The Pay As You Earn (PAYE) tax year-end is looming in most East African territories, and governments are clamping down on non-compliance among businesses and individual taxpayers as they strive to raise more funding for public spending. That means businesses must ensure that their payrolls are fully compliant with the laws and regulations around collection of PAYE tax. Commenting on compliance in Kenya and Tanzania, Nikki Summers regional director for Sage in East Africa, says that the tax collection authorities in both countries are scrutinising more closely whether employers are complying with their tax obligations. With a tax collection shortfall of Sh40…
Author: NBM CORRESPONDENT
In a move to reduce on fuel emissions, Kenyatta University has launched a Center of Excellence focused on the generation of solar energy. The Sh59 million centre, which is supported by the French government was launched at the university as Nairobi hosted the third United Nations Environment Assembly (UNEA). This also saw the construction of a 100kWp pilot solar PV plant through the technical help of Urbasolar, a French engineering consultant, being unveiled at the university. During the commissioning of the project, Nicholas Hulot, France’s Minister for Ecological and Inclusive Transition, was present to show the commitment of the French…
The Kenya Association of Manufacturers (KAM) has launched a campaign to eradicate plastic related materials in the environment. This was done on the launch of a polyethylene terephthalate (PET) sector group through a clean-up exercise of PET products last month at Uhuru Park, Nairobi. The group has gone on to partner with the government to start a recycling campaign as well as an advocacy. According to Prof. Judi Wakhungu, Environment and Natural Resources Cabinet Secretary, this is in line with the industry’s commitment to manage solid waste in the country. “Plastic related products are a common environmental menace and need…
Greenlight Planet Inc., a leader in solar home energy products across rural Africa and Asia, has launched a new line of solar lanterns: the Sun King Pro 400, Sun King Pro 300, and the Sun King Pico Plus. The new devices are more powerful replacements of the company’s existing best-selling solar lamps, boasting dramatic increases in brightness and phone-charging capacity, at lower cost, while retaining popular elements like their famously flexible and indestructible design. Greenlight Planet CEO T. Patrick Walsh says the improvements are a direct response to the evolving priorities of the company’s customer base. “It’s been nearly 10…
The Aga Khan University Graduate School of Media and Communications (GSMC) in Nairobi and the John F. Kennedy School of Government at Harvard University, Executive Education (HKS Executive Education) have partnered to offer a pioneering suite of courses designed to transform leadership in Africa in response to the need for visionary and effective leadership commencing March 2018 and comprises of two back-to-back courses. “I urge public and private sector leaders across East Africa, and beyond, to join us at our state-of-the-art facilities in Nairobi for this innovative program showcasing the expertise of two outstanding educational institutions committed to advancing our…
Diversified and services-led economies have had a good year whereas hydrocarbon-dependent African economies continue to be plagued by the aftershock of the oil price slump. This is according to the ICAEW’s (the Institute of Chartered Accountants in England and Wales) latest report. In Economic Insight: Africa Q4 2017 launched last month, the accountancy and finance body points to braking of overall growth as a result of problems in the big economies (Nigeria, South Africa, Angola). The report, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, provides a snapshot of the region’s economic performance. The report focuses on…
While many economists believe the global economy has recovered from the Great Recession and global GDP growth is stable, young adults continue to suffer from its lingering effect, which presents a challenge to fast-moving consumer goods (FMCG) providers, according to GlobalData, a leading data and analytics company. According to GlobalData’s Q1 2017 global survey, 68% and 67% of Generation Xers and Millennials respectively are concerned about becoming unemployed, compared to only 58% for Baby Boomers. “Many young people coming of age during the 2008 recession, particularly in Western countries, saw wages cut and jobs disappear while living costs continued to rise.…
The two banking giants have signed a memorandum of understanding (MoU) aimed at strengthening cooperation and exploring opportunities to fund development projects in Africa. Given China Development Bank (CDB)’s focus on infrastructure finance for roads, railways and dams, Barclays Africa will leverage the MoU to unlock opportunities in order to strengthen its contribution towards Africa’s economic growth and development. Barclays Africa will also extract synergies from the CDB’s focus on inclusive finance to provide capital to SME’s and low income communities. In addition, Barclays Africa and CDB will explore reciprocal training and development opportunities for their respective investment teams. In…
The African Development Bank conducted the first of a series of capacity development sessions on debt management for Ethiopia from December 4-8, 2017 in Addis Ababa covering several themes including loan negotiations and management, domestic debt and capital markets development, and enhancement of analytical and evaluation advisory capacity, among others. Skills and competencies acquired through the training will enable the Government to improve debt management and increase domestic resources mobilization, notably through the development of domestic debt and capital markets. Furthermore, Government authorities will apply the acquired skills to rigorously assess the risks associated with various financing options, leading to…
To help speed up travel and transportation in the Southern Africa country, the Board of the African Development Bank has approved a loan of $153 million to the Government of Namibia to upgrade a 210km stretch of railway in the west of the country. The support will also finance the upgrade of a section of the road from the capital, Windhoek, to its international airport. The two interventions are part of the priority projects identified in the government’s Harambee Prosperity Plan, an action plan launched in April 2016, to support priority interventions identified in the Government’s national development plan. The…