Stockbrokers now take tax case to the Court of Appeal
Stockbrokers now take tax case to the Court of Appeal Stockbrokers are set to move their fight against the capital gains tax (CGT) to the Court of Appeal following a High Court ruling allowing the taxman to implement the new levy. Although the Treasury secretary Henry Rotich announced last month…
Super rich Kenyans hold 30pc of their property portfolio abroad, says report
Super rich Kenyans hold 30pc of their property portfolio abroad, says report Wealthy Kenyans are investing significant amounts of their wealth outside the country with Britain being their preferred destination for property purchases. Ultra-high net worth individuals in the country, each with wealth amounting to more than Sh2.8 billion or…
Britam posts 23pc jump in 2014 after-tax profit
Britam posts 23pc jump in 2014 after-tax profit Financial services group British-American Investments Company Limited (Britam) has announced an after tax profit of Sh2.8 billion for the year ended December 31 2014, up 23 per cent from Sh2.3 billion the previous year. Group Managing Director explained that the key…
Mumias starts search for new CEO in shake-up plan
Mumias starts search for new CEO in shake-up plan Mumias Sugar Company on Friday starts the search for a new CEO as well as other top positions as part of turnaround efforts that will see the board and management of the miller sent home. This comes soon after the government…
Gulf African Bank records 41 per cent profit growth
Gulf African Bank records 41 per cent profit growth Shariah-compliant lender Gulf African Bank (GAB) has recorded a 41 per cent growth in profits after tax, riding on improved operating efficiencies. Gulf African Bank reported an after-tax profit of Sh402 million up from Sh285 million a year earlier. The growth,…
Chase Bank plans to boost capital base as profit hits Sh2.3bn
Chase Bank plans to boost capital base as profit hits Sh2.3bn Chase Bank is set to undertake another capital raising venture following rapid growth, straining the ratios set by the regulator. Its total capital as a ratio to its loan book stood at 15.3 per cent in December compared to…
Capital gains tax to be paid after property transfer
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…
Ministry proposes VAT waiver to spur tea earnings
Ministry proposes VAT waiver to spur tea earnings The Ministry of Agriculture has proposed to waive value added tax (VAT) and reduce ad valorem levy charged on Kenyan tea in order to make the beverage competitive in the wake of a slump in world prices. Agriculture PS Sicily Kariuki indicated…
The best platforms for e-commerce payment
The best platforms for e-commerce payment To have a successful platform, one needs to ensure that customers and users can easily get around the site to purchase items, pay for them and have them delivered conveniently. Running a local business that has clients from around the world can be…
IFC report reveals Vimal and Shah family stakes in Bidco
IFC report reveals Vimal and Shah family stakes in Bidco Billionaire businessman Vimal Shah has equal shareholding as his father Bhimji Shah and brother Tarun Shah in cooking oils multinational Bidco as shown in documents filed with the World Bank’s private lending arm IFC. Vimal Shah controls 33.3 per…
Centum explores Sh8bn bond option in expansion plan
Centum explores Sh8bn bond option in expansion plan Centum Investments is exploring the possibility of raising an estimated Sh7.5 billion from the bond market to fund its operations in various sectors of the economy. The funds are to finance Centum’s ambitious strategic plan that will focus on investments in the education,…
Kenyan coffee prices drop at auction
Kenyan coffee prices drop at auction The price of Kenyan coffee has dropped in recent sales, losing 22 per cent of its value in a month following improved harvests among major producers Brazil and Colombia. At the Nairobi Coffee Exchange (NCE), the price of 50 kilograms has dropped from a…
Equity takes top banking spot with Sh17bn profit
Equity takes top banking spot with Sh17bn profit Equity Group Holdings, the parent company of Equity Bank, posted a Sh17bn profit in the year ended December 2014. The record profit enabled Equity to topple rival KCB from its long-held position as Kenya’s most profitable bank. Equity Group rode on increased lending…
New Kenyan law to ease revenue payments set for next year
New Kenyan law to ease revenue payments set for next year Kenyans will have to wait for at least a year to have a new Income Tax Act. The new Act is intended to, among other things, simplify payments to the revenue authority, remove exemptions and broaden the tax…
Bad debts to hurt lenders’ profits on tight CBK scrutiny
Bad debts to hurt lenders’ profits on tight CBK scrutiny A new report by Citigroup’s investment banking arm has indicated that the profitability of Kenyan banks will take a hit from increased provisioning for bad loans as Central Bank of Kenya (CBK) heightens its scrutiny on their books. The international…
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