Inside the Finance Bill 2024 | Business Redefined

Kenya is on an ambitious mission to raise at least Kes 330.0 billion through a raft of new revenue raising measures in financial year 2024/25 courtesy of the Finance Bill 2024. This is a step up from the Kes 211.0 billion targeted for financial year 2023/24 courtesy of the Finance Act 2023. The Finance Bill 2024 is your quintessential mixed bag. On this special edition, conversation with Kuria Kimani, the Chairperson of the National Assembly's Finance & Planning Committee; indirect taxes specialist & founder of Alpha Tax and Business Advisory Services, Christine Kahema Muthui; & ICPAK (Institute of Certified Public Accountants of Kenya) Public Finance Committee Chairperson & Managing Partner at Ichiban Tax & Business Advisory LLP, Robert K. Waruiru FCPA(K) to discuss Finance Bill 2024.
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Episodes
The insurance market in Kenya | Business Redefined Insurance penetration in Kenya remains very low at 3.0% according to the Insurance Regulatory Authority. What informs such abysmal uptake in a market where formal financial inclusion is one of the highest among emerging & frontier markets globally? How can we stir up interest in Kenyans willingness to take on safety nets to cushion them when risks materialize? Also, how is the transition from IFRS4 to IFRS17 impacting the insurance sector? We sat down with the Managing Director of First Assurance, Stephen Lokonyo, to unpack this & a lot more July 24, 2024
Supplementary Budget I 2024/25 | Business Redefined This episode on Business Redefined, inside the much anticipated Supplementary Budget I 2024/25 with Churchill Ogutu - Economist, IC Group. We have until July 22nd to submit our comments on the proposed adjustments to the 2024/25 spending plan, quite a tight window there. What are the key proposals & what do they mean for the financial year just started? We delve deep into the conversation. July 17, 2024
July 1st, 2024 Customs measures | Business Redefined New custom duty measures took effect on July 1st, 2024 following the East African Community Common External Tariffs gazette dated June 30th. Among the measures, Kenya has opted for a lower duty rate, compared to regional peers, for rice imports while adopting a higher rate on a number of goods including baby diapers and crude palm oil. What does this mean households and businesses in the country? Business Redefined explains July 10, 2024
Enter financial year 2024/25 | Business Redefined June 30th, a year ago Justice Mugure Thande issued conservatory orders suspending implementation of Finance Act 2023 & we all said FY2023/24 had kicked off in an unprecedented & dramatic fashion. Here we are starting 2024/25 with what would have been Finance Act 2024 having been withdrawn & a Supplementary Appropriations Bill in the not too distant horizon. Who would have thought? On this episode we speak to @abrahamrugo about the prevailing state of affairs as we start 2024/25 July 9, 2024
Finance bill 2024 amendments | Business Redefined On June 25th, 2014, the Finance Bill of 2024 sailed through the Committee Stage of the Whole House with Members of Parliament expeditiously endorsing amendments to, among others, increase the Railway Development Levy from 1.5% to 2.5%; extend the Tax Amnesty Programme by another 9 months to March 2025 & rescind the proposal to slap Value Added Tax on banking & financial services. This episode of Business Redefined broke down the amendments endorsed by the House & what they meant for Kenyan households & businesses. July 9, 2024
Finance bill 2024 committee report | Business Redefined On the agenda:
  1. The 2024/25 spending plan tables a case for a radical overhaul of the Exempt & Zero rated Schedules of the VAT Act to cure Kenya's Kes 396.0 billion tax expenditure headache. We drill into the indirect taxes clean up that is emerging as the overarching theme for 2024/25
  2. May 2024 revenue outturn reveals compelling growth on exchequer collections but leaves a gaping Kes 567.0 billion tax revenue gap to be realized in just 4 weeks. Can June deliver the home run?
  July 9, 2024
Finance Bill 2024/ 2025 Committee Report June 18, 2024
Financing Student Accommodation | Business Redefined On the sidelines of President William Ruto's state visit to Washington DC, student accommodation developer, Acorn Holdings, tapped a Sh23.7 billion funding line from the US International Development Finance Corporation. Acorn Holdings looks to deploy this funding to increase its bed capacity by 250.0% over the next decade to 70,000. In this episode of Business Redefined, Julians Amboko sits down with the founder & CEO of the developer, Edward Kirathe, to discuss this funding. June 4, 2024
Finance Bill 2024: The final submission | Business Redefined On this episode, The National Assembly Finance & Planning closed the window for submission of memoranda of Finance Bill 2024 as public hearings kick off. The Institute of Economic Affairs will be first in the hearings. We have a one-on-one with Kwame Owino - CEO, Institute of Economic Affairs to delve deeper. May 29, 2024