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...
By John Mutua Business Reporter Nation Media Group Collections from a levy meant to discourage the use of kerosene to adulterate diesel and super petrol fell to the lowest level last year amid sky-high prices of kerosene. Analysis of official data shows that the Energy and Petroleum Regulatory Authority (Epra) collected Sh1 billion from the anti-adulteration levy in the year ended...
By Kepha Muiruri Business Reporter Nation Media Group Poor tax mobilisation across nine months of the current fiscal year to the end of March has opened up a Sh270 billion budget hole, new disclosures show. Submissions by the Treasury to Parliament reveal the shortfall in total revenues, which was primarily due to the poor performance of ordinary revenues or taxes. “By the end of March...
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A recently released study on digital platforms in Kenya revealed that only 16 percent of the consumers of food delivery and grocery platforms in Nairobi and Mombasa had complained about unsatisfactory service. Of the complaints raised in the study conducted by the Competition Authority of Kenya (CAK), 60 percent were neither attended to by the platforms nor followed up by the complainant. Consumers have...
Thousands of years ago, a few hundred years after the Almighty had created Earth, its inhabitants had become insanely wicked. So wicked that the creator, despondent with the results of his hard work, felt perhaps pressing the control, alt and delete button on his creation could wipe out the nonsense and reboot his creation. But he loved one good fellow called Noah, who he believed would save the...
By Marion Sitawa Business and Lifestyle Reporter Nation Media Group Two Kenyan firms are among 21 from Africa selected to join the inaugural Google, Generative AI Cohort and access more than $20 million (Sh2.6 billion) funding for their projects. The two companies, Jacaranda Health and EIDU, will benefit from the six-month programme, which aims to support non-profit organisations that are...
One central principle enshrined in the IFRS sustainability standards, notably IFRS S1 - General requirements for disclosure of sustainability-related financial information, is the connectedness of the information provided in sustainability-related financial disclosures and other general-purpose financial reports such as financial statements. Therefore, there is an expectation that the...
By Sinda Matiko Lifestyle Reporter Nation Media Group On June 4, 2022, amidst the electrifying atmosphere of the GG Tent City auditorium at Ruimsig Stadium in Johannesburg, South Africa, Caren Namenya Mulyanga stood poised in a rhinestone-studded navy blue bikini, a garment so petite it could slip into a zip-lock pouch with ease. If someone had told the once sceptical 29-year-old that she...