Kenya risks a trade war with the USA over its plans to tax firms in the digital marketplace.

This is if the draft Value Added Tax(VAT) law on digital firms is adopted. The US Department of Trade has already opened probes of several countries planning or already taxing its tech firms. READ MORE..

The Parliament’s Budget and Appropriations Committee (BAC) in their submission on the estimates of the Budget2020/21 says that the growth estimates are overambitious. Kenya’s Ministry of Treasury had presented the Budget estimates to the National Assembly in late April with the BAC seeking views of the public in 12 counties. READ MORE..

The Treasury is seeking to delete a paragraph exempting from taxation income from employment paid in the form of bonuses, overtime and retirement benefits to employees whose taxable employment income does not exceed the lowest tax band in the Finance Act, 2016. READ MORE

Safaricom’s #ticker:SCOM Chief Financial Officer (CFO) and Board Executive Director Sateesh Kamath has been appointed as the new Vodafone Business CFO effective July 1.

Before joining the telecom in 2016, Mr Kamath worked at Vodacom Tanzania under similar capacity.

Reference:https://www.google.com/amp/s/www.businessdailyafrica.com/corporate/companies/Safaricom-finance-boss-Sateesh-Kamath-exits-joins-Vodafone/4003102-5574084-view-asAMP-bghyegz/index.html

UoN ranked in the top 6.8% globally Tuesday, June 9, 2020 UoN has been ranked in the top 6.8% out of twenty thousand universities worldwide according to the Center for World University Rankings’ new list for 2020-21. The Center for World University Rankings (CWUR) publishes the largest academic rankings of global universities.

Central Bank of Kenya weekly bulletin for the week ended June 5 shows that the Kenyan shilling made marginal gains against international currencies. The shilling exchanged at Ksh106.12 per US dollar on June 4 compared to Ksh 107.03 per US dollar on May 28. READ MORE..

This little box dictates your legal relationship with the social media provider and also sets out your rights ( or lack of as the case may be). The first thing to note is that the jurisdiction that governs the contractual relationship each user has with the provider. In the case of Zoom, the little box designates Carlifonia, United States Of America ( USA) as the jurisdiction. This means if you ever had a legal issue with your service provider Zoom,then you can only have the dispute heard in Carlifonia, USA.

The European Union (EU) has granted Kenya an additional Ksh.7.8 billion to address the socio-economic impact of the COVID-19 pandemic.

EU, in a statement to the press released on Monday, said the funds are geared towards helping Kenyans at risk of hunger and strengthening measures to curb the spread of the disease.

The package includes Ksh.3.6 billion for mobilising resources towards containing the spread and impact of COVID-19 in the health, social and economic sectors through budget support to the Government of Kenya.

Kenya’s forex reserves surged back to pre coronavirus levels, hitting Sh$9.26 billion (Sh981.3 billion) in the week ended Friday, June 5, fuelling shilling’s strength against the US dollar.

According to the weekly bulletin by Central Bank of Kenya (CBK), the local currency strengthened against major international and regional currencies during the week, exchanging at Sh106.12 per compared to Sh107.03 the previous week.

Regional based re-insurer Kenya-Re has projected a Ksh.1 billion revenue hit from increased claims and rebates on premiums as businesses globally seek to negotiate their contracts with underwriters and re-insurers.

According to Kenya Re Managing Director  Mr. Jadiah Mwarania, the five per cent hit will be ‘the worst case scenario’ for the corporation in the wake of anticipated business losses occasioned by the pandemic.