Global Economy Plunges into Worst Recession – World Bank, Central Bank Unveils Measures to Tame Unregulated Digital Lenders. These estimates remain overambitious given the prevailing economic conditions; COVID-19 pandemic, locust invasion, and floods that threaten food security. Drastic measures must be put in place to reduce overall government spending in the coming year if we are to survive the effects of this … The fiscal framework of the 2020/21 budget and the medium-term has been revised to take into account the adverse impact of the COVID-19 pandemic on revenue performance. The 2020/21 budget will be financed by tax revenue, financial aid, and debt. EDUCATION: The Government has waived examination fees for KCSE and KCPE candidates.
Kenya’s 2020/2021 budget is currently estimated at Sh.2.733 trillion for the total expenditure and net lending with recurrent expenditure accounting for Sh1.8 trillion while development spending accounts for the balance of Sh584.9 billion. Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans. SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders. Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. However, no need to celebrate too early as Yattani introduced indirect taxes that will see commodity prices rise, making life hard for financially strained households. The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”. PHOTO | SILA KIPLAGAT | NMG Treasury Secretary Ukur Yatani has presented his Sh2.7 trillion Budget for the […] In the FY 2020/21 budget estimates, the government has budgeted to spend Kshs 2.748 trillion (Kshs 1.781 trillion in recurrent expenditure and Kshs 587.3 billion in development budget).
1.89 trillion, equivalent to 16.8% of GDP. In addition, Yattani introduced a tax amnesty programme with effect from 1 January 2021. People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies. The information contained in this website is for general information purposes only. Customers are at the heart of everything we do. Kenyan Wallstreet is a leading integrated digital media business content platform providing in-depth business and financial news across Sub-Saharan Africa and the globe. The platform also offers an enhanced client interface including catering for those who trade at night. DEBT: “Our debt remains sustainable, despite some of the debt burden indicators deteriorating due to the impact of the Covid-19 pandemic which has elevated expenditure pressure,” CS Ukur Yatani said. The analysis is based primarily on the National budget speech presented by the National Treasury Cabinet Secretary to the … In this case, he proposed a review of the contracting framework for infrastructure projects in order to ensure greater participation of local contractors in line with the “Buy Kenya, Build Kenya” theme: Businesses will be required to maintain records for all transactions in steps geared towards curbing tax fraud and avoidance. For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative. The amnesty is expected to run for 3 years and shall apply to tax liabilities that accrued within a period of five years prior to 1 July 2020. 7.5 billion for the Kenya Urban Programme; 1.1 billion: Construction of Gikomba, Githurai, Chaka, Kamukunji and Dagoretti Market; Total: The total spending for the financial year 2020/21 amounts to a total of Ksh. Yattani noted that tax revenue is estimated to reduce slightly to Ksh1.621 trillion in FY 2020/21 compared to the target of Ksh1.64 trillion in FY2019/20. NOTE: To get all details, download full pdf report of 2020/2021 budget from : Kenya Budget Reports. Scroll to continue reading. A taxpayer who voluntarily discloses to the Commissioner their tax liabilities (including material facts) will be granted relief from penalties and interest on the tax disclosed. Yattani noted that tax revenue is estimated to reduce slightly to Ksh1.621 trillion in FY 2020/21 compared to the target of Ksh1.64 trillion in FY2019/20. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”. Treasury Cabinet Secretary Ukur Yattani on Thursday presented Kenya’s 2020/21 budget. ALSO READ:Global Economy Plunges into Worst Recession – World Bank. Treasury CS Ukur Yattani read the budget promising to stimulate the economy and safeguard jobs and businesses.
Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass. The National Treasury and Planning has organized the virtual launch of budget preparation process for the FY 2021/22 and the Medium-Term Budget on 10th September 2020 starting at 8.30 a.m. Consequently, as enshrined in Article 201 of the Constitution, public participation remains one of the key principles underpinning budget preparation process. The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers. Please enter your username or email address to reset your password. The budget includes a stimulus package to jumpstart an economy ravaged by the Covid-19 pandemic. TAXES: Treasury has imposed a one percent minimum tax on revenues for all companies, targeting firms that repeatedly declare losses to run away from taxes. This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store. The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The 2020/21 budget will be financed by tax revenue, financial aid, and debt. These estimates remain overambitious given the prevailing economic conditions; COVID-19 pandemic, locust invasion, and, JSE and Globacap Partner on Digital Private Placements Platform, Kenya Flower Exports Take a Blow From Lockdowns Across Europe, Parliament Approves Kassait’s Nomination as Data Commissioner, Turnover at NSE rises 84% to KSh 1.1 Billion, CBK Raises KSh 27.6 Billion in T- Bills Auction, a 115.9% Subscription, Uber and Lyft Win Against Gig Workers in California, Safaricom Unveils New Mobile Prefixes; 0112, 0113, 0114, 0115, Lockdown Shrinks UK Economy by a Record 20% in April, Absolute Must-Reads for Banking and Finance Professionals, African Governments are Stepping Up to Curb COVID Fallout, How Covid-19 is impacting Kenya’s economy, How Safaricom Powers Different Value Chains in Kenya, Investment trends & opportunities that could emerge from COVID-19, Plant, machinery, and equipment used in the construction of a plastics recycling plant, Supply of aircrafts, aircraft launching gear and parts, New pneumatic tyres for use in aircrafts, air combat simulators and parts, Insurance and securities brokerage services, One personal motor vehicle, excluding buses and minibuses of seating capacity of more than eight seats, imported by a public officer returning from a posting in a Kenyan mission abroad and another motor vehicle by his spouse. He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting. NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday). Winners and Losers in the KSh 3.2 Trillion Kenya Budget 2020/21. The Government of Kenya intends to finance the FY 2020/21 budget through two main sources; taxes and public debt. 2.79 trillion. Steps Govt says it will take to safeguard livelihoods and revive businesses amid coronavirus, Kenya’s Budget 2020/21 Brief – Kenyan Wallstreet. Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. This implies that the products shall become taxable at the general rate which is currently 14%: The following items were exempted from VAT: In his address, Yattani reiterated the government’s efforts to protect the local industry. The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000.
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