Author: David Indeje

PricewaterhouseCoopers (PwC) on Tuesday said the Legal Notice No. 217 issued by Kenya Revenue Authority Commissioner General, Githii Mburu “…is likely to create confusion”. According to the Finance consulting firm, the tax collector’s notice seeks to adjust excise duty levied on various products was published on November 2, 2021, but is dated 15, October 2021 and does not clearly define its effective date. “The effective date could be subject to varying interpretation, which is bound to present compliance challenges to businesses and disputes with the tax authority,” they note in their Tax Alert. Mburu reviewed upwards the excise duty rates…

The Central Bank of Kenya (CBK) mopped up excess liquidity from the market worth over KSh80 billion in the week ending Nov 5. During the period, banks held Ksh 15.30 billion in cash balances in excess of the Cash Reserve Requirement (CRR). Liquidity in the money market eased, with the average interbank rate decreasing to 4.7%, from 4.9% recorded the previous week, partly attributable to government payments that offset tax remittances.  Market analysts project a further improvement in liquidity levels.  “We anticipate further improvement in liquidity levels in the coming week as the apex bank is paying coupons for various…

DUBUY.com, an innovative online marketplace by DP World, a global logistics company has entered the Kenyan market to help unlock access to global markets for businesses. The launch in Kenya marks the six-month milestone since the Dubai based e-commerce platform first began trading operations in Rwanda in 2021.  In a statement, it said Kenyan businesses will benefit from its secure and reliable way to develop, expand and crucially, improve supply chain connectivity and resilience as the country recovers from the COVID-19 pandemic.   In addition, it will solve some of the key challenges facing the growth of e-commerce in Africa, including…

Having faced KSh7.8 billion graft complaints for the better part of 2020 when Covid-19 struck, Kenya Medical Supplies Authority (KEMSA) has embarked on a reform process. Mary Mwadime, Chairperson, Kenya Medical Supplies Authority says the reforms will… “Will herald an authority that is structurally aligned to industry-accepted standards for a health commodities and technologies procurement and distribution organisation.” Among the changes announced require all non-core staff members to work from home. “The release of all staff to work from home is a procedural formality to facilitate the review of the organisational structure and will be undertaken expeditiously to ensure that…

Equity Group Holdings Plc delivered a 79% surge in profit after tax to Ksh 26.9 billion in the third quarter of 2021.  The Group’s nine-month pretax profit rose 85% to Ksh 36.6 billion, helped by higher interest income, falling provisions for bad loans and growth from subsidiaries.  The Group’s earnings per share were up 78% from KSh 4.65 in Q2, 2021 to KSh 6.98 in Q3, 2021. “We have now been tried and tested over the last two years during a very trying period. Our value is optimised when we put people first,” Equity Group Managing Director and CEO Dr…

The International Monetary Fund (IMF) and Kenya on Friday reached an agreement over reforms that would pave the way for the disbursement of USD 264.0 million (Ksh 29.5 billion)  if approved, it said in a statement. This is a staff-level agreement on the second review of the 38-month Extended Fund Facility (EFF) and Extended Credit Facility (ECF) – funded program. The disbursement would bring the total support from IMF to Kenya to USD 984.0 million (Ksh 109.8 billion) in 2021. The IMF team was led by Mary Goodman and the meeting was conducted virtually with Kenya from October 12 to…