Home > Insights > Former Kiambu Governor William Kabogo has advised the Kenya Revenue Authority (KRA) to not burden Kenyans with heavy tax.
Tuesday, 29 Jan 2019

Former Kiambu Governor William Kabogo has advised the Kenya Revenue Authority (KRA) to not burden Kenyans with heavy tax.


Insights Africa

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Economic Outlook

Economic Outlook

  • Former Kiambu Governor William Kabogo has advised the Kenya Revenue Authority (KRA) to not burden Kenyans with heavy tax. Instead KRA is supposed to tax them reasonably, especially startups.
  • The Central Bank of Kenya announced that mobile money use in Kenya confronted higher taxes reaching 343 BN KES (3.4 BN USD) in 2018. Adding that the total transactions stood at 39.4 BN USD in 2018 compared to 36 BN USD in 2017 which indicates the importance of the service in the lives of Kenyans.
  • In Nairobi, the real estate industry is experiencing a marked and general recovery in Q4-2018 which resulted in working class and middle-class Kenyans beginning to experience some improvement in their disposable incomes.
  • Angolan and Zambian officials are working to sign an agreement in 2019 to end double taxation that allows for stability in business between the two countries.
  • Ethiopia Prime Minister and the President of the European Union Commission, Jean-Claude Juncker, signed three financing agreements amounted to 130 MM EUR to support investments in the African nation's economy.
  • Ethiopian Prime Minster Abiy Ahmed stated that Ethiopia is working to enhance the engagement of the private sector in order to ensure more inclusive and socially sustainable growth.
  • South Africa and Namibia have signed a fisheries Memorandum of Understanding (MoU), outlining how they will work together in various matters within the fisheries space as the two countries share a border.
Political Events

Political Events

  • The ruler of Qatar offered support for Sudan "unity and stability" at a meeting with President Omar al-Bashir on his first foreign visit after more than a month of protests against him.
  • The National Cereals and Produce Board (NCPB) will apply a quota system in purchasing two million bags of maize worth 5 BN KES (49.6 MM USD) from farmers to ensure equity.
  • A number of African countries had announced their interest in planning and introducing nuclear power primarily to support the nation's population growth and increasing energy demand as well as the nations' industrialization programs. Among these nations include Kenya and Zambia.
Stock Market

Stock Market

  • Lafarge, the French multinational, is in talks to acquire East African Portland Cement Company (NSE:EAPC). The firm is now considering bailing out EAPCC, which it holds 41.7% stake, by purchasing the remaining stake from the government and other shareholders.
  • Equity transactions on the trading floor of the Nigerian Stock Exchange (NSE), sustained rising profile, following price gains by the bellwethers, especially Dangote Cement, and Guaranty Trust Bank (GTB), as market capitalization appreciated further by 44 BN NGN. 
Companies Transactions

Companies Transactions

  • Saudi Arabia-based Adwaa Alkhalil Development Construction (AAC) is investing 700 MM KES (6. MM USD) in a residential tower in the upmarket real estate and commercial hub of Kilimani, Nairobi.
  • The Competition Authority of Kenya (CAK) has given ArtCaffé Group, owned by US private equity fund Emerging Capital Partners (ECP), the green light to acquire all shares of high-end eatery ArtCaffé Coffee and Bakery Limited.
  • Restaurant chain Java House Africa is set to inject 1 BN KES (9.9 MM USD) into growth plans across the region as part of its 2019 plan that includes the introduction of a new brand of eateries and expansion of express stores.
  • Co-operative Bank of Kenya joint leasing venture with South African logistics firm Super Group has concluded a major deal to supply 125 police vehicles worth over 890 MM KES (8.8 MM USD).
  • Hemingways Nairobi and Sarova's Mara have been named the top hotels in Kenya by global travel website TripAdvisor.
  • In Kenya, Britam Asset Managers has bought a 1.4 BN KES (13.9 MM USD) stake in a local electricity producer through a US-based investment firm Gulf Energy via New York-based Everstrong Capital as the company seeks to diversify its investments beyond equities, real estate and bonds.
  • The Zambian Open University Student Union (ZAOUSU) Executive has set aside 30, 000 Zambian Kwacha (2,515 USD) in its January to June 2019 Budget as part of the student revolving fund that provide interest-free loans to ZAOU Students.
  • In Burundi, Rainbow Rare Earths, a mining company, is raising up to 7.75 MM USD through a combination of a 750,000 USD unsecured convertible security and a 24-month equity facility of up to 7.0 MM USD.

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