Manufacturers, consumer lobby push MPs to block end of Covid tax reliefs
Friday December 18 2020
By EDWIN MUTAI
Summary
The lawmakers have been recalled from the Christmas recess to a special session on Tuesday that will determine the fate of the tax relief through a fast tracked debate.
The Treasury says the tax reliefs introduced in the wake of Covid were no longer sustainable owing to persistent revenue collection shortfalls amid a subdued economic activity which affected the implementation of government programmes.
Consumers Federation of Kenya (Cofek) said it was “irrational and unacceptable to revert to higher taxes as if Covid-19 ended three to six months ago.”
Credit guarantee scheme gives businesses lifeline
Thursday December 17 2020
Credit Bank CEO Betty Korir signs the Credit Guarantee Scheme agreement with the Treasury on December 8, 2020 in Nairobi. Looking on is the Kenya Bankers Association chairman Joshua Oigara (left), National Treasury CS Ukur Yatani (third left) and Treasury PS Julius Muia ( seated right). PHOTO | SALATON NJAU | NMG
By Joshua Oigara
Summary
A Credit Guarantee is effectively an insurance that gives lenders the confidence to extend loans to high-risk borrowers at flexible terms and often faster than under ordinary circumstances. Therefore, this move by Government is a tremendous show of confidence in our local enterprises.
DPP’s office to hasten prosecution of top Paramount Bank officials who fraudulently acquired Parklands land
The office of the Director of Public Prosecution has said that it will hasten the arrest and prosecution of top Paramount Bank officials implicated in the illegal acquisition of a prime parcel of land in Parklands.
The officials are Anwarali Merali and Ayaz Merali who are father and son respectively, Noorez Padamshi, Mohammed Mujtaba and Mercy Kamau (bank director) and lawyer who executed the transfer.
The land in question is LR No. 209/6/13, IR No. 30866/9, and size 0.2617 of a hectare situated within Parklands, Nairobi County.
Leaked: Nairobi businessman appeals to DPP Haji to fast-track Parklands land file implicating top Paramount Bank officials
Businessman Zaverchand Ramji Shah has appealed to DPP Nordin Haji to hasten the probe into the grabbing off of his land in parklands.
This is after the DCI lands fraud unit wrote to Hajis office recommending the arrest and prosecution of Paramount Bank officials led by Director Ayaz Merali.
Other directors are Anwarali Merali, Noorez Padamshi, Mohammed Mujtaba and Mercy Kamau.
In a clear case of conflict of interest, Mercy Kamau is the lawyer who signed the transfer documents on behalf of Paramount Bank despite being a director.