique has been selected as Africa Oil & Power’s “Person of the Year” for 2020 by Africa Oil & Power. This prestigious award is presented to exceptional individuals who display true leadership and innovative thinking in steering their countries or organizations to the forefront of the global energy sector. President Nyusi has been at the helm of Mozambique’s energy sector during its…

Harambee Sacco to finance up to 600 units by 2025 at a cost of Sh2.4 billion

The first Sacco in the country to be licensed to offer mortgage facilities from the Kenya Mortgage Refinance Company (KMRC), Harambee Sacco projects that by 2025, the Sacco will have financed up to 600 units at a cost of Sh2.4 billion. KMRC lisence allowed Harambee Sacco to unveil two mortgage products; the Harambee Home Loan and the Harambee Jenga Loan. Harambee Home loan enables its members to purchase readily built houses while for Harambee Jenga loan, the borrowers are facilitated to build a house on their own parcels of land…

KPA drives for a superior Terminal Operating System 

KPA Members of the Project Implementation Team (PIT) of the new Terminal Operations System (TOS), under the leadership of Ms. Evelyn Mwamure, Manager TOS & Operations Projects, are working on smart strategies for implementation of the new system and its optimization in port operations. The expected system will be more advanced when compared to the current Kilindini Waterfront Automated Terminal Operation System (KWATOS) and will be a formidable game changer of port business through enhanced efficiency and productivity in port operations, documentation and seamless interface with relevant port community systems.…

TikTok Launches Global Transparency Report for H1 2020

TikTok released its global Transparency Report for the first six months of 2020. This report provides insight into content removed from TikTok for violating its Community Guidelines or Terms of Service. It also shows how TikTok responded to copyright content take-down requests, law enforcement, and government agencies. As the home for entertainment, self-expression, and connection for hundreds of millions of people around the world, TikTok wants everyone to feel welcome on the platform. There is no higher priority than promoting a safe app experience that fosters a sense of belonging and joy…

Kenya to accelerate the adoption of circular economy

Members of the private sector were challenged during the Circular Economy Conference hosted by Sustainable Inclusive Business to champion and accelerate efforts towards a circular economy by evaluating investment opportunities with a view of maximizing limited resources in the country, while the government is encouraged to develop a solid legal framework that will support the adoption of sustainable business practices. The virtual conference aimed to create a mind shift of the private and public sector to speed up the transition to a circular economy. Speaking during the 6th Annual Circular Economy Conference,…

Illicit Gold Trade Thrives with Impunity in the Democratic Republic of Congo

New report exposes how known traders and exporters are circumventing legal channels and pocketing massive profits from smuggled artisanal DRC gold. IMPACT’s (https://IMPACTTransform.org/en/) newest report reveals how the Democratic Republic of Congo’s (DRC) illicit gold trade continues to thrive despite efforts to clean up the sector. Traders and exporters who are legally registered in the DRC, Rwanda, and Uganda are operating without apparent fear of sanction, even after being publicly named by the United Nations and international organizations year after year as contributing to the illicit trade of artisanal DRC…

KRA wins Kshs.1.2 billion tax suit against  international communications  firm

The Tax Appeals Tribunal has given Kenya Revenue Authority (KRA) a nod to demand   and   collect   Kshs.   1.2   billion   in   taxes   from    an   international communications firm. The tax tribunal at Nairobi dismissed an application by  Oxygen 8 East Africa Limited, seeking  extension to file an appeal out of time to contest the tax debt. The tax dispute arises from KRA’s investigation audit against the firm for July 2015  to  February  2019  that  raised an  assessment  of  Kshs.  1,185,596.692  for withholding tax. The assessment was confirmed vide an objection decision on 21st May, 2019. Aggrieved by  the  KRA’s  decision,  Oxygen  8 East  Africa  Ltd filed a Notice of Appeal at the Tax Appeals Tribunal but failed to file a Memorandum of Appeal within time.   On 26th   June 2020, the firm  sought for extension of time to file its  Memorandum  of  Appeal  and Statement  of  Facts  on  the  grounds  that  its Managing   Director   was   absent   from   the   country   and  instructions  were received by its tax agents after the expiry of time. KRA opposed the Application on  grounds that it was incompetent for  failure to include a supporting affidavit and that the Notice of appeal filed by Oxygen 8 East Africa Ltd was invalid. The Tribunal had on 11th   September, 2020 ruled that its power to extend time is   donated   by   Section   13   (3)   of   the   Tax   Appeals   Tribunal   Act   and   in determining   an   application  for  extension  of  time  it  is  guided  by  the  Tax Appeals  Tribunal  Act  and the  Tax  Appeals  Tribunal  (Procedure)  Rules  2015 which requires that an Application    for an extension of time to be accepted, a party  must meet the conditions such as absence from Kenya, sickness and any other reasonable cause. Consequently, the Tax Tribunal ruled that Oxygen 8 East Africa Ltd had failed to provide an affidavit stating the reasons for its inability  to submit the requisite documents on time. Further,  the Tribunal ruled that the Notice of Appeal filed was invalid on the ground  that  the  firm  had acknowledged and expressed commitment  to  pay Kshs.986,  780,  780,277  but  had  not  entered  into  an  arrangement  with  the KRA to pay the sum at the time of lodging the Notice of Appeal. The Tribunal in its ruling stated that “…in its own admission,  the Applicant  has an undisputed tax  liability  which  is  unpaid and it has not demonstrated to us that it has offered any payment plan for the same which is acceptable to the Respondent.” KRA shall apply the same decision to similar applications  for  extension  of time for future disputes affecting other taxpayers who do not submit the requisite documents in an application for extension of time.  

Reshaping realities: Africa’s post-pandemic recovery

The COVID-19 pandemic has undoubtedly eroded the overall improvement in risk-reward scores seen across the African continent in recent years, but this should not deter investors. Specialist risk consultancy Control Risks  and independent global advisory NKC African Economics, the Africa-focused subsidiary of Oxford Economics, have today launched the fifth edition of the Africa Risk-Reward Index. The index offers a comparative snapshot of market opportunities and risks across the continent. It provides a grounded, longer-term outlook of key trends shaping the investment landscape in major African economies, which should inform the…

I&M HOLDINGS RANKED AS MOST ATTRACTIVE LISTED BANK

Cytonn Investments has today released its H1’2020 Banking Sector Report, which ranks I&M Holdings as the most attractive bank in Kenya, supported by a strong franchise value and intrinsic value score. The franchise score measures the broad and comprehensive business strength of a bank across 13 different metrics, while the intrinsic score measures the investment return potential. The report, themed “Depressed Earnings and Deteriorating Asset Quality amid the COVID-19 Operating Environment,” analysed the H1’2020 results of the listed banks. “Asset quality for listed banks deteriorated in H1’2020 with the Gross…

KRA seizes 1,000 pieces of explosive detonators at Taveta border

Customs officers based at the Taveta-Holili One-Stop Border Post (OSBP) on Friday evening seized 1,000 pieces of explosive detonators at Mwakitau along the Taveta-Mombasa highway. Three suspects were arrested in connection to the incident. The KRA team, backed by administration police officers attached to the OSBP, while on routine patrols intercepted the devices while being transported together with Tobacco by a truck no T143ARG at around 5.30 pm, one kilometer away from Maktau roadblock, Taita Taveta County. The consignment in the vehicle had been declared at the border point as…