BUSINESS
Multinational companies operating in Kenya will now have to provide the Kenya Revenue Authority (KRA) with income statements of their operations in the country and other jurisdictions.
This is according to proposed amendments to the Income Tax Act contained in the Finance Bill, 2021. The law change seeks to cut revenue losses due to transfer pricing, where multinationals shift their operating costs and profits to countries with lower tax rates.
“An ultimate parent entity of a multinational enterprise group shall submit to the commissioner a return describing the group’s financial activities in Kenya, where its gross turnover exceeds the prescribed threshold, and in all other jurisdictions where the group has taxable presence, not later than 12 months after the last day of the reporting financial year of the group,” proposes the amendment to Section 18 of the Income Tax Act.
Pension schemes earnings fall to 2.5pc in first quarter
Thursday May 06 2021
By CONSTANT MUNDA
Summary
The average returns for pension schemes in the first quarter of the year dropped compared with previous period, hurt by soft performance of fixed-income investments.
Analysis by fund administrator Zamara shows returns in three months through March averaged 2.5 per cent compared to 3.0 per cent in the previous quarter ended December 2020.
The average returns for pension schemes in the first quarter of the year dropped compared with previous period, hurt by soft performance of fixed-income investments.
Analysis by fund administrator Zamara shows returns in three months through March averaged 2.5 per cent compared to 3.0 per cent in the previous quarter ended December 2020.
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NSE dip cuts life insurers’ earnings by Sh10 billion
Tuesday May 04 2021
By ELIZABETH KIVUVA
Falling shares value on the Nairobi Securities Exchange (NSE) #ticker:NSE wiped out nearly a quarter of the income earnings of life insurers, new data by the Insurance Regulatory Authority (IRA) shows.
The insurers saw the worth of their shares drop to Sh35.86 billion last year from Sh46.58 billion the previous year on market volatility due to the economic knocks of the Covid-19.
“The decline in the value of equities was mainly due to volatility in the capital market caused by Covid-19 pandemic,” the IRA said in the industry’s quarter four release.
Shares
I&M Holdings has completed the acquisition of a 90% stake in Uganda’s Orient Bank in a deal valued at Ksh. 3.6 billion.
The firm, which is also listed in the Nairobi Securities Exchange (NSE) said in a statement that the transaction was completed on April 30 after receipt of the necessary approvals. The approvals were received from the Central Bank of Kenya (CBK), Bank of Uganda, Capital Markets Authority of Kenya and the COMESA Competition Authority.
The bank said the transaction has given it access to additional loans worth Ksh. 7.7 billion, deposits totaling to Ksh. 18.2 billion, 70,000 customers, 14 branches and 22 ATMs.