Ramah Nyang

2 months ago | bloomberg.com | Bella Genga |Ramah Nyang

Kenyan lenders boosted investments in government securities and slowed down lending to the private sector, even as returns from domestic debt kept dropping. Yields on domestic debt retreated in the past six months, with the 91-day Treasury bills reaching a low of 8.79% at the latest auction on March 27 from a high of 15.7% at the end of September. Returns on 364-day debt have dropped to 10.4% from 16.8% last year.

Oct 29, 2024 | bloomberg.com | Ramah Nyang

Kenya’s Supreme Court ruled that a set of tax measures introduced in the 2023 budget wasn’t entirely unlawful, throwing a lifeline to President William Ruto’s government that’s struggling to make ends meet. The actions contained in the Finance Act 2023 included doubling value-added tax on fuel to 16% and a hike in the rate for the top salary-tax band to 35% from 30%. With them, the government sought to raise as much as 214 billion shillings ($1.66 billion) in the fiscal year that ended in June.

Oct 29, 2024 | news.bloombergtax.com | Ramah Nyang

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Oct 29, 2024 | bnnbloomberg.ca | Ramah Nyang

(Bloomberg) -- Kenya’s Supreme Court ruled that a set of tax measures introduced in the 2023 budget wasn’t entirely unlawful, throwing a lifeline to President William Ruto’s government that’s struggling to make ends meet. The actions contained in the Finance Act 2023 included doubling value-added tax on fuel to 16% and a hike in the rate for the top salary-tax band to 35% from 30%.

Aug 12, 2024 | bloomberg.com | Ramah Nyang

Kenya’s finance ministry is working to bring back some of the tax measures that the nation’s lawmakers were forced to abandon after weeks of deadly protests. The taxes that formed part of the Finance Bill 2024 and aimed to raise about 344 billion shillings ($2.7 billion) in the current fiscal year were scrapped after the demonstrations led to the deaths of more than 61 people and forced President William Ruto to sack his entire cabinet, including then Treasury Secretary Njuguna Ndung’u.