Life Hacks

  The Kenya Revenue Authority (KRA) is set to implement a real-time tax system that will integrate with cryptocurrency exchanges and marketplaces, allowing the agency to monitor and record transactions effectively. KRA announced this initiative while outlining its tax collection strategies for the fiscal year 2024/25, highlighting its intention to capture crucial transaction details, including the date, time, type, and value of each transaction. The taxman explained that it has faced challenges in tracking and taxing cryptocurrency transactions due to an outdated system, which has led to significant revenue losses for the government. The tax authority estimates that Kenya’s cryptocurrency market
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  The government has committed to settling the Kes.30 billion owed to hospitals by the defunct National Health Insurance Fund (NHIF) as part of the transition to the Social Health Insurance Fund (SHIF). Last week, the government disbursed Kes.1.5 billion and plans to release an additional Kes.3 billion this week. The remaining payments will occur progressively, depending on the availability of funds. Hospitals and other healthcare providers have expressed reluctance to transition to SHIF due to the financial strain caused by unpaid claims. To alleviate these concerns, the government reassured stakeholders that it would address this outstanding financial obligation. Medical Services
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  The Kenya National Examinations Council (KNEC) has released the timetable for the Kenya Primary School Education Assessment (KPSEA), set to commence with a rehearsal on October 25. The main examinations will follow, running from October 28 to 30. KNEC specified that each paper’s allocated time is listed alongside its subject, and no additional time will be permitted. “The time for reading through the questions is included in the duration specified on the paper, except where special instructions state otherwise,” the council clarified. The exams will begin on the first day with the mathematics paper in the morning, followed by the
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  This week, the National Treasury unveiled its annual borrowing plan for the financial year 2024/2025, with Cabinet Secretary John Mbadi expressing confidence in a projected growth rate of 5.5 percent for the Kenyan economy. This optimistic forecast suggests that Kenya’s economy will maintain stability in the medium term, despite rising global geopolitical tensions, including conflicts in the Middle East and the ongoing war between Russia and Ukraine. “Despite these global challenges, we expect Kenya’s economy to remain stable in the medium term. For the fiscal year 2024/25, we project a real economic growth rate of 5.5%. This positive outlook stems
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  A new development has surfaced in the impeachment case against Deputy President Rigathi Gachagua, as a witness released conflicting statements regarding the ownership of the Olive Garden Hotel. The hotel, listed in the motion as one of the contested properties, is among the assets Gachagua is accused of acquiring through corrupt means. However, Gachagua has denied these allegations, stating the hotel belonged to his late brother, Nderitu Gachagua. In his witness statement, Peterson Muchira claimed that on March 31, 2023, Gachagua approached him and persuaded him to purchase the hotel under an “informal secret agreement.” “The Deputy President persuaded me
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  President William Ruto has set an ambitious goal to lower Kenya’s inflation rate to below 3% in a bid to ease the high cost of living and reduce borrowing expenses. Speaking at the Banking Industry Inua Biashara SME Exhibition in Nairobi on October 16, Ruto underscored the government’s commitment to economic stability, focusing on predictable exchange rates and creating a favorable climate for investment. “It is my goal that next year, inflation will drop below 3%. As we bring inflation down and lower the cost of living, we will also stabilize exchange rates, making our economy more predictable,” Ruto stated.
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  The impeachment trial, which saw dramatic exchanges, took a heated turn when the DP’s lawyers demanded that Mutuse substantiate his claims. Read More