Author: Martin Mwita

Kenya has become one of the latest countries to strengthen the fight on tax evasion and profit shifting with signing of a tax treaty, in the wake of rising malpractices by global multi-nationals.

The national efforts to strengthen the country’s bilateral tax treaties, have received a boost with the signing of a multilateral convention to end tax avoidance in France.

This week, the country signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting Convention at the 10th Anniversary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) in Paris.

The Convention is the first multilateral treaty of its kind, allowing international collaboration initiatives to end tax avoidance among multinational firms under the OECD/G20 BEPS Project.

READ ALSO:Kenya’s tax evaders put on notice by President Kenyatta

The OECD/G20 BEPS Project delivers solutions for governments …

Kenya has stepped up efforts to curb illicit financial flows (IFFs) through the signing of theYaoundé Declaration, with Africa losing $50 to $60 billion annually through illicit financial flows.

The National Treasury Acting Cabinet Secretary Ukur Yatani has provided the much needed shot in the arm for the Kenya Revenue Authority (KRA) efforts to tackle illicit financial flows through the Yaoundé Declaration.

While welcoming the commitment by the Government, KRA Commissioner General Githii Mburu said the instrument focuses on improving international tax cooperation through enhanced information sharing among the African Union (AU) member states to curb illicit financial flows.

READ ALSO:Corruption fueling illicit flow of money from Africa, delegates in Nairobi discuss

“KRA is encouraged by the Government’s swift moves to prioritize the signing of international treaties that will accelerate efforts to curb international tax evasion,” Githii said.

In a communique to the Chairperson of the Global Forum on …

The African Development Bank (AfDB) has committed to explore new avenues of directly supporting efforts aimed at empowering Kenyan women in business.

The commitment was made by the bank’s deputy director general Nnenna Nwabufo during a meeting with Kenya’s First Lady Margaret Kenyatta, on the sidelines of the ongoing Global Gender Summit in Kigali, Rwanda.

Ms Nwabufo singled out capacity building activities for Kenyan women in business as one of the areas that the bank is keen on supporting.

READ ALSO:How Kenyan bank is empowering women

“We could do this through capacity building to enable women (Kenyan) to benefit from development projects implemented by the government in partnership with African Development Bank,” Ms Nwabufo said.

Ms Nwabufo, who heads AfDB’s East Africa Regional Development and Business Delivery office, assured the First Lady that she is committed to ensuring that women in Kenya gain from the bank’s Affirmative Action for …

Central Bank of Kenya’s Monetary Policy Committee has lowered the Central Bank Rate for loans to 8.50 per cent from 9.00 per cent, despite the removal of interest rate capping in the country.

READ ALSO:Why Kenya’s Central Bank has retained base lending rate at 9%

The MPC met on November 25, 2019, to review the outcome of its previous policy decisions and recent economic developments.

The meeting came at the backdrop of a domestic macroeconomic stability, the recent repeal of interest rate caps, and heightened global uncertainties and volatility in international markets.

READ:No more lending controls in Kenya as rate cap ‘dies’

READ ALSO:World Bank, IMF biggest winners in Kenya’s interest rates cap repeal

The MPS which is chaired by CBK governor Patrick Njoroge however noted that month-on-month overall inflation remained well anchored within the target range in September and October 2019, largely due to relatively stable …

Trade and investment between Kenya and the United Arab Emirates is set for a major boost after chambers of commerce from the two countries reached a new agreement.

The Sharjah Chamber of Commerce & Industry and Kenya National Chamber of Commerce and Industry have signed an MoU to open a satellite trade office in the United Arab Emirates.

READ ALSO:Kenya seeks mineral market in the United Arabs Emirates

The agreement will enable and provide strategic bilateral cooperation between the business communities in Kenya and UAE with an objective to foster cooperation in trade, investment, joint activities, information and services and trade policy support programmes.

The agreement was announced at the UAE-Kenya Trade and Investment Forum where Kenya hosted a delegation of over 20 top companies from the United Arab Emirates.

READ ALSO:UAE tightens its grip over Zanzibar

The Forum organized by Sharjah Chamber of Commerce & Industry and …

Uganda Revenue Authority assistant commissioner IT James Kizza is the winner of the East Africa CIO of the Year Award 2019.

