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ANALYSIS OF THE FINANCE BILL, 2022

The Finance Bill, 2022 is in the National Assembly for discussion and approval, ahead of…

Roll-Out of New Generation Excise Stamps by KRA

The Excise Duty (Excisable Goods Management System) Regulations, 2017 require that all packages of excisable…

Inflation Adjustment on Specific Rates of Excise Duty

Highlights of the “Inflation Adjustment on Specific Rates of Excise Duty”, scheduled to take effect…

The Finance Act, 2021

Highlights of the amendments to the Income Tax Act (ITA), Value Added Tax (VAT) Act,…

Highlights of the 2021/2022 Budget Statement

Brief highlights of the Economic Outlook, Sectoral Spending Priorities and Proposed Taxation Policy Measures as…

Highlights of the Finance Bill, 2021

A summary of proposed amendments to the Income Tax Act, the Value Added Tax Act…

Notable Tax and Regulatory Changes Taking Effect in Kenya in 2021

A summary and analysis of the changes introduced by the Tax Laws Amendment (No. 2)…

Zephirin Simeon Muchunguzi, FCCA, CPA, CS.

Kenya

Listed amongst the fastest growing economies in Africa as well as the most dominant economy in East and Central Africa, Kenya contributes more than 50% of the region’s GDP. It shares land borders with Somalia, South Sudan, Ethiopia, Uganda and Tanzania.

Kenya is the most industrially developed country in East Africa, with 62% of its GDP coming from telecommunications and financial services sectors. Industry, which centres on the country’s three largest cities – Nairobi, Mombasa and Kisumu – accounts for 16% of GDP and is dominated by agro and food processing such as grain milling, beer production and sugarcane crushing. Initiatives to strengthen manufacturing have been around favourable tax measures, including the removal of duty on capital equipment and other raw materials

Tourism is the country’s second most important source of foreign revenue. Renowned for its wildlife tourism, home to over 60 safari parks and reserves, Kenya also boasts world-class beaches and a superb climate.

The country’s strong growth prospects are supported by an emerging middle class and an increasing appetite for high value goods and services. Due to the attractive opportunities and appealing location, many global brands have already invested in Kenya as part of their strategies to access the wider regional markets and opportunities. These include Standard Chartered Bank, Coca Cola, Google, General Electric, Heineken and Huawei.

HLB in Kenya is an established professional accounting and auditing firm that serves a wide cross-section of clients.