Capital gains tax to be paid after property transfer

The capital gains tax (CGT) applicable on real estate will be paid at the point of payment of stamp duty, the Kenya Revenue Authority has said. CGT will be applied effective on the date of transfer of the property should the date for payment for the property and transfer be different. Stamp duty is currently set at four per cent of the worth of a property, but the CGT is set at five per cent of the net gain when a property changes hands in a financial transaction [...]

CMC loses exclusive Iveco franchise to Peugeot Kenya dealer

Peugeot’s dealer in Kenya, Urysia, has signed a dealership contract for sale of Iveco vehicles in Kenya, ending the exclusive franchise previously held by CMC Holdings. The new dealership gives Peugeot’s dealer in Kenya, Urysia, a presence in the light and heavy commercial vehicles category; including buses, trucks, tippers and prime movers. Urysia has only been selling Peugeot saloon cars and utility models since 2012 when it launched operations with the French car brand in 2012 [...]

Kenya’s Metropol gets Uganda credit referencing licence

Credit reference bureau, Metropol, has been licensed to operate in Uganda giving it presence in all East African Community countries, excluding Burundi. The Kenyan-owned bureau said it would start the Ugandan operations by end of June following approvals given after a two-year wait. Uganda had previously given exclusive rights to South African Compuscan until 2012 when the monopoly agreement was cancelled [...]

Dubai firm opens Nairobi office with eye on East African market

Laser & Electronics Middle East (LEME) Group, a Dubai-based company that specialises in lighting, is opening a Nairobi office to drive expansion into the real estate sector. LEME chief executive says Nairobi’s growth as a regional hub had catalysed investments in hotels especially catering to business travellers, a key market for LEME’s products. [...]

Treasury moves to digitise records

National Treasury is to digitise all records in a move meant to improve efficiency and cut operation costs. Once complete, the exercise is expected to see more than 40 year’s worth of data digitised and archived [...]

Petitions against State tenders must be filed in 2 weeks

Projects jointly funded by the public and private sector will not be suspended even in the event of dissatisfied parties challenging their award, the National Treasury has announced in new regulations. The regulations that detail the processes and time lines to be followed by the PPP committee further state that where a petition is not filed within 15 days of awarding a tender, the contracting authority can enter into negotiations with the successful bidder [...]

Boost for youth, women and disabled as Kenya Urban Roads Authority awards multi-million tenders

Youth, women and persons with disability stand to win big as the Government dishes out hundreds of millions worth of contracts to be executed exclusively by disadvantaged persons. The Kenya Urban Roads Authority (Kura) has invited bids for the periodic and routine maintenance of 30 kilometres of roads across the country to be taken up by disadvantaged persons. This is half of the 61 kilometres of roadwork tenders earmarked for construction in several parts of the country, including Voi, Kericho, Siaya and Kitale, among other areas in the 2014/2015 financial year [...]