From the 1st of October 2021 the prices of not less than 31 goods in Kenya, will be increased significantly. These goods include Bottled water, Beer, Juice, and Fuel. This increase will occur because the Kenya Revenue Authority (KRA) will be implementing the annual inflation tax adjustment on the excise duty charged on said products. On Tuesday the 10th of August 2021, the Kenya Revenue Authority (KRA) made it known that the excise duty imposed on the products, will increase by 4.97 percent in line with the average annual inflation. What this means is that a majority of the manufacturers…
Author: Tobey
International organization; the International Monetary Fund (IMF) has warned the general public across the world, against adopting the use of any Cryptocurrency including Bitcoin and Ethereum as legal tenders. In a blog post with the title: ‘Crypto Assets as National Currency? A Step Too Far’ the International Monetary Fund (IMF) stated that it does not envision cryptocurrencies becoming national currencies. It went on via said blogpost, to highlight the numerous costs and risks involved if it did indeed end up happening. The blogpost which was written by the Director and Financial Counselor of the International Monetary Fund (IMF)’s Monetary and…
An individual who had accused telecommunications giant; Safaricom of taking a hold of his plan to set in motion M-Pesa payments via the use of a simple tap of a phone sticker, wristband or card, has now lost his battle to be paid the sum of 209 million Kenyan Shillings by Safaricom. According to Mr. Jonathan Murangiri Gikabu the M-Pesa 1 Tap product, was his invention after selling said idea to the telecommunications company in 2014. The M-Pesa 1 Tap product was a significantly faster way to pay for services or products by simply tapping a card, wristband, or phone…
Companies based in the United States (US) have reportedly suspended all their investment plans in Kenya. The decision is as a result of the growing uncertainty surrounding the new free trade deal between the East African nation of Kenya and the United States (US). A significant amount of companies based in America had already starting making numerous investments in Kenya as a result of the anticipation of a brand new investment and bilateral trade agreement between the United States (US) and Kenya. The conversations regarding the free trade agreement were however affected by the departure of the Donald Trump administration…
On Friday the 30th of July 2021 the East African nation of Kenya extended its Coronavirus (Covid-19) curfew until further notice. The particular reason for the circumstance is the fact that the country has continued to experience higher cases of infections within its borders. The Cabinet Secretary (CS) for Health; Mutahi Kagwe made it known that the curfew hours will continue to go on from 10pm to 4am. Kenya had by the Friday the 30th of July 2021 recorded a total of 945 new Coronavirus cases from 7,295 tests which were done over a period of 24 hours. This signifies…
According to recent reports the Kenya Revenue Authority (KRA) is gearing up to begin the limiting of the number of times individuals in Kenya can file Nil tax returns to not more than three (3) years as the maximum number of years. The Kenya Revenue Authority (KRA) believes that after three (3) years the individual must be capable of working successfully. The Director General of the Kenya Revenue Authority (KRA) while speaking during a Taxpayers Sensitization week revealed that, an increasing number of Kenyans have been filing nil tax returns despite the improvement they have seemingly experienced in their finances.…
The East African nation of Kenya, has initiated negotiations with a Chinese company regarding compensation. The Chinese company in question, was contracted to construct the second terminal at the Jomo Kenyatta International Airport (JKIA). The contract was however cancelled as a result of fears that a dispute could cost taxpayers hundreds of millions of Kenyan Shillings. The Board of the Kenya Airports Authority (KAA) has approved the negotiations with CATIC (which stands for China National Aero-Technology International Engineering Corporation) which has presented an asking sum of 22 billion Kenyan Shillings for the termination of the contract. The occurrence of the…
The East African nation of Kenya and the East/Central African nation of South Sudan have put an end to the visa requirements for their citizens who visit the two countries. The decision was announced on Monday; the 26th of July 2021 and is seen as a way to further encourage integration. What this means in a nutshell is that, all citizens of Kenya who travel to South Sudan, will get entry into the country for free provided that they possess a valid passport and comply with the health conditions set up for travellers. All South Sudanese citizens who travel to…
Although a number of behemoth companies all over the world are to varying degrees accepting numerous cryptocurrencies as modes of payments, Amazon had not been part of any of them probably as a result of its volatility which is quite unpredictable. Well from all indications the American multinational technology company; Amazon, is set to switch up its perspective on cryptocurrencies and is even looking to create a unique cryptocurrency as well as a blockchain strategy. According to Business Insider there is a job listing by Amazon which revealed that the company which is known for e-commerce, cloud computing, digital streaming,…
The East African nation of Kenya is reportedly set to gain from the 80 million Euros (around 10.2 billion Kenyan Shillings) funding provided by the investment part of the European Union (EU) to aid in the increasing of production for Geothermal power. The European Investment Bank (EIB) which is the investment side of the European Union (EU) on the 17th of July 2021, approved the funding which will be targeting all geothermal power projects in East Africa that are backed by the private sector. The fund by the European Investment Bank (EIB) will be beneficial to Kenya as well as…
Little; the Kenyan ride hailing company is reportedly set to begin operations in the Ethiopian capital of Addis Ababa. It will be joining a number of other Kenyan companies including Safaricom that have begun to set up operations in the country and make headway in a market which was previously closed off to foreign companies. The Chief Executive Officer (CEO) of Little; Kamal Budhabhatti while speaking to Business Daily Africa made it known that the company will be investing 5 million United States Dollars (around 540 million Kenyan Shillings) in the next five (5) years adding that it will based…
The United Kingdom (UK) has maintained placing the East African nation of Kenya on its list of nations whose citizens will not be allowed to enter its borders. This news is coming even after extensive efforts by Kenya to get the United Kingdom’s position of placing a travel embargo on it, reviewed. The United Kingdom (UK) had sometime last week updated the nations on England’s “Red List”. The move came in the middle of fresh concerns regarding the spread of new variants of the Coronavirus (Covid-19). Kenya which was first include on the “Red List” in April of 2021 has…
The Energy and Petroleum Regulatory Authority (EPRA) has made the decision to cut down the sales margin of suppliers by as much as 7.31 Kenyan Shillings per litre in order to prevent the Diesel prices and Petrol prices from going any higher, while also preventing any outcry by general public regarding any monthly review which would have led to the fuel prices getting even more expensive and reaching an all time high. The Energy and Petroleum Regulatory Authority (EPRA) stated that the prices for Diesel, Kerosene, and Petrol would stay the same in the course of the next month even…
The Central Bank of Kenya (CBK) has requested that the Kenyan Parliament revised a proposed law which would allow digital lenders in the country to return to reporting all customer loan defaults to the Credit Reference Bureaus (CRBs). In April of 2020 digital lenders in Kenya had previously been instructed to cease the filing of loan default reports with the Credit Reference Bureaus (CRBs). The Central Bank of Kenya (CBK) stated that the decision was in response to the numerous complaints highlighting the abuse of the credit profiling system, by a number of the digital lenders. On Tuesday the 13th…
