Author: Khusoko

With the deadline for signing up for the Electronic Tax Invoice Management System (eTIMS) lapsed the Kenyan business world has moved to implement the new model, which heralds a profound transformation in tax compliance in the country. As is common with significant changes, confusion is rife. I will highlight some fundamental changes that eTIMs have occasioned and their business implications. The first significant change concerns how business expenses are treated for tax purposes. Traditionally, the deductibility of business expenses hinged on whether they were incurred wholly and exclusively to generate income. However, the new system introduces a stringent administrative layer,…

We can all agree that travel is an unpredictable adventure by its very nature.  While we embark on our expeditions in high spirits and with great expectations, unforeseen circumstances usually overshadow even the most meticulously planned trips.  Picture this: you are exploring the vibrant streets of downtown Dubai, only to find yourself with a sudden illness that requires medical attention. Without insurance, the burden of medical expenses can turn your dream vacation into a financial nightmare in a strange city and country. You must put travel insurance on your to-do list as you plan your next trip. This safeguard ensures…

Financial knowledge was a rare topic for most of us as children. It was simple: money was for grown-ups, period.  Over the years, the importance of financial literacy at an early age has become increasingly apparent. Many of us might have made different choices if we had had the knowledge to make informed financial decisions early on. Parents and learning institutions often focus on teaching children essential life skills such as reading, writing, and curriculum courses.  However, one crucial skill that is sometimes overlooked is the knowledge required in decision-making regarding personal finances.  Understanding the value of money and the…

In the last few years, Kenya’s retail industry has been experiencing continuous transformation, prompting the need to rethink our operations, adopt new ways of doing business, and normalize international best practices. Locally, retailers have adopted many approaches, with pricing being a key strategy. From the closure of local retail giants to the entry of international stores, aggressive physical expansion, and increased e-commerce activities, businesses have had to adopt globally recognized approaches to remain competitive. Many local retailers have adopted pricing tactics such as rebates and other modes of discounts to remain competitive amidst market transformations.  There has also been a…

East Africa is positioned to enjoy strong economic performance this year, with growth forecast to surpass 5%.  These projections from the African Development Bank’s 2023 East Africa Economic Outlook demonstrate remarkable confidence in the market’s buoyancy and resilience despite global economic headwinds and regional challenges.  The upward trend is expected to be spearheaded by countries such as Rwanda, Uganda, Ethiopia, Kenya, Djibouti, and Tanzania, with significant contributions from their services sector. According to the report, this region will be the fastest-growing in Africa, with the most opportunities for innovators to capitalise during rapid digital transformation.  Eastern Africa: a seedbed for growth This…

Across the globe, the narrative of women’s financial dependency on male relatives, be they fathers, brothers, or husbands, has historically constrained their autonomy.  This dependency has not only limited women’s ability to shape their destinies but also stifled their voices, desires, and aspirations.  As we end International Women’s Month, it’s crucial to spotlight Sustainable Development Goal (SDG) 5, which emphasizes women’s and girls’ empowerment.  Recognizing that empowering a woman is akin to investing in a broader society, we must rally behind initiatives that enable women to amplify their voices, paving the path toward a gender-equal world. Education is a formidable tool…