StarTimes Secures Top Rank Boxing, Motor racing Broadcast Rights

Pay Television Company StarTimes Media has acquired exclusive broadcast rights for the 2020 Bob Arum’s Top Rank boxing events. This will see the broadcaster air live boxing events including various world title bouts on the roster. Top Rank Inc. stands as one of the world’s premiere boxing promoters where for nearly half a century; it has produced some of the most exciting bouts. Top Rank’s current stable of champions include Vasiliy Lomachenko, Terence Crawford, Oscar Valdez, Gilberto Ramirez, Jose Ramirez and Tyson Fury. Additionally, the company has secured Extreme E…

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.  

Sonko calls on defaulters to take advantage of waiver period

 Nairobi Governor Mike Sonko has called on Land Rates defaulters to take advantage of the ongoing one-month waiver period to clear their debts. The county announced a 100% waiver on interest (penalties) for all land rate defaulters in the city. The waiver period runs from September 15, 2020 to October 15, 2020. The National Assembly,Parliament, defense department, treasury and police remain the top defaulters. The county is owed Sh 25 billion by the department of defense,Sh 23 billion by treasury and parliament Sh 396 million. The amnesty period would only…

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…

KANU threaten to withdraw MP’S membership

  By Shadrack Nyakoe Leaders from various political groups have censured Mp for Kapseret Oscar Sudi and Jonathan Ng’eno of Emurrua Dikkir for uttering unprintable epithets on former First Lady Mama Ngina persona. Kenya Africa National National(KANU) leaders have threatened to throw out Ng’eno’s membership lest he comes out to apologize. Imenti Central Mp Gideon Mwiti has categorically warned MPs against disrespecting president Uhuru Kenyatta. He said that politicians must not let raw emotions destroy the national fabric. Politician Stanley Livondo popularly known as ‘Money Bag’ has called Jubilee party…

Nation League of Women call on leaders to stop divisive politics

  By Archeadious Ashiono A section of women under the name friends of Ruto have today condemned the leaders who are engaging in insults. Annie Thuku the chair of the Nation League of Women while addressing a press conference in Nairobi called on all leaders to focus on the four agendas which were promised by the Jubilee government. She pointed out that the the leaders who are insulting each other want to deviate minds of Kenyans from the scandal at KEMSA which is making Kenyan lives hard. “we want KEMSA…

Sonko-I support Uhuru’s plans for Nairobi

Nairobi Governor Mike Sonko has said that the Nairobi Metropolitan Service Director General to cabinet meetings is a good gesture from President Uhuru Kenyatta in his commitment to improve service delivery in the city. The governor clarified that he has no problem with the move as long as all engagement will be done within law. “It is a decision by the President and I cannot oppose what the President thinks is good for Nairobi,” Sonko said The governor once again clarified that he has no problem with NMS and that…