Treasury

Treasury CS
MarketsNews

Kenya to target leather, edible oil value chains in FY2024/25 budget

Treasury Cabinet Secretary, Prof. Njuguna Ndung’u, has unveiled Kenya’s strategic plan to propel an economic recovery in the fiscal year 2024/25. Prof Ndung’u says target sectors encompass leather, cotton, dairy, edible oils, tea, rice, the blue economy, natural resources, and building materials value chains. Currently, Kenya focuses more on raring cattle for meat and placing less emphasis on leather, which can bring in more revenue. From the shoes we wear, to belts, and handbags, the leather industry can create vast revenue sources if tapped well. “We see leather, pyrethrum, cotton, textiles and apparel, pharmaceutical, edible oils as value chains whose industrialization will hasten the attainment…

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CBK Cash
FeaturedNews
James Wambua

When taxes don’t make business sense

With a scheduled touchdown of 12 midnight at the Jomo Kenyatta International Airport in Nairobi, I knew I will have problems finding my way to Ndenderu, Kiambu County, in the dead of the night.  So upon getting that “Karibu nyumbani” alert from Safaricom, and going through the arrival immigration checks by tired-looking officers, I stepped out on the cold tarmac to get a taxi home. “Boss, unaelekea wapi?,” a trio of taxi drivers, keen to secure a late-night deal, shove each other mobbing me at the arrivals section. Years of technological advances and the rise of digital ride hailing applications have done little to change…

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EconomyNews
Otiato Guguyu

Ruto hits poor making Sh1400 daily with turnover tax

Kenya’s smallest businesses making about Kes1,400 a day or Kes500,000 a year will now be required to pay turnover tax after the Kenya Kwanza government unveiled the regimes’ first money bill that seeks to raise additional Kes300 billion in new taxes. In the new Finance Bill 2023, Treasury wants to bring down the threshold for turnover tax from Kes1 million to Kes500,000. The tax will now be levied or the small businesses who make up to Kes15 million a year down from Kes50 million. This means the bodaboda and mama mbogas in the informal sector who were not under the taxman’s radar will now be…

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