WED­NES­DAY, DE­CEM­BER 5, 2018

Business Daily (Kenya) - - TOP NEWS -

The tax­man has asked mil­lions of small traders to im­me­di­ately pay a newly in­tro­duced tax that kicks in from Jan­uary or risk not get­ting their busi­ness per­mits re­newed. The Kenya Rev­enue Author­ity (KRA) yes­ter­day said the in­for­mal traders will be re­quired to log onto its itax plat­form and pay the pre­sump­tive tax be­fore county govern­ments can re­new their busi­ness per­mits — now tied to pay­ment of the tax — for next year. More than one third of the com­pa­nies listed on the Nairobi Se­cu­ri­ties Ex­change (NSE) have col­lec­tively shed Sh14.75 bil­lion in pro­vi­sional and inal re­sults so far an­nounced in 2018, even as banks posted a to­tal of Sh87.8 bil­lion in pro its, re­veal­ing the dis­con­nect be­tween the bor­row­ing econ­omy and the lend­ing in­sti­tu­tions.

The pro it-shed­ding irms, spread across di er­ent sec­tors of the econ­omy, have cited a chal­leng­ing busi­ness en­vi­ron­ment and the per­sis­tent credit crunch that has sus­tained pres­sure on their abil­ity to grow re­turns and avoid job cuts.

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