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NBK Posts KShs. 765million Half Year Profit

Customer deposits grew marginally to KShs. 99.7B, as loans and advances rose by Kshs. 10B to Kshs. 60 B. National Bank of Kenya (NBK) has...

Pesapal Meets Regulatory Requirements Across the borders

E-commerce and payment gateway Pesapal Limited has received accreditation as a Payment Service Provider in Kenya and an Application Service License for Tanzania.  The twin...

NTISL to offer Enhanced Propositions and Tech-based Channels

National Bank of Kenya (NBK) has revamped its investment unit, National Trustee and Investment Services Limited (NTISL), to deliver enhanced value to its customers. As...

Nanyuki restaurant set to pay KShs. 22.9 million tax

A Nanyuki based restaurant is set to pay KShs.22.9 million tax to the Kenya Revenue Authority (KRA) after it lost a tax appeal at the Tax Appeals Tribunal. Le Restique Limited (the taxpayer) was contesting KRA’s demand for payment of KShs 22,908,175.49.  The taxpayer was disputing that KRA’s tax assessments were defective because KRA did not make an objection decision within the required timelines from the date the taxpayer lodged a notice of objection.  The taxpayer also argued that KRA had issued assessments based on arbitrary assumptions which were not in accordance with the provisions of the law. KRA in its defence argued that it was justified in arriving at the assessment on the basis of estimations based on information and documents outside the self- assessment and financial statements.  The main reason provided for relying on this method was that the Appellant had failed to provide sufficient documentation to support the actual amounts that were stated in the self- assessment. The Tribunal’s in judgement dismissed the Appeal and held that the taxpayer did not discharge the burden of proof that the tax decision by KRA was incorrect.  The Tribunal arrived at this decision after it failed to find any evidence of the taxpayer supplying the other documents or providing a response to KRA’s request for documents despite the taxpayer asserting that the documents had been filed with the Tribunal.  

AMAZON ALEXA COMES TO THIRD-PARTY SMART TVS POWERED BY LG WEBOS

Alexa Delivers User-friendly Features and Seamless Voice Control Via LG’s Magic Remote. For the first time, Amazon Alexa will be coming to a wide range...

Port of Lamu receives a transshipment consignment of 103TEUS from Zanzibar enroute to Dubai

The Port of Lamu today received a transhipment consignment of 62 containers from Zanzibar aboard a vessel MV AMU1 that docked at Lamu Port...

Airkenya To Pay 14 Million In Import Declaration Fees

Tax Appeals Tribunal has upheld the decision by the Kenya Revenue Authority (KRA) to demand Import Declaration Fees (IDF) amounting to Kshs. 14,330,770 from Air Kenya Express Ltd.  The company, which was the Appellant in the case, had argued that its goods were exempted from payment of IDF, and  that  the  Authority had used...

KCB Bags 4 Coveted Global Accolades

KCB Bank has been named Kenya’s Best Bank 2021  in the 2021 Euromoney global awards, cementing the Bank’s leadership position in the banking sector....

African Development Bank scoping study identifies opportunities for private sector

The study was produced in partnership with the Fund for African Private Sector Assistance and launched during a virtual African Development Bank webinar held...

Hapag-Lloyd acquires Africa carrier NileDutch

Deal approved by worldwide antitrust authorities and completed between the parties; Acquisition supports Hapag-Lloyd’s strategy to grow in Africa. Today, Hapag-Lloyd successfully closed the acquisition of the...

Standard Chartered Bank Kenya announces the launch of the 2021 Nairobi Marathon

The newly adopted hybrid format will combine the traditional mass participation physical race for elite runners only with a virtual option for the...

NAIROBI CENTRAL POLICE STATION GETS KES. 3 MILLION FACELIFT

Family Bank has completed a KES 3 million renovation of the Nairobi Central Police Station giving it the much-needed refurbishment to enhance service delivery...

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Willy Mutunga Vows To Fly With Miguna Back To Kenya

Willy Mutunga, Former Chief Justice of Kenya has promised to travel to Canada and accompany deported lawyer Miguna Miguna as he will be coming...

Extension of Digital Coverage in Africa Is A Lever Development

The digital economy is outperforming all other sectors in terms of speed of growth, the dynamics of innovation, and the scope of influence. The...

What is your best experience as an entrepreneur?

BY Ippei Kanehara Founder at Ippei.com (2017–present) For me the best experience as an entrepreneur has been when my customers come to me and tell me that I’ve literally...

Reports Say Facebook is Planning To Rebrand

Earlier this week Facebook announced that it would hire 10,000 people in Europe to work on creating the met averse. A rebranding could be part...
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