WEDNESDAY, DECEMBER 5, 2018
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.