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Browsing: East Africa
The Kenya Revenue Authority (KRA) has hit a technical snag in its efforts to collect taxes amounting to more than Ksh2.7 billion (USD26.6 million) per month, accruing from betting wins.
This follows a court order issued by a magistrate’s court barring the taxman from accessing the monies.
The orders issued by Senior Resident Magistrate D.M. Kivuti sitting at the Milimani Commercial Courts (Nairobi) have stopped the operations of crucial Income Tax Act sections (Sections 2, 10, 34 and 35), effectively rendering KRA unable to collect the levies, earmarked for national development projects.
This is per the budget for the current financial year ending June 30, where National Treasury Cabinet Secretary, Henry Rotich, had planned to have taxes drawn from betting activities finance sports, art, cultural developments and the rollout of the Universal Health programmes.
The order issued by Senior Resident Magistrate Kivuti follows the 2014 filing of a suit by …
Farmers could soon start pocketing 80% of gross earnings from Coffee
President Uhuru Kenyatta is committed to revive the country’s coffee industry if latest indicators are anything to go by.
One of the biggest initiatives announced by the government is the rehabilitation of 500 pulping stations (factories) in 31 coffee-growing Counties across the country.
Coffee farmers are also set to benefit a Cherry Advance Revolving Fund being set by the government; a kitty President Kenyatta says will be operational from July 1 when the 2019-2020 financial year commences. The current financial year (2018-19) ends on June 30.
In the coming fiscal year, the government will unveil Ksh3 billion (US$29.6 million) to be accessed at a much lower three per cent (3%) interest rate per annum.
This is much affordable to farmers whom a huge number currently depend on Savings and Credit Co-operatives (SACCOS), which offer loans at a …
The indicator in question in this column is figure 17.6.
17.6 of what?
According to published government statistics, the median weighted average age of an East African citizen is 17.6 years old. Among the 157 million East Africans alive today there are equal numbers of people over 17.6 years old as there are people under 17.6 years old.
So how do 17.6 years as a median age compare to other locales around the world?
If the EAC were a country it would be the 13th youngest country in the world with Uganda, Burundi, and Tanzania bringing down the weighted average against the relatively older Kenya. To add perspective, the median age of both the #1 and #2 economies of the USA and China are more than twice as old at 37.8 years and 36.8 years respectively than an East African. Even more dramatic, ageing Japan has 46.5 years as median …
The service guarantees security and in-call stability, Telkom says
Telkom has introduced a new cloud-based fixed voice service dubbed “Omniconnect”, allowing SMEs and corporates to outsource for robust and secure cutting-edge technology.
Telkom Hosted PBX service will deliver a world-class end-to-end software and hardware system, powered by global technology company Avaya.
Besides making and receiving calls, the service will also offer other features such as conference calls and the ability to integrate with email and the mobile phone.
The subscription-based service will eliminate the need for businesses to make heavy initial capital investment to acquire and maintain the fixed telephone system; nor will they have to host the same on their premises.
Businesses can also flexibly upgrade or scale down the service, in line with changing needs and technology trends.
Telkom Enterprise MD Kris Senanu, said: “This solution will free corporates and SMEs to focus on their core businesses, without …
2018 profits dropped to US$6.1 million from US$18.8 million in 2017
Cement manufacturers-Bamburi Cement has expressed concerns over the Uganda-Rwanda border row, warning it could derail its earnings.
This comes amid a drop in net profit for the year 2018, reported at Ksh614 million (US$6.1 million) down from Ksh1.9 billion (US$18.8 million) in 2017.
“The difficulties experienced in the Uganda-Rwanda border have significantly impacted exports to Rwanda from Uganda and the Group hopes this matter is resolved expeditiously,” the company said in its financial statement signed by Chairman John Simba and Group Managing Director Seddiq Hassani.
The Nairobi Securities Exchange (NSE) listed firm has however reported a 3.7 per cent jump in turnover, from Ksh36 billion (US$3.6 billion) in 2017 to Ksh37.2 billion (US$3.7 billion) in 2018 as cement volumes grew by nine per cent.
“The Group achieved this growth despite a market decline of five per cent in Kenya, …
Coverage of retirement schemes in Kenya remains below 50%
Majority of Kenyans securing their old age by saving under retirement schemes are still exposed to tough times during sunset years, a survey has revealed.
The study by pension fund administrator Zamara Group has revealed that though pension’s legislation in the country has improved the governance and operations of the retirement funds, it has done little to improve the coverage and adequacy of retirement benefits to individuals.
Coverage of retirement schemes in Kenya has remained relatively low with less than 50 per cent of the formal sector covered and coverage of the much larger informal sector virtually non-existent.
According to Zamara Group CEO Sundeep Raichura, even those who are saving under retirement schemes have insufficient coverage to provide an adequate income when they retire.
The study which covered 65,000 retirement scheme members, spread across more than 200 retirement funds in the …