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Financial-policy

Good News To Loan Borrowers As CBK Announces The Following

The central bank of Kenya is responsible for formulating monetary policies to achieve and maintain price stability. The central bank also promotes financial stability,an effective and efficient payment,clearing and settlement systems,formulates and implements foreign exchange policies. Today, the CEO to the central bank has announced that CBK monetary policy committee will be retained at base lending rate at 7 percent. It has maintain the rate so that the country may be in a position to recover from the economic

  2 months ago
Good News To Loan Borrowers As CBK Announces The Following

Bad News To Tax Payers As KRA Makes This Announcement

The Kenya Revenue Authority (KRA) is an agency that's responsible in the assessment, collection and accounting to all revenues as per the written laws of Kenya. They are also responsible for submitting of returns and payment of taxes on behalf of the taxpayers across the country. The following are the new announcements that have been made by the authority (KRA). ✓All transactios through the digital marketplace will be subject to taxation. A digital marketplace is a platform that enables buyers and sellers

  2 months ago
Bad News To Tax Payers As KRA Makes This Announcement

Good News To Taxpayers As KRA Announces This

Speaking to the press, today 18th January 2021, the Deputy Commissioner policy and Tax Advisory {KRA}, Caxton Musundi gave new directives concerning payment of taxes and their respective reparcartions. Caxton said, those who have not made full disclosure of their tax liability can do it without paying any penalty and interest of any amount. However, failure to pay your taxes as required, then you must pay all the interests and all other penalties that it may attract, Caxton enunciated. As per the constitution,

  3 months ago
Good News To Taxpayers As KRA Announces This

Good News To Unemployed Kenyans As KRA Announces The Following Job Positions

Kenya Revenue Authority (KRA) is the principal revenue collector for the Government of Kenya. It has a primary goal of delivering Kenya to financial self sufficiency through tax revenue mobilization. The principal collector has a responsibility to collect tax for the economy. Tax collection help citizens to fend for themselves. Hence its Motto. The authority ensures no citizen escape paying tax at all costs. It imposes Tax on both goods capital. However,the principal collector is pleased to invite application

  2 months ago
Good News To Unemployed Kenyans As KRA Announces The Following Job Positions

How New Tax Rates Has Messed Up Many Government Employees.

The new tax rates that was agreed upon on twenty- forth December last year by the members of parliament has really messed up the budget of government employees. This is from the commitment they had already done to the tax relief. Many o them had committed it by applying for loans. The government employees had committed their tax reliefs and didn't expect anything of from the government in form of tax. To their surprise, they found themselves in ditches of various depths after the government returned the tax

  2 months ago
How New Tax Rates Has Messed Up Many Government Employees.

Why Safaricom is Regulated by CBK Even Though it's not in the Banking Sector

Safaricom which is one of the most profitable Company in East and Central Africa headquartered and centrally managed at Safaricom House Nairobi is regulated by the Central Bank of Kenya even though it's not in the banking sector.Ever wondered reason why?

  1 months ago
Why Safaricom is Regulated by CBK Even Though it's not in the Banking Sector

How Banks Will Lose Money As A Result Of New Tax Rates

From the new tax rates, it seems like many banks are going to loose a lot of money due to them allowing clients to use tax reliefs to borrow loans. The banks are really in worry after the employers declared that they are supposed to pay a third of the salary to their employees yet some banks had allowed use of relief. Therefore, it might not be easy for the banks to do the deductions since it is check off kind of deduction. This decision really messed up the banks as well as the clients. The worry is on two

  2 months ago
How Banks Will Lose Money As A Result Of New Tax Rates

Another Twist As Government Borrows Over Sh500 Billion In Less Than 6 Months

The government of kenya to faces financial challenges. In the 2020/2021 financial budget,Kenya faces a deficit of about 32 billion. Kenya Revenue Authority (kra) last financial year collected an amount less from tax payers. This is linked to low tax responsibility by tax payers. The ministry of finance was therefore left with no option but opt for sourcing from other external financial lenders. World bank and international Monetary Fund and African Development Bank become of great relief to Kenya. CS Minister

  3 months ago
Another Twist As Government Borrows Over Sh500 Billion In Less Than 6 Months

Scandal In ICT Ministry As They Can't Account For 12 Billion Shillings

It is yet another painful moments to the Kenyan tax payer after a new scandal was realized at the ICT ministry following the audit reports that were given by the current General Auditor Nancy Gathungu.

  2 months ago
Scandal In ICT Ministry As They Can't Account For 12 Billion Shillings

How New Tax Rates Affected Messed Up Many Government Employees.

Many government employees found it hard last month after they received their January salary. They really faced tough times after they got amount that was below their expectations. They did not believe that the tax relief was removed and they paid the whole amount. The employees went to the banks smiling but came back sad. They had no idea about the effect of the new tax rates. They really blamed the banks for accepting and allowing them to use tax relief to apply for loans. They are in messes. But the question

  2 months ago
How New Tax Rates Affected Messed Up Many Government Employees.

