BUSINESS NEWS

Bankers have moved to court to challenge plans to increase tax on transactions of more than Sh500,000 as proposed by National Treasury Cabinet Secretary Henry Rotich. The Kenya Bankers Association (KBA) filed a case on Monday challenging the proposed introduction of 0.05 percent excise duty tax on…

A London-based publication has hailed the impact made by devolution in Kenya, but indicates that the system can bring more benefits if the 47 counties join regional economic blocs to attract investment. In a four-page report, the influential Financial Times newspaper says that devolution has…

Kenyans will from Sunday, July 1st be forced to dig deeper into their pockets as the new increased charges for mobile cash transfer service take effect. In his budget statement, Treasury Cabinet Secretary Henry Rotich said customers would be charged 12 per cent up from 10 percent of every cost of…

Kenya Airways is set to carry out a major overhaul of its products and services ahead of the scheduled maiden nonstop flight to the United States on October 28th. The airline said the move aims at gaining a competitive edge and is expected to involve a number of initiatives such as modernization…

Equity Bank has acquired exclusive rights to issue American Express cards to merchants and its customers in Kenya in a new deal. Equity first signed the deal with American Express under a merchant acquisition agreement in 2013, but Barclays Bank was in partnership with the US brand to recruit…

More than 2.4 million Kenyans have filed tax returns ahead of June 30th deadline even as Kenya Revenue Authority (KRA) insist the period will not be extended. The number is slightly high compared to the 1.8 million Kenyans who filed their returns by the the same time last year. On Wednesday, the…

Deals worth Sh10 billion have been signed at the ongoing United States-Kenya trade conference at the United Nations headquarters in Gigiri, Nairobi. US Under Secretary of Commerce for International Trade Gil Kaplan arrived in the country on Wednesday together with a delegation of more than 60…

Kenya Airways has recalled its Dreamliner aircrafts currently leased to Oman and Turkish national airlines. Speaking at the Jomo Kenyatta International Airport (JKIA) on Wednesday, KQ Chief Executive Officer Sebastian Mikosz said the large planes will be used for its direct flights to the United…

Taxpayers will from next year breath a sigh of relief as Kenya Revenue Authority (KRA) moves to relax tough rules on tax returns. From 2019, the taxman will allow Kenyans to file their returns after the June 30th deadline in a move aimed at boosting compliance and increasing revenue collected. The…

The Kenya Bankers Association (KBA) has issued new and tougher rules on withdrawals of huge amounts of cash from banks. In the new directives, customers withdrawing more than Sh10 million will have to give a three-day notice to the bank branch manager before the transaction. Those withdrawing such…