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    KBL Celebrates 100 years of existence by Awarding Consumers.

    KBL Celebrates 100 years of existence by Awarding Consumers.

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    IEBC begins enlisting voters in the diaspora

    IEBC picks Greek firm Lykos to print ballot papers

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

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    Portugal settles on Kenya as its gateway for investments in Africa

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    Africa Avant-Garde explores the art of filmmaking on the continent

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    Good news for Kenyans as fuel prices drop

    Hope for Cheap Fuel as Kenya Looks to the Middle East

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    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

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    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Epson Scanners Shine at the Seven Data Master Lab Awards

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    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    IBL Group acquires Amethis stake in Naivas International

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    Revealed: The number of Kenyans with over Sh100 million in their account

    The raging debate on Twitter over the lack of US dollar in Kenya and the downplaying of the issue by the Central Bank of Kenya

    Agricultural subsidies unfair – Kenya tells WTO

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    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

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  • Real Estate
    National Construction Authority Suspends Licences of 18 Contractors

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    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

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    NEMA Re-Introduces Another Tax for Developers

    NEMA Re-Introduces Another Tax for Developers

    Centum Digitalizes Real Estate Sector

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    Superior Homes Launches Reward Program for Investors

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    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

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    Regional property summit kicks off in Nairobi

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    Five Reasons Why Real Estate Increases in Value

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    Africa Avant-Garde explores the art of filmmaking on the continent

    Africa Avant-Garde explores the art of filmmaking on the continent

    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

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    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

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    Why Mercedes Benz is Recalling Their Old Models

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    Central African Republic Adopts Bitcoin as an Official Currency

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    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

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    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    CIC urges Kenyans to Invest in Last Expense Covers to Cushion From Financial Instability

    CIC urges Kenyans to Invest in Last Expense Covers to Cushion From Financial Instability

    Good news for Kenyans as fuel prices drop

    Hope for Cheap Fuel as Kenya Looks to the Middle East

    NBK partners with Kodris Africa to enable easy payments for new coding programme

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    Johan ICT Kenya launched to offer data protection for firms

    Johan ICT Kenya launched to offer data protection for firms

    Winfall For Tea Farmers as Bonus Set to Increase

    Winfall For Tea Farmers as Bonus Set to Increase

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    • Agribusiness
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      NBK partners with Kodris Africa to enable easy payments for new coding programme

      NBK partners with Kodris Africa to enable easy payments for new coding programme

      Procedure for funding your Metropolitan National Sacco account through MPESA

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      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

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      Bank of Kigali Profits Rise to Sh1.8 Billion

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    • Insurance
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Kenyan Business Feed
  • Home
  • News
    KBL Celebrates 100 years of existence by Awarding Consumers.

    KBL Celebrates 100 years of existence by Awarding Consumers.

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    IEBC begins enlisting voters in the diaspora

    IEBC picks Greek firm Lykos to print ballot papers

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Portugal settles on Kenya as its gateway for investments in Africa

    Portugal settles on Kenya as its gateway for investments in Africa

    Africa Avant-Garde explores the art of filmmaking on the continent

    Africa Avant-Garde explores the art of filmmaking on the continent

    Good news for Kenyans as fuel prices drop

    Hope for Cheap Fuel as Kenya Looks to the Middle East

    Epson Scanners Shine at the Seven Data Master Lab Awards

    Epson Scanners Shine at the Seven Data Master Lab Awards

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

  • Markets
    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Epson Scanners Shine at the Seven Data Master Lab Awards

    Epson Scanners Shine at the Seven Data Master Lab Awards

    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    IBL Group acquires Amethis stake in Naivas International

    IBL Group acquires Amethis stake in Naivas International

    Revealed: The number of Kenyans with over Sh100 million in their account

    The raging debate on Twitter over the lack of US dollar in Kenya and the downplaying of the issue by the Central Bank of Kenya

    Agricultural subsidies unfair – Kenya tells WTO

    Agricultural subsidies unfair – Kenya tells WTO

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

  • Real Estate
    National Construction Authority Suspends Licences of 18 Contractors

