kenya business Archives - Daily Chronicles

The Kenya Revenue Authority has given businessmen and traders only one month to purchase and install the new upgraded electronic tax register machines on their premises. Businesses and traders who fail to comply by July 1, risk a Sh1 million fine or three years of jail time. “If a VAT registered taxpayer does not comply within the specified period then we invoke section 53 of the VAT Act which says that you will either be fined Sh1 million or three years imprisonment or both if you don’t comply within the specified timeline,” said Hakamba Wangwe the chief manager in charge of Tax Invoice Management System (TIMS) operations. KRA has given 16 suppliers to offer the new gadgets which will also require the installation of new software. According to one of the approved supplier...

Kenya Airways has sunk deeper after he reported a sh 36.2 billion loss for the ended year December 2020, the biggest loss in the airline’s history. Its revenue shrunk by nearly 60 percent to sh52.8 billion as the covid -19 pandemic took toll on the national carrier. Its passenger number numbers dropped by 65.7 percent to 1.8 million in the year under review. This saw its customer revenue shrink from 103.6 billion to 33.7 billion. Its comprehensive losses worsened by a further sh 5.1 billion loss on hedged exchange differences on borrowings and another sh4.8 billion was lost on fuel related hedges. This pushes the total comprehensive loss for the airline which made a loss of sh12.9 billion in a similar period last year to sh46.2 billion which is five time the 8.8 billion. T...

Tag: kenya business

businesses given deadline to deploy new machine or face Sh1 million fine

Kenya Airways reports 36.2 bn loss.