KRA officially takes over revenue collection in Nairobi

The Kenya Revenue Authority has officially taken over revenue collection in Nairobi County as part of the deed signed on transfer of functions to the national government. The takeover which was led by Treasury Cabinet Secretary Ukur Yattani   happened between the County Executive Member for Economic Planning Allan Igambi and KRA’s Commisoner General James Mburu. The deed signed between Governor Mike Sonko and Devolution Cabinet Secretary Eugene Wamalwa allowed the authority to be the principal agent for the overall revenue collection in the county. The handover happened shorlt after the…

Opinion: connectivity a bedrock for riding the fourth industrial revolution wave

By Adil Youssefi, CEO, Liquid Telecom, East Africa Region   While much is made of the potential of new technologies like cloud, IoT, AI and Blockchain, their success depends entirely upon ubiquitous connectivity.   There can be little doubt that the much-touted Fourth Industrial Revolution (4IR) is underway, to the extent that this latest evolution could be described being less about the technology itself than how to use it to enable advancement.   The 4IR could be seen as being about the ‘rise of connectivity’, which will unlock new avenues for…

GAUGING THE ECONOMIC WAVES OF CORONAVIRUS ON KENYA

The Kenya Private Sector Alliance (KEPSA), the apex body of the private sector in Kenya, this morning resolved to engage all its members to begin to calculate the projected economic impact of Coronavirus in each sector. The collated input will inform the development of a rapid response mitigation plan to minimize the impact of the outbreak on the Kenyan market. It will also allow the private sector to measure the impact of the expected global slowdown of trade on Kenya. KEPSA is encouraged by Executive Order No 2 ofhttps://www.expresstoday.co.ke/?p=2932&preview=true 2020…

Family Bank clienteles to befit from 100% vehicle cash deal

Family Bank has entered into a partnership with Simba Corporation Limited in a deal that will see customers receive up to 100% financing to purchase vehicles. This partnership will enable Small and Medium-Sized customers in the agribusiness, trade and logistics businesses to conveniently purchase Fuso trucks, Mitsubishi and Mahindra products at competitive interest rates. Business owners in the agribusiness sector and the education and religious institutions will be able to access 100% financing with a five-year repayment period while other business enterprises access 95% financing repayable in a period of…

women entrepreneurs in Kenya to benefit from KES10 billion kitty

Absa Bank Kenya PLC has today announced a KES10 billion fund to advance credit to women-owned small and medium enterprises over the next five years as part of the new customer value propositions under the Absa brand. The women fund is part of the bank’s commitment towards advancing diversity and inclusion by empowering women with financial resources and capacity building to grow their businesses. The money will be availed to women entrepreneurs through the existing banking products including unsecured and secured loans, trade finance, asset finance, property finance and working…

 Turnover Tax Returns elapses

Payment of Turnover Tax (TOT)was due this Thursday 20th February 2020 and all Micro and Small Enterprises (MSEs) should have registered, file and pay the January 2020 tax returns for the Turnover Tax (TOT). The tax rate for TOT is 3% on the gross sales/turnover and is a final tax. TOT is filed and paid on a monthly basis on or before 20th of the following month. The Government of Kenya is committed to enhancing simplification of taxes to facilitate taxpayers to meet their obligations and TOT is part of this initiative. The TOT obligation is a simplified tax regime for Micro and Small Enterprises (MSEs). This obligation allows MSEs to pay taxes through simplified processes. Under this simplified regime, taxpayers are not required to prepare complex account records. The eligible taxpayers are only required to keep a daily gross sales record. KRA has been consulting with concerned stakeholders to facilitate them to register and pay the taxes due. KRA has also simplified the registration, filing and payment process of TOT on the iTax platform. The iTax system has always made it easy for taxpayers to access KRA services. This has led to notable success in filing returns, remitting payments, applying tax refunds, lodging tax objections, application of tax waivers and requesting tax compliance certificates. The TOT tax does not apply to persons; registered for VAT, with business income of Kshs 5,000,000 and above, Employment Income, Rental Income, Limited Liability Companies, Management and Professional Services among others. Eligible taxpayers are advised to log onto iTax, add the TOT obligation, file the monthly returns and make payment. TOT is part of KRA’s strategic initiatives to expand the tax base by ensuring that all Kenyans pay their fair share of taxes. KRA assures taxpayers of its support and facilitation to ensure that they register, file and pay their Turnover Tax before the set deadline. Taxpayers are also advised to visit the nearest KRA office for any assistance required or call the Call Centre on Tel: 020 4 999 999, 0711 099 999.

EAPI Summit forecasts uptick in Kenyan real estate as finance flows reopen

The real estate market is poised for an uptick in activity, according to East African Property Investment (EAPI) Summit analysts, following the recent moves to reopen financial flows into the sector by uncapping interest rates. The change follows a decline in financing that saw the sector’s contribution to the country’s GDP halve from 8.8 per cent in 2016 to 4.1 per cent by 2018. “The lifting of the caps has prompted renewed interest by investors in the Kenyan market, which marks a distinct and new development. Following the introduction of…

SITA and key industry partners launch MRO Blockchain Alliance

Key industry recently announced the launch of the MRO Blockchain Alliance, the first industry-wide investigation into the use of blockchain to track, trace and record aircraft parts. The new alliance comprises leading organizations covering every aspect of the Maintenance, Repair and Overhaul (MRO) chain, from part manufacture and repairs to logistics and smart contracts. Members currently include Bolloré Logistics, Cathay Pacific, FLYdocs, HAECO Group, Ramco Systems, SITA, and Willis Lease Finance Corporation, supported by Clyde & Co. The alliance was first mooted in 2019 at a HAECO Group event with…

Samsung Note 10 LITE to retail at Ksh 57,999

If you’ve always wanted a NOTE device from Samsung, this may be the chance for you. Samsung has launched LITE versions of their flagship devices. So there’s now a NOTE 10 Lite These are not just like cheaper versions of the flagships, they’re like completely new devices with the flagship branding to make them appealing. The NOTE 10 Lite features an Exynos 9810 processor, 6/8GB of RAM, with 128GB storage. There’s a triple camera setup at the back, and a single 32MP selfie on the front. There’s a huge 4500mAH…

Professional bodies to be reviewed in bid to weed out quacks

The Association of Professional Societies in East Africa (APSEA) has began reviewing the codes of conduct of member associations in a bid to harmonise the local standards with international levels. In the new move the umbrella body that brings together professional societies of diverse disciplines, will evaluate the code of conduct, membership for the various professional bodies, licencing and the education levels that should be met before one becomes a member of a professional body. After which members will have to undergo annual Continuous Professional Development (CPD) courses in their…