By Sam Kiplagat Court Reporter Nation Media Group The High Court has ordered the preservation of more than Sh62 million seized in cash from a businessman said to be a kin to former Treasury CS Ukur Yatani, last month. The court was informed that the 4,600 pieces of dollars in 100 denominations were seized from the residence of Ibrae Doko Yatani on April 24, 2024, the same day the Ethics...
By Constant Munda Business Reporter Nation Media Group Kenya’s private sector activity steadied in April compared with a month earlier on back of easing inflationary pressures amid a stable currency, findings of a closely-watched survey suggested. Stanbic Kenya Purchasing Managers Index (PMI) — a measure for private sector activity such as such as output, new orders and employment—...
By VINCENT OWINO Business & Technology Reporter Nation Media Group An audit of the financial records of the Kenya Union of Savings and Credit Co-operatives (Kuscco) has revealed a rot that has cost the organisation over Sh6 billion in losses, prompting the dismissal of the board and senior officials. The review, done by American audit firm Grant Thornton, disclosed misappropriation of...
By Hilary Kimuyu Reporter Nation Media Group What you need to know: Kura says water levels have risen on the road following the heavy downpour experienced Sunday night.Motorists were advised to seek alternative roads. The Kenya Urban Roads Authority (Kura) has announced the closure of a section of the United Nations Avenue road in Runda due to flooding. In a statement on Monday,...
Prime Monday, May 06, 2024 - 4 min read Photo credit: Design by Chrispus Bargorett By James Anyanzwa Business Reporter Nation Media Group Kenya’s parastatals have been banned from holding idle cash in bank accounts under a new public finance reform plan seeking to enhance transparency and efficiency in the use of public resources. Treasury Cabinet Secretary Njuguna Ndung’u...
By Charles Mwaniki Business Reporter Nation Media Group The National Treasury is cutting its expected net borrowing for the current fiscal year by Sh67.5 billion, a move that is expected to boost efforts by the Central Bank of Kenya (CBK) to bring down interest rates. Budget documents tabled by the Treasury on Tuesday show a revision of net domestic borrowing for the 2023/2024 fiscal...
By Dominic Omondi Business Reporter Nation Media Group The government has made a U-turn on plans to abandon the Sh376 billion road programme started by retired President Uhuru Kenyatta to upgrade the less-used roads in rural Kenya. New documents tabled in the National Assembly by Treasury Cabinet Secretary Njuguna Ndung’u show that allocation to the annuity roads programme has been...
Monday, May 06, 2024 - 4 min read Flooded homes are seen at Mukuru-Kayaba slum in South B on April 21, 2024. Photo credit: Sammy Kimatu | Nation Media Group By David Mwere Business Reporter Nation Media Group The government wants the National Assembly to approve Sh10.6 billion to cater for emergency response on the account of the flooding situation in the country, caused by...
In the era of global financial transparency, governments worldwide have been implementing regulations to combat tax evasion and promote tax compliance. One such significant initiative is the Common Reporting Standard (CRS), developed by the Organisation for Economic Co-operation and Development (OECD). This is a pivotal framework for facilitating the automatic exchange of financial information between...
By Peter Mburu Business Reporter Nation Media Group More than half of businesses on the Kenya Revenue Authority (KRA)’s electronic Tax Invoice Management System (eTIMS) are not transacting on the platform, underlining the government’s headache in its efforts to expand the tax base. Latest KRA data show that of the 236,000 businesses that have been onboarded on the eTIMS, only 49...