    National Construction Authority Suspends Licences of 18 Contractors

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    NEMA Re-Introduces Another Tax for Developers

    NEMA Re-Introduces Another Tax for Developers

    Centum Digitalizes Real Estate Sector

    Centum Digitalizes Real Estate Sector

    Superior Homes Launches Reward Program for Investors

    Superior Homes Launches Reward Program for Investors

    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

    Regional property summit kicks off in Nairobi

    Regional property summit kicks off in Nairobi

    Five Reasons Why Real Estate Increases in Value

    Five Reasons Why Real Estate Increases in Value

    Optiven Foundation Launches TVET Sponsorship Program

    Optiven Foundation Launches TVET Sponsorship Program

  • Tech
    Africa Avant-Garde explores the art of filmmaking on the continent

    Africa Avant-Garde explores the art of filmmaking on the continent

    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Nairobi Women to start offering online outpatient services

    mTek Secures Sh340m to Accelerate Paperless Insurance in Kenya

    This is the New Way to Share Your Data Bundles , Minutes, Voice and SMSs

    This is the New Way to Share Your Data Bundles , Minutes, Voice and SMSs

    Merchants Challenged to Integrate Payment Gateways to Prevent Online Payment Fraud

    Merchants Challenged to Integrate Payment Gateways to Prevent Online Payment Fraud

    Samsung Introduces Its 2022 Lineup of Appliances to Dealers

    Fathers Day Deals: Samsung Honors Fathers With Great Discounts

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    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

  • World Business
    Why Mercedes Benz is Recalling Their Old Models

    Why Mercedes Benz is Recalling Their Old Models

    Cold comfort awaits a springtime Davos

    Cold comfort awaits a springtime Davos

    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    EA Sports End 29 Years of Video Game Partnership With FIFA

    EA Sports End 29 Years of Video Game Partnership With FIFA

    Central African Republic Adopts Bitcoin as an Official Currency

    Central African Republic Adopts Bitcoin as an Official Currency

    Netflix Stock Collapses After Losing 200,000 Subscribers

    Netflix Stock Collapses After Losing 200,000 Subscribers

    Putin spokesman refuses to rule out use of nuclear weapons if Russia faced an ‘existential threat’

    Putin spokesman refuses to rule out use of nuclear weapons if Russia faced an ‘existential threat’

    How new regulations are shaking up the world’s fastest sport

    How new regulations are shaking up the world’s fastest sport

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    CIC urges Kenyans to Invest in Last Expense Covers to Cushion From Financial Instability

    CIC urges Kenyans to Invest in Last Expense Covers to Cushion From Financial Instability

    Good news for Kenyans as fuel prices drop

    Hope for Cheap Fuel as Kenya Looks to the Middle East

    NBK partners with Kodris Africa to enable easy payments for new coding programme

    NBK partners with Kodris Africa to enable easy payments for new coding programme

    Johan ICT Kenya launched to offer data protection for firms

    Johan ICT Kenya launched to offer data protection for firms

    Winfall For Tea Farmers as Bonus Set to Increase

    Winfall For Tea Farmers as Bonus Set to Increase

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

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      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

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    • Insurance
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Kenya’s 2019-2020 Budget Analysis By Standard Chartered Bank Of Kenya

by Montui
July 15, 2019
in Banking
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Chemutai Murgor, Chief Financial Officer, Standard Chartered Bank Of Kenya

The Standard Chartered Bank Of Kenya (SCB) this morning held panel discussions to share their analysis of the 2019-2020 budget, with clients.

The Kenya 2019-2020 budget was presented yesterday to parliament by the Cabinet Secretary for National Treasury Henry Rotich.

The chief financial officer (CFO) for SCB Ms. Chemutai Murgor started the meeting by welcoming the guests and outlining the meeting’s agenda.

Below are the take aways:

Eva Otieno, SCB’s Head of Africa Strategy Research had the following to say.

In 2018 we’ve seen the 6.3% economic growth. We attribute that to the the increased reliance on the agricultural sector.

