Insurance

CIC Group has launched a medical cover dubbed Seniors Mediplan targeting senior citizens from the age of 60 years. While...

The banking industry contributed 27 percent of all corporate taxes paid in Kenya in 2020 and 2019 even as the...

Britam Holdings posted net profit of Sh376.3 million for the half year period ended June 30, from a Sh1.6 billion...

CIC Insurance has reported a KSh260 million net profit for the half-year period that ended on 30th June 2021, a...

MUA Kenya and Saham Kenya have started to operate as one entity under the MUA Brand following necessary regulatory approvals....

Medical underwriter AAR Insurance Kenya has launched a low-priced accident cover that costs as little as Ksh940 per month. It...

Britam Asset Managers and Kenya-based fintech startup KOA, have today announced a partnership to offer customers access to low risk investment opportunities. This...

Individuals vaccinated against the coronavirus that causes COVID-19, and are worried about developing side effects, can now acquire a Kshs2,950...

Edwin Dande, CEO Cytonn Investments In late May 2021, Cytonn Investments Plc launched an insurance agency arm targeting first time...

The Kenya Revenue Authority (KRA) is set  to collect  tax  of KShs. 107,046,316 following a decision by the Tax Appeals Tribunal on 28th May 2021 to dismiss an appeal filed by KCB Insurance Agency Limited. The Taxpayer had contended that KRA’s treatment of its income earned from services provided to KCB Risk Margin Fund (RMF) as consultancy fees, which are subject to VAT, is erroneous. The Taxpayer informed the Tribunal that KRA conveniently disregarded the fact that the Risk Margin Fund (RFM) services to KCB were provided by the Taxpayer, acting in the capacity of an insurance agent whose services were expressly exempt from VAT during the period under review. KRA successfully defended its actions and informed the Tribunal that the Taxpayer’s claim that the fee on administration of KCB Bank’s RFM is premium-based commission, which is exempted from Excise Duty is erroneous. The Tribunal reviewed the evidence as presented by both parties and held that KRA was authorised by the law to demand and charge late payment penalty and interest on VAT and Excise Duty not timeously remitted by the insurance agent.