Levy increase set to push up petroleum prices next month
The cost of petroleum is expected to rise sharply beginning mid-August when the energy sector regulator, the ERC, is expected to add Sh6 roads maintenance levy on every litre of petrol sold at the pump. At Sh6 per litre of petrol, the roads maintenance levy will be double the Sh3 per litre increment that Treasury secretary Henry Rotich announced in his June budget statement. The Energy Regulatory Commission (ERC) said the double charge is to cover for the late application of the tax whose effective date Transport minister James Macharia gazetted last week and backdated to July 1…[…]
Keroche risks closure as KRA refuses to renew tax licence
The Kenya Revenue Authority (KRA) has refused to renew Keroche Breweries’ excise tax licence for the new financial year in a move that has threatened to stall the alcohol manufacturer’s operations. KRA in a letter sent to Keroche last week says the alcohol manufacturer has been stating incorrect excise duty rates while filing its returns, and owes the taxman huge sums of money…[…]
Sh680m Treasury boost for Rivatex’s expansion plan
Rift Valley Textile Mills (Rivatex) is set to get Sh680 million from the government to finance its expansion plan. Deputy President William Ruto on Wednesday said the cash injection is aimed at giving a new lease of life to the ailing cotton industry…[…]
Equitel to account for half of Equity’s transactions in four years
Equity Bank customers are expected to transact most of their business through Equitel in the next four years, a new report has said. London-based Exotix says in a report that Equitel, the new mobile service launched on Monday, will account for half of the transactions by 2019…[…]
Flame Tree seals spices buyout
Flame Tree Group has completed the acquisition of four brands of a snacks and spices manufacturer Chirag Kenya, a move it expects to boost its earnings in the coming years. The Nairobi Securities Exchange-listed firm made the disclosure in its trading update ahead of the publication of its half year results late next month…[…]
Real People bond buyers to earn 15pc
Investors taking up the floating-rate note option of Real People’s Sh2.5 billion bond will earn nearly 15 per cent, one of the highest offered this year. Real People Kenya will pay a coupon rate pegged at 275 basis points above the prevailing 182-day Treasury bill yield for the five-year floating rate note…[…]
Bank of Africa expands its branch network in Nairobi and Mombasa
Bank of Africa has expanded its branch network to 36 with the opening of branches in South B, Nairobi and Digo Road in Mombasa. The new branches will serve the bank’s growing number of customers as the bank taps into the retail business.…[…]
KRA’s plan to tax lucrative land transactions runs into headwinds
Kenya Revenue Authority (KRA) is unable to tax proceeds from the lucrative business of land dealing, raising fears that its target from capital gains on property could be missed. A senior Ministry of Lands official told The Standard that new laws would be required to enable collection of taxes from land transactions. Acting Director-General of Lands Peter Kahuho said his ministry was unable to enforce the capital gains tax (CGT) on land transaction as the available laws are only clear about payment of stamp duty…[…]