KRA gives manufacturers two months to comply with excise tax rules
Kenya Revenue Authority (KRA) has given manufacturers and importers of excisable goods who have not acquired licenses two months to comply with the requirements. KRA says the manufacturers who have faced difficulties in getting county government’s letters of approval will have a 60-day reprieve from the date of licensing…[…]
Uchumi hires Naivas manager in turnaround quest
Uchumi Supermarkets has hired Naivas business development and marketing manager Willy Kimani to be its chief operations officer in a management restructuring intended to reverse the loss-making retailer’s fortunes. He will be expected to help the retailer to regain its market share while fixing corporate governance loopholes that have exposed Uchumi to losses. “I’m happy to join the team that will help rebuild Uchumi. I’m ready to take on the challenge,” said Mr Kimani in an interview…[…]
UAP sees loss ahead of Old Mutual merger
UAP Holdings has slipped into Sh237 million loss even as the insurance company prepares to merge with Old Mutual. The two insurers are integrating their businesses to form UAP-Old Mutual Group. In June 2015, Old Mutual increased its stake in UAP to 60.7 per cent, giving it a controlling stake that resulted in the merger and retiring of then UAP chief executive, Mr Dominic Kiarie…[…]
KRA tightens rules on sale of ethanol
The Kenya Revenue Authority has introduced a new measures to regulate the importation, manufacturing and sale of ethanol to stem use of the product in making illicit alcohol. Under a fresh round of measures, only companies registered under the Customs and Excise Act will be allowed to deal in the product. “We will no longer allow middlemen to buy ethanol. This, we believe, will reduce the illicit spirits,” Mr Njiraini said…[…]
Firm sets up Africa’s largest biogas plant
A Sh765 million biogas plant being set up in Naivasha will generate 2.2 megawatts of power when in operation. Speaking at the commissioning of the project on Friday, Tropical Power managing director Johnnie McMillan said the new anaerobic digester (AD) will sell 50 per cent of its electricity to Gorge Farm and the balance to Kenya Power for hook into the national grid. “More than 35,000 tonnes output from the process could be used as rich, natural fertiliser to improve the crop yield for local farms,” he said…[…]
Regulator blames cartels for inflated sugar prices
The foods regulator says sugar prices are inflated by cartels and has invited the Competition Authority of Kenya (CAK) to unravel the pricing puzzle. Acting director general of the Agriculture Fisheries and Foods Authority (AFFA) Alfred Busolo observed that consumers have been exploited through exorbitant pricing on sugar with a 33 per cent mark-up over the factory-gate rates. “We feel like in terms of distributorship and retailers, there is reason for the Competition Authority to get involved,” said Mr Busolo in an interview with Weekend Business…[…]