Absa Kenya has kept Sh1.2 billion worth of dividends that it was to remit to its parent company this week, with the move aimed at boosting the lender’s capital position.
South Africa-based Absa Group waived its right to part of its dividend ahead of the Nairobi Securities Exchange-listed firm’s annual general meeting on Friday last week.
KRA is basing the stiff measures on the Tax Procedures Act of 2015, which allows the taxman to issue travel bans on suspected tax cheats, collect duty directly from suppliers and bankers of defaulters and prosecute those in arrears. Reference:https://www.google.com/amp/s/www.businessdailyafrica.com/news/The-rich-firms-face-KRA-wrath-over-Sh250bn-taxes/539546-5581092-view-asAMP-11ece90z/index.html
The Kenya Shilling held steady against major international and regional currencies during the week ending June 18, 2020. In the week, the shilling averaged KSh106.45 against the US Dollar, KSh134.20 against the Sterling pound, KSh120.23 against the Euro, and KSh99.30 against the Japanese Yen. READ MORE..
Sustainable taxation is key to safeguard Kenya’s and Africa’s future. However, African countries continue to lose billions of dollars in tax revenue annually. Every year African countries lose at least 50 million dollars in taxes — more than the amount of foreign development aid.
This has raised a lot of concern as organizations engage in illegal activities to avoid paying high taxes.
The Kenya Universities and Colleges Central Placement Service has opened the online application system for inter-institutional transfer applications. The application is open for KCSE(2019) candidates who have been successfully placed in various universities and TVET institutions but wish to transfer to other institutions. The students portal for inter-institution application will be open for a period of two (2) months from June 16, 2020 to August 16, 2020.
Quoting the late American civil rights leader, Martin Luther King Jr., Songwe said Africa needs to remain awake and help find solutions to the pandemic as restrictions put in place to curtail the virus begin to be eased.
“This is a time to be bold. It is a time when we need to come together to ask if we are responding to the call of the youth,” she said.
The Coca-Cola System is committing $13m to support the continent through the various phases of the Covid-19 pandemic. In addition, TCCF has granted just under $4m to international and local NGOs, such as the International Federation of the Red Cross and Red Crescent Societies (IFRC) and Amref Health to procure and distribute personal protective equipment (PPEs) and other critical needs for frontline workers and to help fund ICU-enabled ambulances for example in Mauritius and Madagascar.
The issue of taxation, corporate governance and development financing is one that needs to be addressed by all stakeholders and appropriate measures enforced and implemented. At the 21st Nation Leadership Forum aired on June 18, 2020 on NTV themed, "Financing Africa through Sustainable Taxation," a team of expert panelists discussed development financing for Africa, the effect of tax evasion on developing countries, the need to adopt sustainable taxation and measures taken to prevent such losses.
President Uhuru Kenyatta on June 6 directed the ministries of Education and Health to work on modalities for gradual reopening beginning of September.
However, the cases of the disease keep rising and Thursday 213 cases — the highest so far— were confirmed even as Kenya gradually returns to business.
The Head of State has already forwarded her name to the National Assembly for vetting.
If approved by the National Assembly, Gathungu will serve for an 8-year nonrenewable term.
Her nomination comes a month after the Public Service Commission (PSC) published 10 names of candidates shortlisted for the position of Auditor General.
The post has been vacant since August 2019 following Edward Ouko’s exit.
