Business highlights July 14 2017

Business highlights July 14 2017

2.4 million to face hefty KRA tax return penalties

More than 2.4 million Kenyans will now have to face dire consequences for failing to file their tax returns with the Kenya Revenue Authority (KRA) within the stipulated deadline.

This represents 50% of the 4.8 million eligible taxpayers. KRA had given registered taxpayers up until June 30 to file their tax returns for 2016.

Failure to file the returns within the stipulated timeline will attract a penalty of Ksh50,000 for turnover tax and 25% of due tax or Ksh10,000 for salaried workers depending on which is higher.

Individual and company pins that have not migrated to the iTax system will also be deactivated.

Sanlam acquires majority stake at PineBridge

South African financial services conglomerate Sanlam Group has acquired 75% of global asset manager, PineBridge Investments East Africa Ltd.

Sanlam Group on Thursday announced that it had received all the necessary approvals to acquire three-fourths of PineBridge which will then see the latter rebranded to Sanlam Investments East Africa Limited (SIEAL).

Sanlam intends to leverage on the acquisition to integrate its asset management businesses and build a strong presence in regional asset management across East Africa.

Sanlam is one of Africa’s largest financial services providers with a market capitalisation of more than $10 billion (Ksh1 trillion).

Saudi embassy, real estate firm in lease row

The Saudi Arabia Embassy in Kenya has found itself at loggerheads with a Kenyan real estate firm over alleged breach of a lease agreement.

Plumcon East Africa has sued the Saudi Embassy for backing out of an agreement in which they had agreed to lease seven high-end apartments in Nairobi’s Arboretum area.

Plumcon claims it specifically refurbished the apartments in 2012 at the request of the Saudi Arabian Embassy after which they refused to take up the units.

The Embassy was to pay Ksh17.7 million annually for the seven apartments before it terminated the agreement.

Plumcon is now seeking compensation damages due to loss of business which resulted from termination of the agreement.

 

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