Kenya’s economy is on the rise, marking a significant shift from past uncertainties to a promising future. The recent upgrade by Moody’s Ratings from a negative to a positive outlook is a strong indication that the country’s financial health is improving. But beyond the headlines, what does this mean for everyday Kenyans? How will this economic resurgence shape the future for businesses, job seekers, and families?
The public notices issued by CMC over the winding up of operations was sad news and a bitter pill to swallow for many of us. This is the sad and unfortunate reality of many companies where they have to make a decision on whether to keep fighting or to throw in the towel! The sad news comes at the backdrop of another notice issued last year by Mobius, but fortunately, they were saved by a “mysterious investor”. There is not much that has been said since then about Mobius.
Borrowers in Kenya now have a reason to breathe easier as a groundbreaking new law takes effect, banning the harassment of loan defaulters. This law is a game-changer in the financial sector, promising fair treatment for borrowers while setting clear boundaries for lenders.
To enhance corporate governance, the Capital Markets Authority (CMA) has introduced a cap limiting company secretaries to serving a maximum of three listed firms concurrently. This policy aims to mitigate risks associated with overcommitment and strengthen governance practices across Nairobi Securities Exchange (NSE)-listed companies.
On December 11, 2024, the President signed the Tax Laws Amendment Act, 2024 (TLAA) into law, with its provisions taking effect on December 27, 2024. The Act modifies several tax-related laws, including the Income Tax Act (ITA), the Value Added Tax Act (VAT Act), the Excise Duty Act, and the Miscellaneous Fees and Levies Act. Below, we highlight some of the significant changes introduced by this Act.
The Tax Laws (Amendment) Bill, 2024, and the Tax Procedures (Amendment) (No. 2) Bill, 2024, propose significant changes across various tax laws to enhance revenue collection, streamline tax administration, and align Kenya’s tax framework with international standards.