Looking at the budget, we see continued spending. In an environment where the private sector is struggling, we see a disconnect between the projected revenue to be raised and the ability of the main tax paying contributors to meet it.

The Kenyan shilling has been so stable due to the current account deficit narrowing. There is a material slowdown in imports.

When we look at the FX reserves, we are looking at over 10 billion due to the Eurobond proceeds that have come through.

Michael Mburugu

Michael Mburugu, Partner at PKF Kenya, (also the Director of Taxation services, said the following:

Taxation of the digital economy is targeting main non-residents who would benefit from such revenues.

The govt. has reintroduced the turnover tax at 5%, replacing the presumptive tax.

In may cases the farmers are not remitting taxes. To expand the tax base the govt has lumped informal service providers together by introducing a withholding tax.

On the VAT side, withholding VAT has reduced from 6% to 2%.

Exemption of VAT for people who will be recycling plastic materials.

Reverse VAT has been reinstated for people who are not registered for tax purposes.

VAT has been introduced on ecommerce.

With the new VAT formula it is possible, especially for exporters, that they may get back 100% of their VAT back.

10% of all bets placed will go to the govt in taxes in addition the taxes to betting companies.

To encourage locally assembled vehicles, there is a higher tax on imported vehicles.

Taxes on cigarettes, wine and spirits are up by approximately 15%.

If you are a senior officer/executive and you want to go on holiday, you may find that you are prohibited to leave the country if your company is not tax compliant.

Anytime you are in a dispute with the Commissioner, if the case takes over 60 days, then the assumption is that you have won the case.

For wheat and grain, duty has come form 35% to 10%.

Duty on rice is down form 75% to 35% for food security reasons.

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Salim Aliban

Salim Aliban, from PKF Kenya has this to say:

Boda bodas and Tuk tuks are now required to get insurance for themselves and pedestrians.

The Capital Markets Authority has been given more authority to deal with non-complaint companies.

Pensioners will now get part of the reserves of their scheme when the exit it.

Pensioner under umbrella medical schemes will now have additional access to coverage.

Due to the emphasis of Buy Kenya, build Kenya, all government vehicles will be procured from plants in Kenya.

Single use plastic good will be banned from conservation areas and beaches.

Panel Discussions

The panel was made up of Tanveer Nandhra, Head of Finacial Markets, SCB (moderator), Ndegwa Mucheru, Head of Tax, Africa, SCB, Michael Mburugu, PFK Kenya, and Eva Otieno, Africa Strategy Research, SCB.

The government is listening to what industry has been asking for to drive the economy and making changes, e.g. issuing pin, locally assembled vehicles.

We’ve seen the rates of fiscal consolidation deteriorate.

We need to consider the issue of corruption as it has a real effect on our economy.

The allocation of the 47 Billion to healthcare is a step in the right direction.

We have an initiative called #Futuremakers, to empower young people in areas of employability and entrepreneurship. It is aligned with the govt’s efforts to engage youth and create opportunities for personal economic growth . – Susan Njoroge, Head of Sustainability, SCB

The budget formulation used to be a very opaque process. Now however the budget estimates are published in April and the public can comment. That is the spirit of the constitution .

Whereas the framework has been put in place to tax the digital economy, it needs to be fine tuned. How do you tax, especially when the payments are being remitted outside of the country? Who has the taxing rights, Kenya or the hosting country.

For local industries that have experienced punitive tax raises (e.g. tax on paper up from 10%-25%), short term effect may be painful, but in the long term, as other local support industries are established, the cost of doing business may reduce.

‘The government may have missed the opportunity to provide economic stimulus for the next 3 years to get the economy back on its feet. If local businesses had been given an amnesty this may have resulted in more SMEs getting compliant’, said Michael Mburugu, PKF Kenya

The panel discussions ended after one and half hours with Eva Otieno having to day this, ‘Since 20% of the allocations went towards the big 4, it is incumbent on the public to hold our officials to greater account in the use of these funds’.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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