"Senate is Just a Bystander on Taxes", Aaron Cheruiyot Distances Senate From Tax Increment

The cost of living is overlapping the income of many citizens due to hard economic situation experienced in the country due to the Covid-19 pandemic.To make it even harder, the government has approved an increment in the cost of fuel which essentially implies that the cost of transport will be

  1 months ago

How To Avoid Taxes Legally in Kenya

You can avoid tax, evade tax or pay tax.Although some reliefs are little, it doesn't make sense to leave money that you can have and use it for other meaningful investments.

  1 months ago
How To Avoid Taxes Legally in Kenya

Desperate Times Calls For Desperate Measure! New Tax Rates That Will See Kenyans Pay High Taxes

Kenyans will have to deep more into their pockets this 2021. The new tax rates will make many employed Kenyans to deep more into their pockets. Finance CS Yattan has new information for employed Kenyan saying that Kenyans have to take up the challenge to help raise enough money to run the government. According to the new KRA PAYE tax rates Kenyans earning between 0-24000 ksh per month, will pay a tax rate of 10%. Those on the packets of 24001 to 32,333 will pay a tax rate of 25%. The remaining amount from 32334

  2 months ago
Desperate Times Calls For Desperate Measure! New Tax Rates That Will See Kenyans Pay High Taxes

Tax Holiday? What This Actually Means For The Unemployed Kenyan Youth As Proposed In The BBI

A tax holiday is a period during which tax concessions are made for some reason; examples include an export incentive or an incentive to start a new business given by some governments, in which a company is excused all or part of its tax liability.

  1 months ago
Tax Holiday? What This Actually Means For The Unemployed Kenyan Youth As Proposed In The BBI

Opinion: A Glance Of The New Tax Increase

During the amendment of tax duties in December 2020, Parliament acquainted changes with the assessment laws that diminished the number of expense groups to only three and slapped a 30% duty rate on any sums above Ksh 32, 333. Here is an outline of all the key expense recommendations remembered for the Bill and how it affects Kenyans paying little mind to the inversion to the assessment alleviation which brought about lower extra cash when the accounts of most people have been extraordinarily influenced by the

  2 months ago
Opinion: A Glance Of The New Tax Increase

Taxes to Rise as IMF Sets Tough Conditions in Ksh262B Loan

The loan comes at a cost for taxpayers who will bear the burden as the government bowed to tougher conditions set by the global financial institution. IMF wants the Kenyan government to slowdown borrowing as its debt level is inching towards unsustainable levels increasing the risk of defaulting on the loans.    IMF directed Kenya to find other sources of revenue, with the most available alternative being raising of taxes to fund development projects and meeting a ballooning wage budget.  "The authorities

  2 months ago
Taxes to Rise as IMF Sets Tough Conditions in Ksh262B Loan

Couple Slapped With 9.3 Billion Tax Bill By KRA

Image: courtesy Paleah Stores Ltd, owned by a couple based in Embu, required KRA's Ksh 1,361,746,295 corporate tax and Ksh 7,891,387,842 in value-added tax (VAT), including interest and penalties, to be denied by the Tax Appeals Tribunal. After a tribunal dismissed the tycoon's appeal and ruled in favor of the taxman, the businessman lost Ksh 9.3 billion to the Kenya Revenue Authority (KRA). The owner of Paleah differed from KRA, claiming that after making his own study and review of the records, he was to pay

  2 months ago
Couple Slapped With 9.3 Billion Tax Bill By KRA

What KRA is targeting in the new tax

The taxman contended that they likewise fall under the new expense as they procure from encouraging on the web organizations and people to create income.  "Web-based media influencers will be subject to pay computerized administration charge since their pay is gotten from or gathered from the arrangement of administrations through an advanced commercial center or by giving advanced promoting administrations in Kenya," KRA expressed.  "Compassionately note an influencer is an individual who orders a finishing

  3 months ago
What KRA is targeting in the new tax

Good News to Kenyans as KRA Announces Job Opportunities

The Kenya revenue authority is expected to hire more officers in its new move as it about to scale its operations so as to curb the tax evasion in the nation. This comes after the Parliament's Finance and National Planning Committee issued a directive to the national treasury for the provision of funds for the successful recruitment of the officers. The recruited officers will be given the mandate to investigate people's sources of income as well as their expenditure when it comes to tax declaration. They will

  3 months ago
Good News to Kenyans as KRA Announces Job Opportunities

Critical Thinking on Poverty and Economic Inequality

Economic inequality has rapidly heightened in the past years and has led to several assistance programs. These are the Temporary Assistance for Needy Families (TANF), Medicaid, Earned Income tax Credit (EITC), and Supplemental Nutrition Assistance Program (SNAP). The programs are beneficial to low-income families, and TANF provides funds for several services such as education, transportation, and wage supplements for working-poor families’ job training. They assist children predisposed to neglect and abuse.

  3 months ago
Critical Thinking on Poverty and Economic Inequality