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BUSINESS Multinational companies operating in Kenya will now have to provide the Kenya Revenue Authority (KRA) with income statements of their operations in the country and other jurisdictions. This is according to proposed amendments to the Income Tax Act contained in the Finance Bill, 2021. The law change seeks to cut revenue losses due to transfer pricing, where multinationals shift their operating costs and profits to countries with lower tax rates. “An ultimate parent entity of a multinational enterprise group shall submit to the commissioner a return describing the group’s financial activities in Kenya, where its gross turnover exceeds the prescribed threshold, and in all other jurisdictions where the group has taxable presence, not later than 12 months after the last day of the reporting financial year of the group,” proposes the amendment to Section 18 of the Income Tax Act. ....
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Sitoyo Lopokoiyit appointed M-PESA Africa Managing Director Shares Safaricom has appointed Sitoyo Lopokoiyit as the M-PESA Africa managing director, effective April 1, 2021. In his new role, Lopokoiyit will be responsible for growing M-PESA to a fully-fledged financial platform. He will now be in charge of New Business Ventures, Product Management and Development for both Consumer and Enterprise. Lopokoiyit joined Safaricom in 1st April 2018, having previously served as M-Commerce Director at Vodacom Tanzania from October 2015. During his time at Vodacom, he oversaw the delivery of several transformative products and services; led the turnaround strategy and execution for M-PESA which has resulted in an accelerated growth of M-PESA in Tanzania. Prior to joining Vodacom Tanzania, he was the Head M-PESA Strategy and Business Development at Safaricom. ....