East Africa’s largest economies plan to borrow at least $16 billion to fund an economic revival, while striving to ease their debt burdens after the coronavirus pandemic battered governments’ revenue.
Kenyan Treasury moves to restore 20% excise duty on betting stakes
19th May 2021
| By Daniel O Boyle
Kenya’s National Treasury followed through with plans to re-impose a 20% excise tax on betting stakes - a levy that forced leading brand Sportpesa to pull out of the market for over a year - through the country’s 2021 Finance Bill.
The bill, which was published last week after being submitted to Parliament at the end of April, says that excise duty on betting “shall be 20% of the amount wagered or staked”.
The legislation must be considered by Parliament, first by the Finance Committee of the National Assembly and then by the whole Assembly and Senate, before it would be presented to President Uhuru Kenyatta to be signed into law.
MPs back Treasury bid to exempt KQ from 1pc minimum tax
Wednesday May 19 2021
By JOHN MUTUA
Summary
Parliament has backed Treasury’s decision to exempt loss-making Kenya Airways and its subsidiaries from paying the minimum tax set at one percent of gross turnover.
The National Assembly committee on Delegated Legislation approved the exemption, a lifeline for the national carrier grappling with mounting losses in the wake of the Coronavirus disruptions.
Parliament has backed Treasury’s decision to exempt loss-making Kenya Airways and its subsidiaries from paying the minimum tax set at one percent of gross turnover.
The National Assembly committee on Delegated Legislation approved the exemption, a lifeline for the national carrier grappling with mounting losses in the wake of the Coronavirus disruptions.
Airlines fly into Covid turbulence once again
Tuesday April 06 2021
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Kenyan airlines do not foresee a quick financial rebound after being hit by another domestic flights ban to counter a third wave of the Covid-19 pandemic.
The setback comes hardly months after coming out of the seven months grounding during the peak of the pandemic last year.
Kenya Airways (KQ), its low-cost subsidiary Jambojet and Skyward Express have suspended domestic flights until further notice to comply with the government directive announced on March 26.
Kenya’s President Uhuru Kenyatta’s national address was a blow to airlines, and especially the national carrier, Kenya Airways, which had just announced the biggest loss in its history.