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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...

Sitoyo Lopokoiyit appointed M-PESA Africa Managing Director Shares Safaricom has appointed Sitoyo Lopokoiyit as the M-PESA Africa managing director, effective April 1, 2021. In his new role, Lopokoiyit will be responsible for growing M-PESA to a fully-fledged financial platform. He will now be in charge of New Business Ventures, Product Management and Development for both Consumer and Enterprise. Lopokoiyit joined Safaricom in 1st April 2018, having previously served as M-Commerce Director at Vodacom Tanzania from October 2015. During his time at Vodacom, he oversaw the delivery of several tr...

"Prior to Safaricom, Sitoyo worked at Total Kenya as diversification manager and later as the head of Total Solar business," read part of the notice. Sitoyo also worked for Uchumi supermarkets as a Category Manager and at Chevron Kenya ltd as Business Advisor and Merchandasie Manager. He holds a Bachelor of Commerce in marketing and a Master of Science in Information Technology Management and Organisational Change. Subscribe to Our Newsletter Subscribe to our newsletter and stay updated on the latest developments and special offers! "We shall initiate the relevant talent sourcing processes to...

How grid defection could disrupt energy monopoly Tuesday February 23 2021 Summary It is no secret that high costs of power coupled with occasional reliability issues have forced some of the large industrial consumers, who account for approximately 54.8 percent of Kenya Power’s sales revenues, back to the drawing board. Another perhaps less talked about reason for grid defection in the country, is climate change and other environmental concerns. As these take centre stage, responsible companies are taking steps to reduce their carbon footprint through incorporating green initiatives in their...