- The Daily Brief, by The Kenyan Wall Street
- Posts
- AI-Powered KRA is coming.
AI-Powered KRA is coming.
Your daily dose of Kenyan business & finance news
Kenyan Wall Street
October 08, 2024
đ¸ No more avoiding taxes, the AI-taxman is coming
The KRA has announced plans to implement Artificial Intelligence and Machine Learning technologies to analyze vast data sets to better identify tax evaders. Announced at this weekâs annual KRA Summit, the move aims to bring more efficiency and transparency to the tax collection process similar to how the automation of customs procedures has significantly cut down on the clearance timeline. AI has become a popular âbuzzwordâ in both corporate boardrooms and politics, but as the KRA seeks to increase revenues (as commanded by the big man), the technology could play a pivotal role in making its mandate a reality. What does this mean for me?
âď¸ CBK slashes rates by 0.75%
12%. Thatâs the new interest rate officially from the Central Bank Governor, cutting the rate by 75 basis points from the previous 12.75%. The Monetary Policy Committee made the decision earlier today citing an âeasing inflationâ and slowing private sector growth. This is the second cut in a row for the CBK meaning that the money boss is joining other countries easing interest rates across the continent including South Africa, Ghana, and Uganda. Making debt cheaper, the goal is for the cut to help spur economic activity by enabling more Kenyans and businesses to access more affordable credit. Why is CBK cutting rates?
â GoK suspends floor price on tea amidst dismal sales
The Government of Kenya has decided that it isnât smart enough to choose an efficient market price for tea by removing the $2.43 floor price. The Mombasa Tea Auction is suffering from massive backlog of unsold tea. The floor price was originally implemented to âcushionâ the market from falling prices globally but it now seems that the concept of supply and demand is prevailing as many tea purchasers have gone to countries like Sri Lanka and India to source tea more affordably and of âsupposedâ better quality. What does the removal of the floor price mean?
Issue virtual USD cards for you and your customers - Do you want to issue virtual USD cards for your customers and business expenses? Use Koraâs APIs to issue cards, customize your card program, and set your customers' funding limit to your risk level. Get started here.
