The Taxman and his missed targets

Your daily dose of financial news

Brian Nzomo
November 08, 2024

Hello 👋

On our top stories today, the tax man dominates.

But we also have other stories from the business world…

Let's go…

💰 KRA Surpasses October Targets on Betting Services, as PAYE Dwindles

🟢 The resumption of major European leagues, mainly the English Premier League (EPL), was a boon for the Kenya Revenue Authority (KRA). His collections from betting companies surpassed what he had intended to collect.

🔴 But…The tax man fell short in his revenue targets from PAYE, Domestic VAT, and Excise Duty. As economic hardship continues to bludgeon manufacturers, formal employees, and consumers… it is only conceivable that KRA will glare helplessly at the dwindling collections in the coming period.

😬 In conclusion, for the KRA, October was nothing but a string of revenue deficits…and more deficits as detailed in this article.

🪙 Taxman Eyes KSh 60bn from Crypto Dealers

The KRA gladly announced they netted KSh 10 billion from crypto traders in the financial year ended June 2024. And now the taxman wants to ramp up that figure to KSh 60 billion.

🔴 The problem : the CBK and the CMA are not very fond of crypto and transactions remain at the periphery of Kenya's financial sphere.

🟢 A solution : KRA will hopefully take stock of every transaction of this booming investment asset.

But how will the KRA do that?

🍵Williamson, Kapchorua Profits Drop Significantly in Half Year Results

Two NSE-listed tea companies released their half-year results today:

🟢 Kapchorua Tea - Profits falling 91.6% to KSh 18.2 million from KSh 218.1 million

🔴 Williamson Tea - Sliding into loss of KSh 122.4 million from a profit of KSh 477.1 million last year.

Both tea companies are pessimistic in their outlook as demand for the beverage declines alongside the prices of the beverage. Their share prices have also seen a reduction today. Here is how both companies have performed…

Other top stories today

Global Oil Demand to Hit 120.1mn Barrels per Day by 2050-OPEC

The Organisation of Petroleum Exporting Countries (OPEC) projects that global oil demand will reach 120.1 million barrels per day by 2050.

kenyanwallstreet.com/global-oil-demand-to-hit-120-1mn-barrels-per-day-by-2050-opec

Mozambique Post-Election Violence Prompts SADC Crisis Meeting

For almost two weeks, chaos have rocked the Mozambiqan capital - Maputo - following the victory of the FRELIMO candidate, Daniel Chapo.

kenyanwallstreet.com/mozambique-post-election-violence-prompts-sadc-crisis-meeting

Africa Will Be the Last Frontier for New Discoveries Through 2060- Rystad Energy

Africa will host the majority of new discoveries in the oil and gas sectors, a senior partner at energy intelligence firm Rystad Energy said.

kenyanwallstreet.com/africa-will-be-the-last-frontier-for-new-discoveries-through-2060-rystad-energy

Travel Away 🧳 ⛱️

5 Must Have Experiences in Diani Beach

Discover Diani Beach, Kenya’s stunning coastal gem, known for its white sands, vibrant marine life, and thrilling activities.

kenyanwallstreet.com/5-must-have-experiences-in-diani-beach

5 Must-Visit Hotels in Kisumu for an Unforgettable Stay

Looking for the best luxury hotels in Kisumu? Explore our guide to the city's top hotels, which blend comfort, culture, and stunning views

kenyanwallstreet.com/5-must-visit-hotels-in-kisumu-for-an-unforgettable-stay

Video of the Day

The Kenyan Wall Street’s founder Erick Asuma sits down with Bongani Sithole, CEO of 54 Collective, to discuss 54 Collective’s exciting rebranding journey and bold vision to expand across all 54 African countries.

Adios!

Have a enjoyable weekend.