Author: David Indeje

The Kenya Revenue Authority has reopened its Voluntary Tax Disclosure Program (VTDP)  to help taxpayers  to get current with their taxes. Under the program, taxpayers with tax penalties that have accrued over the past five years will now be eligible for full or partial relief. KRA says that the penalties will include interests on the undisclosed taxes, and will be implemented under the VTDP that was introduced through the Finance Act, 2020. The VTDP became effective 1st January 2021 and shall be in effect for a period of 3 years up to 31st December 2023. KRA aims to use the…

ICEA Lion Group has launched its online “Money Market Fund” dubbed DigiTrust and is open for subscription with a minimum of Ksh 500. The scheme will allow investors to create and track their investment goals online. https://twitter.com/icealion/status/1349247293136973824?s=20 Money Market Funds are liquid and low-risk because of the instruments your cash is invested in.  MMF earns interest daily and it is compounded and annualized. The rate of interest is known as daily yield and effective annual yield. The daily yield is the daily interest which is computed on the funds daily and credited to your account and the effective annual yield…

Kenya’s creditors Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Republic of Korea, Spain and the US under Paris Club creditors have accepted to provide to Kenya a time-bound suspension of debt service due from January 1 to June 30, 2021. “The Government of the Republic of Kenya is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Republic of Kenya is also committed to seek from all its other bilateral official creditors a debt service treatment that is in…

The East African Business Council (EABC) is urging for lowering and harmonization of COVID-19 related charges in the East African Community, in a bid to ease the cost of doing business and boost intra-EAC trade. EABC chief executive Peter Mathuki says whereas Tanzania and Burundi are charging a standard rate of $100 (KSh10,960) for both nationals and foreigners, other partner States’ charges vary. Mathuki said this had turned out to be another form of a Non tariff Barrier (NTB) preventing a rebound of cross-border regional trade. The regional partner states of Burundi, Kenya, Rwanda, South Sudan, Tanzania, and Uganda have…

The Kenyan government should put up more regulations to support capital markets and encourage more players in the field Cytonn Investments, an independent investments management firm says. The independent investments management firm also says that the government needed to encourage more players in the field. “Capital markets influence economic growth by providing the capital that is required for investment in the real economy.  It is also important that the issuers together with the Regulatory bodies ensure that proper products are put out in the market to ensure that all issued products get back to the investors what was truly promised,”…

The tier three bank will merge its Upper Hill branch with Hurlingham branch Spire Bank closed its upper Hill branch in an overhaul of its network in line with its strategic plan. The loss-making bank says it will move all Upper Hill Branch’s accounts to Hurlin*gham Branch after the Central Bank of Kenya approved its application. In a notice to its customers, Brain Kilonzo, Ag. Managing Director said their strategic plan is “driven by digital banking solutions and branch network optimisation.” The relocation took effect Thursday. “Please note that there will be no change to your account number and any…