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Kenya Economy Watch
Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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KRA in talks with counties to step up tax collection
“While we have the framework and experience in revenue collection, we expect to use the county government’s grassroots reach,” Mr Njiraini said. He said the deal would be a win-win affair for both parties. In the plan, county governments would earn agency fees by collecting taxes on behalf of the taxman. They would also be trained in developing the right policies for effective collection of levies and taxes. Mr Njiraini said this came about following request from counties. KRA has a presence in 27 counties and plans to move into 10 others. But Mr Njiraini said they did not have sufficient manpower for domestic tax management hence the need to work with county governments. “Tax enforcement is a challenge with 4,500 staff for the entire country, that is why we intend to bring on board counties and use their staff,” noted Mr Njiraini. In the next two weeks, he said, the revenue authority would launch an electronic tax payment system called iTax, supported by mobile phones to simplify and reduce the cost of tax compliance.
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Rank: Member Joined: 8/16/2012 Posts: 660
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Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Tax everything bogus mentality continues... VAT on mobile phones - http://www.businessdaily...66/-/wv6277/-/index.html$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Oil marketers win, consumers lose - http://www.theeastafrica.../-/12mtl39/-/index.html $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Nice 
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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High voltage line to boost power supply
Power supply in Nairobi and its environs is expected to get a boost in the next four months with the completion of a high-voltage transmission line with capacity to handle 1,500 megawatts. Government-owned Kenya Electricity Transmission Company (Ketraco) has said the Mombasa-Nairobi transmission line was set for completion by end of the year after it was hit by delays due to re-routing of lines following objections and court cases by land owners along the original route. Its completion was initially planned for next month. ..... also, >Ketraco said construction of transmission lines to Suswa sub-station, from Lake Turkana wind project which is still being developed, is expected to start next month. Spain has advanced a Sh12.1 billion loan towards the Sh18.3 billion project with capacity to generate 800MW. >Ketraco said it will issue tender documents for construction of transmission lines from Ethiopia, with the work expected to start by the first quarter of next year.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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PPS wrote: Kenya signs agreements worth KShs 425 billion with China
By Kazungu Chai
BEIJING, Aug 19 (PSCU) – Kenya signed agreements worth $5 billion (KShs 425 billion) with China on Monday, on the day President Uhuru Kenyatta was accorded a formal welcome including a 21-gun salute at the Great Hall of the People, the most iconic building in China.
Some $4 billion covered economic partnerships, wildlife protection, and the standard gauge railway linking the port of Mombasa and the border town of Malaba, which President Uhuru Kenyatta said would provide better access to markets to goods from Kenya as well as Uganda Rwanda, Burundi and eastern Democratic Republic of the Congo.
Another $1 billion was for energy-related projects.
The agreements were a massive boost to the Jubilee Government, which has pledged to improve the lives of ordinary Kenyans through better service delivery that is underpinned by increased investments in all sectors of
the economy.
“These agreements deepen our practical cooperation,” President Xi told President Kenyatta shortly before the agreements were signed. “China supports Kenya’s quest for industrialization.”
President Xi said China was also exploring other areas of investment, including in agribusiness, irrigation, fertilizer production and purchases, and technology.
President Xi said China would also support Kenya’s plans to host a clearing house for the Chinese renminbi currency in Nairobi – greatly boosting the Kenyan capitals credentials as a leading financial hub.
“We welcome the investment in key sectors of our economy. The rail link, particularly, is important in the context of East Africa’s shared goal of ensuring quicker movement of peoples, goods and services,” President
Kenyatta said.
Presidents Xi and Kenyatta pledged to increase contact between China’s ruling party and Kenya’s ruling Jubilee coalition. They agreed that party-to-party contact was essential to bolster political and economic partnerships.
