Taxpayers have the obligation to provide supporting documents to Kenya Revenue Authority (KRA) and in the absence of documentation, the agency is free to make its own assessment of tax liability.

The Tax Appeal Tribunal said in a ruling that the burden of providing supporting documentation lies with the taxpayer.

The law places the burden of providing supporting documentation on the appellant and in the absence of such documentation, the respondent is left with no option but to assess and apply the law as it did,” the tribunal ruled.

COVID-19 Basics

Q: What is COVID-19?

A: COVID-19 is a virus strain, first identified in Wuhan, Hubei Province, China, since December 2019.

erican Limited, a producer of commercial food and beverage equipment solutions based in Nairobi has been onboarded onto the Nairobi Securities Exchange’s (NSE) incubation and acceleration program joining a group of ambitious companies looking for their next growth opportunity through the capital markets.

Merican Limited is joining the Accelerator Board of the program following a rigorous evaluation and vetting process making it the 23rd company to join the program since its launch in December 2018.

The International Monetary Fund (IMF) and the Kenyan government have moved a step closer to agreeing on a new stand-by credit facility after the multilateral lender backed the government’s Sh161 billion budget cuts.

Cutting the wide budget deficit has been one of the conditions the Bretton Woods institution has placed on Kenya before it signs off on a new precautionary facility that works as an insurance against shocks hitting the economy.

Kenya is keen to secure a new stand-by credit agreement with the IMF after the previous one expired in 2018.

The World Bank Group has created a financing pool of Sh1.23 trillion ($12 billion) for developing economies as coronavirus spreads to more than 77 countries.

The package — which includes a concessionary credit line and a grant — is designed to help member countries take effective action to respond to and where possible, ease the tragic impacts of the virus, the bank said in a statement on Wednesday.  Read more

Odundo says that current trading trends reflect normal market cycles and portfolio shifts between emerging and frontier markets, as investors look to take profits during this reporting period.

“We are confident that the market will correct itself in due time. I urge investors to take up this lucrative opportunity to own a piece of Kenya’s most profitable companies at these reduced prices” he added.

Dubbed MoneyMarch, the month-long event is dedicated to conversations around financial health and wellness.

“Kenyans today have more choices than ever before, but they also face more risks when it comes to managing their financial lives. MoneyMarch is a moment to bring providers and customers together to discuss how we can best leverage digital credit and other services to help consumers and entrepreneurs grow and work towards their goals,” explained DLAK Chairman Robert Masinde.

The macroeconomic stability is expected to continue with inflation expected to remain within the target range at around 5% in 2020 and 2021.

Kenya’s fiscal deficit will also narrow in 2020 and 2021 reflecting favourable weather, continuing foreign direct investment and the benefits of the African Continental Free Trade Agreement (AfCFTA).

However, challenges to Kenya’s economic transformation remain in manufacturing, agriculture, the labour market, and macroeconomic stability.

The Central Bank of Kenya (CBK) is finetuning plans to acquire USD400 million to boost its foreign currency reserves amid World Bank’s projection that the effects of the spread of the COVID-19 Virus are set to shave 5% off the world’s projected economic growth this year.

In a letter to all CEOs of banks in Kenya, the monetary policy regulating institution has asked interested lenders to submit their bids.

Under the plan, BK is set to acquire USD100 million (Ksh10.2 billion) once every month between March and June which will amount to the USD400 million (Ksh40.4 billion).

Speaking during a meeting with Governors on Wednesday, CS Kagwe revealed fruitful discussions with World Bank Vice President for the African Region Hafez Ghanem who relayed commitment from the Washingon headquartered organization that it will release the funds immediately to help Kenya deal with the threat posed by the dreaded disease.