News Kenya Finance: Kenya Launches Financing Mechanism to boost MSMEs and digital platforms
Kenya has taken a major step toward strengthening its digital economy with the launch of a financing mechanism aimed at unlocking capital for local digital platforms and startups. As part of this ...
News Kenya Finance: Kenya dispatch: controversial finance bill nears parliamentary passage amid protests and questions
Aynsley Genga is a JURIST Staff Correspondent in Kenya. For quite some time now, there has been one major issue that has been plaguing the minds of many Kenyans. That issue is the proposed Finance ...
News Kenya Finance: AfDB approves funding to support youth and women agribusiness in Kenya
The funding, approved on June 6, 2023, was provided by the European Union (EU) under its partnership with the African Development Bank Group.
News Kenya Finance: Kenya's Ruto Signs Contentious Tax Bill Into Law
Kenyan President William Ruto on Monday signed into law a bill that raises taxes on a wide range of items, the presidency said, defying criticism that it will pile more economic hardship on citizens.
News Kenya Finance: Ruto signs Kenya’s finance bill 2023 into Law
President of Kenya William Ruto has signed a tax bill into law that intends to raise taxes on commodities. President of Kenya William Ruto has signed a tax bill into law that intends to raise taxes on ...
News Kenya Finance: Kenya President Signs Finance Bill as Opposition Boycotts Session
President William Ruto has signed into law the Finance Bill that was approved by the National Assembly. The controversial Bill was passed during a stormy session, largely boycotted by the opposition. Following the Bill's passage, the president confirmed that the tax bill will enable his administration to deliver on their manifesto pledge to Kenyans and cut on huge dependence on external debt. The Finance Bill seeks to raise additional revenue in taxes to finance the Kenya Kwanza administration's budget for the 2023/24 financial year. Employers are required to remit 1.5% housing levy deducted from employees to the government in nine days, to fund affordable housing scheme. With the bill victory, Kenyans are set to brace themselves for high cost living following the increase on Value Added Tax (VAT) on petroleum products from 8 to 16%. The income earned through digital content monetisation will be subjected to a 5% withholding tax, which matches with the percentage rate for other professional services. In an interview with France24 in Paris, Ruto said he has no problem with protests against the high cost of living organised by opposition leader Raila Odinga, as long as they don't lead to the destruction of property.
News Kenya Finance: Susan Koech Appointed as Central Bank of Kenya Deputy Governor
President William Ruto has appointed Susan Koech as Deputy Governor of the Central Bank of Kenya (CBK) for a four-year term.The appointment gazetted on Friday followed parliamentary approval on Wednesday.She was cleared by the House and Senate following vetting by a joint Committee on Finance and Planning.Koech's appointment is expected to fill a leadership vacuum at the CBK which has been without a second Deputy Governor for seven years.This...
News Kenya Finance: Kenya is running out of US dollars
Kenya is facing an acute foreign exchange crunch, with US dollar reserves dropping to their lowest in eight years as its currency keeps plummeting against major global currencies. According to the ...
News Kenya Finance: Kenya’s first skyscraper closes – and leaves a complicated legacy
As Nairobi grows ever taller, and as newer suburbs take over from the central business district as the city’s commercial centres, the Hilton stands as a landmark to a different era.
News Kenya Finance: MPs to Probe Sh6 Billion Disbursement to Buy Telkom Kenya Four Days to Polls
The Departmental Committee on Finance and National Planning is set to commence an inquiry into the disbursement of Sh6 billion to Telkom Kenya to facilitate the exit of Helios Investment Partners.The Committee led by Molo MP Kimani Kuria in particular seeks to establish if the law was followed in the disbursement of the money under Article 223 of the Constitution."The Legislators also seek to establish the regulatory and statutory approval...
News Kenya Finance: Kenya endorses Banga for World Bank presidency
The World Bank, a group of 187 nations, lends money to developing countries to help reduce poverty.David Malpass who is expected to leave office on June 30 Kenya has endorsed the nomination of Ajaypal Singh Banga, an Indian-born American business executive to head the World Bank.On Wednesday, President William Ruto said that Banga has the credentials that will help address issues facing developing countries, particularly job creation,...
News Kenya Finance: Kenya's tax agency rolls out reforms after missing targets
Last week, KRA announced its leadership changes, in which its commissioner general resigned......
News Kenya Finance: Kenya eyeing long term securities to ease domestic debt pressure
•According to National Treasury Principal Secretary Chris Kiptoo public debt stock is expected to surpass the Sh10 trillion debt limit in the Financial Year 2023- 2024.•In the current setting multilateral debt account for 47 percent of the debt equivalent to Sh2.21 trillion. The government is betting on long tenure Treasury Bonds to refinance the maturing domestic debt in its medium term debt management strategy. This will be a shift from local...
News Kenya Finance: Kenya faces fuel crisis as stocks dry up on dollar shortage
Kenyan consumers are facing fresh fuel shortages as some major oil marketing companies (OMCs) in Nairobi exhausted their stocks and turned away motorists amid serious cash-flow challenges triggered by dollar shortages.A spot-check by The EastAfrican revealed that several filling stations in parts of the Kenyan capital Nairobi had run out of petroleum products from the weekend, with those owned by Vivo Energy among the hardest hit.By Sunday...
News Kenya Finance: Kenya and EIB to partner on renewable energy sources to produce green hydrogen
A new agreement between the EIB and Kenya aims to develop and unlock investment to produce green hydrogen using renewable energy.
News Kenya Finance: KenGen finance costs rise on expiry of loan breaks
Power producer Kenya Electricity Generating Company’s (KenGen) cost of servicing loans jumped 30 percent in the half-year that ended December on the expiry of Covid-19 repayment breaks.The power distributor says its finance costs — interest, and other charges involved in the borrowing of money — rose from Sh897 million to Sh1.17 billion, piling pressure on its net earnings.“Finance costs rose from Sh897 million to Sh1.17 billion, owing to the...
News Kenya Finance: Toyota Kenya ordered to pay ex-employee Sh6.2m for wrongful dismissal
Justice Linnet Ndolo on March 2, ruled that Toyota Kenya did not avail any valid reason for Abigael Munyinyi’s dismissal and she was entitled to compensation for wrongful and unfair dismissal.The judge said, Toyota failed the test of following the procedures for a disciplinary hearing as required by Section 41 of the Employment Act. Toyota Kenya Limited has been ordered by the High Court to pay its former Finance Manager Sh6.2 million for...
News Kenya Finance: Blow to suppliers as Kenya Power rejects bids in dollars
The contractors have insisted that the bulk of materials used to make equipment and items such as transformers are imported.There are fears that the move would negatively impact on local manufacturers. Kenya power suppliers have suffered a staggering blow after the utility firm orders them to submit their bids only in Kenya shillings.Some suppliers had petitioned Kenya Power to be allowed to price their tender bid prices in dollars to cushion...
