Uber seeks clarity on taxing online firms

Uber legal adviser Nikhil Hira. PHOTO | DIANA NGILA  

In Summary

• The government has, through the Finance Bill 2019, introduced a new provision that now lists income accruing through a digital marketplace as income chargeable to tax in Kenya.
• Uber told Parliament that while it was not opposed to taxation the clarity was vital to avoid confusion.

Safaricom more than doubles home fibre link

Safaricom interim CEO Michael Joseph. FILE PHOTO | NMG 

In Summary

• This comes in the wake of an aggressive roll-out that saw the telco lay out an additional 1,000 kilometres of fibre in the period, according to its latest annual report.
• The firm says it has rolled out 6,700 kilometres of fibre that passed by 297,885 homes up from 141,700 the previous period.

Britam targets individuals, firms with cyber risk cover

Britam Group managing director Benson Wairegi. FILE PHOTO | NMG 

By BRIAN NGUGI
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Listed insurer Britam has launched a policy aimed at protecting businesses from cyber risk.

The product covers physical property damage, products liability, business interruption or supply chain disruption from cyber-attacks.

CBK collects half of Sh1,000 notes ahead of deadline

Summary

• DCI is probing cases of suspicious cash transactions that have been flagged by banks during the ongoing demonetisation of Sh1,000 note.
• CBK says it has collected nearly half of Sh1,000 notes in circulation.
• The old generation bank notes will be worthless papers from October 1, 2019.

Zamara now bars early retirees from employer cash

Zamara Fanaka Fund board of trustee chair Lucy Kambuni. PHOTO | DIANA NGILA  

By JAMES KARIUKI
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Zamara Fanaka Retirement Fund has upgraded its systems to bar early retirees from accessing employer contribution until they attain retirement age.

KRA descends on Mumias over Sh10bn tax arrears

Mumias Sugar Company in Kakamega. The firm is wallowing in debts. PHOTO | FILE | NATION MEDIA GROUP 

In Summary

• The Sh10 billion has been outstanding since 2012 and MSC management is reported to be negotiating on how to resolve the issue.
• Mr Shiundu told the Nation on Monday that the management of the miller was expected to meet their KRA to resolve the issue.
• The Kenya Power also disconnected electricity supply to the miller over an outstanding bill of Sh1.2 billion.

Wealthy Kenyans return Sh118bn stashed abroad

Kenya Revenue Authority headquarters in Nairobi. FILE PHOTO | NMG 

In Summary

• The value was declared for repatriation in the period ended June 2019 after the Treasury extended the amnesty process by a year.
• KRA received 3,543 amnesty applications in the period, a report submitted to the National Assembly’s Committee on Finance and National Planning shows.

By CONSTANT MUNDA
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Wealthy Kenyans filed to return Sh118 billion assets from foreign countries in the final year of a tax