Tax shortfall to frustrate target deficit in virus era

Analysts at NCBA and investment bank Genghis Capital say tax projections contained in this year’s budget remain ambitious in the face of the prevailing economic reality where there are job losses and businesses being slowed down by the Covid-19 restriction measures.

The Treasury targets total revenue and ordinary revenue of Sh1.871 trillion and Sh1.621 trillion respectively in the 2020/21 fiscal year.

Insurers pay Sh108m Covid-19 death claims

Insurance companies have so far paid Sh108.2 million on Covid-19 death claims since the disease was reported in Kenya mid-March.

According to the Insurance Regulatory Authority (IRA), the total claims have hit Sh109.6 million, including Sh1.45 million paid for general health cover.

Coronavirus, which causes the disease, has infected more than 3,000 people and caused 89 deaths.

The Insurance Regulatory Authority (IRA) said that the industry has so far settled 10 life insurance claims.