($1=Kshs 85)
Ends… "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 3/19/2013 Posts: 2,552
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Quote:Close to 300 parastatals will soon face a major shake up to stem corruption and wanton wastage of public funds. Up to half of them rely on the Treasury to pay salaries and manage their operations, a situation President Uhuru Kenyatta wants reversed. This comes even as an audit report by Government revealed gross financial mismanagement at the Kenya Meat Commission. http://www.standardmedia...d-at-state-firms-exposed"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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murchr wrote:PPS wrote: Kenya signs agreements worth KShs 425 billion with China
By Kazungu Chai
BEIJING, Aug 19 (PSCU) – Kenya signed agreements worth $5 billion (KShs 425 billion) with China on Monday, on the day President Uhuru Kenyatta was accorded a formal welcome including a 21-gun salute at the Great Hall of the People, the most iconic building in China.
Some $4 billion covered economic partnerships, wildlife protection, and the standard gauge railway linking the port of Mombasa and the border town of Malaba, which President Uhuru Kenyatta said would provide better access to markets to goods from Kenya as well as Uganda Rwanda, Burundi and eastern Democratic Republic of the Congo.
Another $1 billion was for energy-related projects.
The agreements were a massive boost to the Jubilee Government, which has pledged to improve the lives of ordinary Kenyans through better service delivery that is underpinned by increased investments in all sectors of
the economy.
“These agreements deepen our practical cooperation,” President Xi told President Kenyatta shortly before the agreements were signed. “China supports Kenya’s quest for industrialization.”
President Xi said China was also exploring other areas of investment, including in agribusiness, irrigation, fertilizer production and purchases, and technology.
President Xi said China would also support Kenya’s plans to host a clearing house for the Chinese renminbi currency in Nairobi – greatly boosting the Kenyan capitals credentials as a leading financial hub.
“We welcome the investment in key sectors of our economy. The rail link, particularly, is important in the context of East Africa’s shared goal of ensuring quicker movement of peoples, goods and services,” President
Kenyatta said.
Presidents Xi and Kenyatta pledged to increase contact between China’s ruling party and Kenya’s ruling Jubilee coalition. They agreed that party-to-party contact was essential to bolster political and economic partnerships.
($1=Kshs 85)
Ends…
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Kidero secures Sh87bn China funding for infrastructure
He added that some other Chinese investors had proposed to fund the second phase of the Digital Traffic and Security Control, where cameras will be installed in 253 major junctions across the city from Mowlem area in Embakasi West to Karen. “We also got commitments for the health care sector where statistics show that there are 7.6 million hospital visits per year in Nairobi while my government has 83 hospitals, clinics and dispensaries. This will be upgraded to digital imaging systems,” he said. Earlier on Monday, Kidero was taken on a tour of Foton Daimler Assembly Plant in Beijing in the company firm’s Senior Vice President Qian Zi Jun. The plant produces over 100,000 motor vehicle units per annum. Governor Kidero was impressed and extended an invitation to the firm to set up an assembly plant in Nairobi to produce double cabin pick-ups.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Kenya Fights Off Port Competition With $13 Billion Plan: FreightEast Africa’s biggest port at Mombasa in Kenya is fighting off competition from neighboring Tanzania by expanding railways and building new berths to tackle congestion. Kenyan President Uhuru Kenyatta is spearheading a plan to start constructing a $13 billion railway project in November that will link Mombasa to the capitals of Uganda and Rwanda. The Kenya Ports Authority next week officially opens a 19th docking station and is investing $320 million to add three more at a new container terminal that will more than double capacity to 2.3 million containers, the biggest upgrade to the port since 1980. The government also is building a new facility at Lamu. Mombasa is losing regional market share to Tanzania as years of underinvestment in transport infrastructure mean railways and roads can’t cope with the rising volumes moving in and out of the facility. The harbor serves land-locked nations including Rwanda, Democratic Republic of Congo, Uganda and South Sudan, which are among the world’s fastest-growing economies.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rank: Elder Joined: 3/19/2013 Posts: 2,552
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The elephant in the room.Asia and our manufacturing sector.Is there a possibility of shifting production here?What about China's sovereign wealth fund?
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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The 'How' in Russia supplying Kenya with (cheaper) fertiliser. V/Interesting http://mobile.reuters.co...N0G00WU20130730?irpc=932
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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Kenya's public debt has reached ksh.1.9 trillion or $22 billion.As a percentage to GDP it's at 51.7%. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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