Business highlights – April 16, 2018

Business highlights – April 16, 2018

KRA struggling with tax collection due to prevalence of illicit goods

The Kenya Revenue Authority (KRA) has struggled to collect trade taxes from beer, cigarettes and spirits this financial year due to a rise in production and sale of counterfeit and illicit products. Some cartels, which largely target the spirits segment, have infiltrated the market, including some of the licensed liquor manufacturers. Excise tax collections in eight months of the current financial year fell by Sh4.67 billion compared to a year earlier, reflecting the impact of the increased sale of illicit and counterfeit liquor.Official Central Bank of Kenya statistics indicates the Kenya Revenue Authority collected Sh104.706 billion in excise duty between July and February compared with Sh109.38 billion the previous year.

Relief for motorists as fuel prices record marginal drop

The maximum retail price for Super petrolwill be Sh106.83 for the next month, a reduction of Sh0.63 from Sh107.46 in March, the Energy Regulatory Commission has said in its latest report. A litre of kerosene will sell at Sh76.72, dropping Sh0.73 in the latest review, but the price of diesel remains unchangedThe regulator said the changes are as a result of a drop recorded in the global prices.

Chinese firm begins construction of pedestrian footbridges along Nairobi’s Outer Ring Road

The construction of pedestrian bridges on Outer Ring Road has began. This follows a public uproar over rising accidents on the road. The Chinese firm, Sinohydro Tianjin Engineering Limited, is expected to instal 11 footbridges at a cost of Sh880 million, according to the Kenya Urban Roads Authority (KURA). The Authority said works for the installation of the footbridges was ongoing.

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