Income Tax Act cap 470 defines a Home Ownership Savings Plan as a savings plan established by an ‘approved institution’ and registered with the commissioner for Income Tax for receiving and holding funds in trust for depositors. It is a tax-sheltered savings plan whose main objective was to enable individual depositors to save for home acquisition or development and was introduced in Kenya in 1995. As per Section 22C (8) of the Income Tax Act, an ‘approved institution’ means a bank or financial institution registered under the Banking Act (Cap. 488), an insurance company licensed under the Insurance Act (Cap. 487) or…
Author: NBM CORRESPONDENT
BY CJ emeritus Dr WILLY MUTUNGA I want to recall the painful story of Benedicto Kiwanuka, the Ugandan politician, appointed Chief Justice by Iddi Amin. As a leader in the Democratic Party, Kiwanuka became the first African Chief Minister of Uganda in 1961. He also became Uganda’s first Prime Minister when Britain granted Uganda internal self-government in 1962. CJ Kiwanuka was arrested in his office at the High Court by members of the Ugandan Army. They were not in uniform. After his arrest he was taken to Makindye military prison where he was brutally murdered. His body was removed and…
Ken Njoroge, Co-founder & Co-CEO of Cellulant- Africa’s leading financial technology company was last month named the recipient of the 2019 Schwab Foundation Social Entrepreneur of the Year Award, an honour bestowed each year by the World Economic Forum’s sister organization, Schwab Foundation to identify and recognize the world’s leading social entrepreneurs. The Schwab Foundation award is in recognition of Cellulant’s work in building digital payments and financial services that enable businesses and consumers in critical sectors such as agriculture, retail distribution, transport, logistics and e-commerce to access services at the very point where they need them. Founded by Co-CEOs…
After years of disastrous financial results, KQ was finally able to reduce its pretax losses last year from Sh9.44bn to Sh7.59bn due to debt restructuring BY ANTONY MUTUNGA Kenya was put on the world’s limelight in the late 90s after Kenya Airways (KQ), the country’s national carrier, became the first African carrier to be partially privatized. Apart from being a symbol of Kenyan pride, KQ identified as one of the airlines that would create a global competitive rivalry, bringing Africa out of the world’s shadows. However, as years went by, KQ started struggling. It experienced consecutive losses. In 2015/2016 financial…
As the world marked the World Tourism Day in September, local chain of hotels, PrideInn, unveiled its commitment to empower youth from Nairobi’s informal settlements through hospitality industry training, mentorship and eventual employment. The hotel’s plan which kick off this month coincides with this years’ theme “Tourism and Jobs” that seeks to increase awareness on the value of tourism and the environment as key sectors directly contributing to creating job opportunities, economic resilience, social inclusiveness and the wellbeing of society. “This initiative supports PrideInn’s sustainability and social impact commitment of empowering through opportunity. It seeks to reach and give opportunity to the very needy slum…
After receiving regulatory approvals for acquisition of the National Bank of Kenya (NBK), Kenya Commercial Bank (KCB) has appointed its managing director of National Bank of Kenya (NBK) for the transitional 2-year period of its integration into KCB, subject to approval by the Central Bank of Kenya (CBK). He is to take over from Wilfred Musau who joined NBK in 2015 as the director of retail and premium banking before being appointed managing director in 2016. Previously holding the position of group regional businesses director and that of group human resources director at KCB Group from mid-2014 to late-2018, Mr…
The Central Bank of Kenya (CBK) has welcomed a judgement of the High Court on the design of the new generation currency notes. The Court determined that there was no violation of the Constitution in the design of the new generation currency notes, that the statue of Mzee Jomo Kenyatta at the Kenyatta International Convention Centre, a national landmark, is an integral part of the building, and is not a portrait. The Court also said that CBK carried out extensive, reasonable and all-inclusive public participation, leading to the final design of the currency. With regard to the withdrawal of the…
Lenovo, the world’s largest PC vendor, in association with Red Dot Distribution, Africa’s leading ICT distributor, held a partner training event at Tanzania’s Hotel Serena last month to highlight Lenovo’s range of commercial devices powered by advanced Intel processors and Windows 10 Pro. The event gave attendees the opportunity to experience the latest innovations from Lenovo’s commercial portfolio, designed to enhance workplace productivity. Martin Yala, Lenovo’s Commercial Sales Coordinator for West and Central Africa, who was present at the event, outlined the company’s ambitions for the future of its commercial business in the region. In an increasingly competitive marketplace, Lenovo…
Kenya Airports Authority (KAA) has launched its going green initiative with a goal of becoming the greenest airport operator in Africa by 2022. The initiative is in line with the authority’s 2018-2022 strategic plan aimed at guiding the authority’s strategic direction over the next five years. In the plan, the authority also focuses on customer satisfaction with providing a consistent delightful travel experience set as the agency’s new mission, and “Travel Stress Free” as its vision. It describes the means and strategies that will be employed by the authority in pursuit of developing JKIA into a world-class airport of choice…
A logistics start-up, Kobo360, has launched its operations in Kenya, a move that is expected to foster seamless intra-African trade by connecting and supporting cargo players, truck owners and drivers, and cargo recipients. With partners including Bidco Africa, Union Logistics Limited, and Intraspeed ARCPRO Kenya LTD as well as serving millers such as Bakhresa Group, Rafiki Millers and McNeel Millers, the company is on the right path. Speaking at the launch event in Nairobi, chief executive Kagure Wamunyu said Kobo360 has access to over 3,000 trucks and truck owners, and will offer a powerful supply chain while reducing logistics frictions. “Over the…