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REVIEW OF THE PUBLIC FINANCE MANAGEMENT (AMENDMENT) (NO.2) BILL, 2020

The Public Finance Management (Amendment) (No.2) Bill, 2020 (the Bill) was published on 9th July 2020 and is expected to be presented for discussion by Parliament. The objective of the Bill is to amend the Public Finance Management Act, 2012 to enable the Cabinet Secretary to provide guarantees for loans advanced to micro, small and medium enterprises. The Bill is…

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THE EMPLOYMENT(AMENDMENT) ACT 2021 :PRE-ADOPTIVE ENTITLEMENT TO EMPLOYEEES

THE EMPLOYMENT(AMENDMENT) ACT 2021 :PRE-ADOPTIVE ENTITLEMENT TO EMPLOYEEES The Employment (Amendment) Act, 2021 (the “Amendment Act”) which takes effect on 15th April 2021 amends the Employment Act, 2007 to provide for a new leave (under a new section 29A) to be knownas ‘pre-adoptive leave’. The intention is to give the concerned employees time to bond with their prospective adopted children…

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HIGH COURT SUSPEND IMPLEMENTATION OF MINIMUM TAX BY KRA PENDING HEARING AND DETERMINATION OF PETITION NO. E005 OF 2021

The High Court of Kenya has suspended the implementation of Section 12D of the Income Tax Act, Chapter 470 the Laws of Kenya as amended by the Tax Laws (Amendment) (No.2) Act, 2020 that effected the new minimum tax in January 2021.In a detailed ruling delivered by Justice Odunga, the Court granted conservatory orders suspending the implementation of this tax…

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FIRST SMALL CLAIMS COURT TO BE ESTABLISHED AT MILIMANI COMMERCIAL COURT NAIROBI

For a long time, the Kenya’s judiciary has been criticized for delaying cases and the slow justice dispensation process. Many Kenyans who were afraid of filing their claims of substantially lower value have now been considered and soon they will have a court that considers and secures their rights. It is a welcoming step towards the improvement of the delivery…

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Registration and Setting up of a company in Singapore

Registration and Setting up of a company in Singapore -Kenya Each industry has its hub where everyone would love to have their company or business associated with. In the tech industry, Singapore has been recognized as one of the best and biggest tech hubs in the world due to the fact that they habour most of the world’s top info-communications…

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CONVERSION OF LAND TITLE DEEDS IN KENYA

CONVERSION OF LAND TITLE DEEDS IN KENYA Digitization has been a big deal in Kenya, and indeed, in the world, in the last decade. Most governments are working to move their records and services to online platforms, a move that is perceived to enhance efficiency and transparency in service delivery. It is for this reason that the Ministry of Lands…

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CALCULATING THE MINIMUM TAX FOR YOUR BUSINESS IN KENYA

CALCULATING THE MINIMUM TAX FOR YOUR BUSINESS IN KENYA Assuming that a business’ financial year starts in January, the first tax quarter for payment of taxes from business income is coming to an end. Businesses will get to apply the minimum tax provisions that came into force on 1st January 2021 in calculating how much tax to remit to KRA.…

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Make Administration More Attractive to save Distressed Businesses

The COVID 19 pandemic continues to provide a challenging business environment globally. In a bid to cushion businesses from the effects of the pandemic, governments worldwide have come up with a variety of measures, most of which have been geared towards addressing liquidity shortages and enhancing access to capital. There is, however, growing concern that some of the measures which…

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Summary of the Africa Continental Free Trade Area Agreement (AfCFTA)

On 5th December 2020 the African Union Heads of State and Government adopted the decision to kick-start trading under the African Continental Free Trade Area Agreement (AfCFTA) from 1st January 2021. The African Continental Free Trade Area Agreement (the AFCFTA Agreement) which established the African Continental Free Trade Area (the AFCFTA) came into force on 30th May, 2019. So far,…

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REQUIREMENTS FOR DEREGISTRATION OF A PRIVATE LIMITED COMPANY IN KENYA

The following are the requirements for deregistration of a private limited company: ecitizen log in details of one of the directors to whose account the company is linked; Company’s full name; Company’s registration number; Company’s date of registration; Special resolution to deregister the company; Date and place of meeting where the special resolution was passed and the contents of the…

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COMPANY BENEFICIAL OWNERSHIP DETAILS REGISTRATION IN KENYA

Introduction Pursuant to the Companies Act, 2015 as amended by the Statute Law (Miscellaneous Amendment) Act, 2019, read together with the Companies (Beneficial Ownership Information) Regulations, 2020 (the “Regulations”), every Company is required to keep a register of its beneficial owners and maintain a copy with the Registrar of Companies. On 16th October 2020, the Registrar of Companies operationalized the…

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