The Kenya Revenue Authority (KRA) has released a series of draft statutory instruments to refine the country’s tax framework, signaling a significant step toward modernizing and streamlining tax compliance in Kenya. This initiative is in line with KRA’s mission to create a more inclusive, transparent, and efficient tax system that aligns with the evolving economic […]
The Central Bank of Kenya (CBK) has announced a reduction in its base lending rate, lowering it from 12 percent to 11.25 percent, effective immediately. This decision was made during the Monetary Policy Committee’s (MPC) meeting on December 5, 2024, following a significant decline in global inflation and slower economic growth in the first half […]
National Treasury Cabinet Secretary (CS) John Mbadi has acknowledged that high taxes on salaries, particularly the Pay-As-You-Earn (PAYE) levy, are one of the primary reasons many Kenyans feel economically strained despite improvements in economic indicators. Speaking at the launch of the 2024 FinAccess Survey, Mbadi pledged to advocate for reforms to alleviate the tax burden […]
German Vice Chancellor and Minister of Economic Affairs, Robert Habeck, has highlighted significant opportunities for German investments in Kenya’s energy sector, particularly in renewable energy. His visit to Kenya, as part of the German African Business Summit (GABS), underscores the growing interest in enhancing economic partnerships between Germany and Africa. Habeck’s remarks, delivered during a […]
Prime Cabinet Secretary Musalia Mudavadi recently emphasized the significant role played by the Kenyan diaspora in the United Arab Emirates (UAE), with over 30,000 Kenyans currently living and working there. Speaking during the 53rd National Day celebrations of the UAE held in Nairobi, Mudavadi highlighted the deepening partnership between Kenya and the UAE, noting its […]
In a significant milestone for Kenya’s economic development, the Kenya Private Sector Alliance (KEPSA) has officially signed a landmark Memorandum of Understanding (MoU) with Kenya’s six Regional Economic Blocs. This partnership aims to accelerate inclusive development across counties, driving economic growth, job creation, and private sector investment. The signing took place in Voi, Taita Taveta […]
Kenya is poised to witness a transformative leap in its economic landscape as Artificial Intelligence (AI) becomes an increasingly integral part of its digital economy. According to a report by Public First titled Digital Opportunity of Kenya, AI has the potential to contribute $2.4 billion to the country’s economy by 2030. This projection underscores the […]
In a move aimed at easing the financial strain on businesses and residents, the County Government of Makueni has unveiled a series of tax reforms and relief measures. These initiatives, announced by Governor Mutula Kilonzo Jr. on Thursday, November 28, promise to bring significant economic benefits to traders, motorists, and other stakeholders within the county. […]
Overview of the Proposed Law The Kenyan banking sector faces significant upheaval following a proposed law to increase the minimum core capital requirement for banks from Ksh. 1 billion to Ksh. 10 billion. The proposal, tabled during discussions before the National Assembly’s Finance Committee, could result in the closure of 24 banks and put the […]
Ride-hailing app Uber Kenya has significantly influenced the country’s economy, contributing an estimated KSh 14 billion in 2023, according to its first Economic Impact Report. Launched on November 26, 2024, at the Fairmont Norfolk Hotel in Nairobi, the report details Uber’s contributions to job creation, income generation, tourism, and more. Compiled by Public First, a […]
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