He has been recognized for his “crucial role” in the trail-blazing digital development of the URA.

READ ALSO:Uganda Revenue Authority(URA) disagrees with importers over payment method

According to the judges, the role of the chief information officer (CIO) continues to evolve at a breakneck pace, and only those executives who advance in lockstep will enjoy prolonged success and better the enterprises that they dedicate their energies to serve.

The 2019 East Africa CIO100 jury led by Professor Louis Fourie, former VC at the Western Cape Peninsula University of Technology, flanked by Alex Ntale CEO – Rwanda ICT Chamber, Bill Sangiwa, Digital Transformation Expert in Tanzania, Charles Musisi, a senior ICT expert in Uganda and Elizabeth Ochieng, ICT director- Deloitte appreciated the high level of submissions for the 2019 …

Kenya’s local low-cost carrier Silverstone could soon be back in full operations after the country’s aviation regulator lifted a suspension on part of its fleet.

The Kenya Civil Aviation Authority (KCAA) had last week suspended the carrier’s Dash- 8 fleet from flying for seven days to allow inspection after a sequence of mishaps.

The move affected eight of its 14 fleet of aircrafts which also includes Fokker and CRJ Series aircrafts.

“KCAA wishes to inform the public that the provisional suspension of the Silverstone Air Services limited Dash 8 Series Aircraft Operations imposed on November 12, 2019, has now been lifted,” Director General Gilbert Kibe said in a statement.

KCAA is the state corporation responsible for regulating the aviation industry and providing air navigation services.

READ ALSO:Kenya commits to civil aviation development, flight safety in Africa in new FAA deal

“KCAA confirms that the airline has provided satisfactory corrective …

Real Estate developer Superior Homes Kenya is putting up a Sh7 billion ($68.8 million) residential development in Kenya’s coastal town of Kilifi, as it moves to expand its real estate portfolio in the country.

Dubbed ‘Pazuri at Vipingo’, the master-planned site will consist of 372 houses and associated infrastructure and amenities covering more than 100 acres.

READ ALSO:Property developer superior homes announces Sh30 billion investment

The development, which commenced early this year, consists of 2, 3 and 4 bedrooms with phase One of the project comprising of 63 units expected to be ready for occupation in June 2020.

“Pazuri at Vipingo has been designed so that every house enjoys an ocean view. Large plot sizes, spacious bedrooms and open plan lounges, generous window sizes and rooftop entertainment space all combine to provide a wonderful home whether it is for a residence or a holiday home,” Superior Homes …

Kenya and Somalia have agreed to normalise bilateral relations starting with the restoration of the issuance of travel visas on arrival arrangement for citizens of the two nations.

The restoration of the visa on arrival arrangement is aimed at enhancing free and unhindered movement of people and commerce between Kenya and Somalia.

READ ALSO:Is oil wealth pitting Kenya against Somalia?

The agreement was reached during a meeting between Presidents Uhuru Kenyatta and Mohamed Abdullahi Mohamed of the Federal Republic of Somalia on the sidelines of the just concluded Nairobi ICPD25 summit.

During the meeting, the two leaders reaffirmed the invaluable relations that exist between Kenya and Somalia and agreed to explore avenues of strengthening bilateral and diplomatic ties between Nairobi and Mogadishu for the benefit of the citizens of the two nations.

President Mohamed conveyed his gratitude to President Kenyatta for the role Kenya continues to play in the …

More than 66 per cent of total employment is Sub-Saharan Africa is from the informal sector, the International Labour Organization (ILO) has revealed, the biggest provider of employment in Africa.

Informal economies are typically characterised by low productivity and non-exportable goods and services.

READ ALSO:Sectors that will grow West Africa’s 15 economies

On the other hand, the sector also provides crucial livelihoods to the most vulnerable of the urban poor.

It is projected that the informal sector is likely to absorb many of the continent’s young employment seekers who are mainly today’s millennial digital natives – educated, learned and very adaptive to global trends.

READ ALSO:Industry Review: Jua Kali sector in East Africa

The Inter Region Economic Network (IREN) recently has held its 18^th Africa Resource Bank Forum in Nairobi in collaboration with the Friedrich Naumann Foundation for Freedom(FNF), under the theme: “The Future of Africa’s Informal …