Weekly Business Snapshot: Key Highlights
Good morning! Let’s dive into today's top stories from Business Daily. || Sep 17th, 2024
Treasury cuts Sh334bn tax target for new Finance Bill
The Treasury has reduced its tax target for next year by Sh334 billion and cut spending, reflecting hesitance to raise taxes amid public anger. It now expects to raise Sh2.96 trillion, down from the Sh3.294 trillion initially planned before protests led to the withdrawal of Finance Bill 2024. — Read More
Adani seeks Sh635bn from Kenyans for power lines, substations
India’s Adani Group will seek Sh634.7 billion ($4.92 billion) from Kenyans over the next 30 years for building high-voltage power transmission lines, setting the stage for an increase in electricity prices. — Read More
Why importers face losses on impasse on insurance processing fees
Importers are facing significant losses as a standoff between the Kenya Revenue Authority (KRA) and insurance companies delays clearance of goods at the port. The dispute, which centers around KRA’s refusal to recognize insurance covers from some companies, has caused cargo to accumulate, raising costs for traders. With goods stuck for weeks, importers are calling for swift resolution to prevent further financial damage. — Read More
M-Kopa ordered to pay taxes in Kenya
The Tax Appeals Tribunal has ordered M-Kopa Holdings to pay taxes in Kenya after failing to prove it was managed from the UK. The firm sought relief after KRA assessed its taxes at Sh885 million. — Read More
Metropolitan, five Saccos face licence revocation for insufficient capital
Six savings and credit co-operatives (Saccos), including the once giant Metropolitan National, are to have their licences revoked by the industry regulator for failing to meet minimum capital requirements. — Read More
State suspends roads toll project, to map new routes
The government has suspended its plan to introduce toll charges on major roads and highways as it reviews new routes for implementation. The move, aimed at allowing more time for a detailed mapping process, follows public concerns over the proposed toll fees and their impact on commuters and businesses. The suspension gives authorities a chance to reassess the project's feasibility and address logistical challenges. — Read More
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Meru factory blames cut in farmers’ pay on lower orthodox tea prices
Poor prices of orthodox tea are to blame for the cuts in this year's second payout to farmers, the management of Miciimikuru tea factory in Meru County has said. On Friday, farmers affiliated to the factory rejected a Sh35 bonus payment announced by the management, down from Sh47 last year, and held protest marches at the facility. — Read More
Efficient operations: Five core business areas where AI can drive revenue and unlock growth
The UN estimates AI could add $15.7 trillion to the global economy by 2030, with $1.2 trillion from Africa. AI is driving innovation, improving efficiency, and transforming key industries across the continent. — Read More
Sacco loans, deposits gap hits Sh76bn on increased borrowing
Loans issued by savings and credit cooperative societies (saccos) continued to outpace members’ deposits in the year to December 2023, new sector data shows. The data from the Sacco Societies Regulatory Authority (Sasra) indicates that gross outstanding loans exceeded deposits by Sh76.4 billion in 2023, up from a gap of Sh60 billion in 2022. In 2022, the deposits stood at Sh620.5 billion, and loans at Sh680.4 billion. — Read More
“In the world of digital banking, simplicity is not just a feature; it’s the ultimate sophistication that drives user experience and customer satisfaction.” — Read More
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