Money Weekly: KRA Announces Tax Amnesty, Online Auctions

Top Money News From Across Kenya

Author

Eric Ndubi
October 05, 2023

Welcome to our 7th Money Weekly Roundup of 2023. Yesterday, President Ruto reshuffled the Cabinet for the first time, after earlier in the week directing ministries to cut spending by 10%. The head of public service also suspended unnecessary foreign travel by government officials.

This week’s Money Weekly is brought to you by KCB Group

Partner Content

KCB is hosting a Twitter (X) Space today from 6pm to 7:30pm discussing ways to create a financial safety net through passive income streams. Investments such as Money Market Funds, Treasury Bills and Bonds will be discussed in detail and how to approach investing in a manner that objectively considers where you are in your financial journey amid the high cost of living.

It’s a new month and you’ve probably already been paid. But as a Kenya Institute for Public Policy Research and Analysis (Kippra) report shows a majority of Kenyans are spending over 50% of their income on food alone, you may want to explore these 5 habits to make your salary last longer.

Now, you might not be surprised to learn that the cost of living in Kenya hit a 5-year high in 2022, according the Kenya Economic Report 2023. This is even before fuel prices crossed the Ksh200 mark.

With this and rising inflation, it might be unsurprising that many of us could be anxious about our financial future. Those who may not be as worried, likely have some passive income coming in - money that they are not actively working for such as rental income.

Some of the low-risk investment options that can earn you passive income are Money Market Funds, Treasury Bills and Bonds. You probably already have heard an influencer here, a friend there or someone on social media mention them.

If you are curious to learn more about these options in detail and how you can create a safety net for yourself with them during these tough times, join KCB Bank’s Twitter (now X) Space this evening from 6pm to 7:30pm. Set a reminder here.

Round-Up: KRA Announces Tax Amnesty, e-Auctions

In this weekly money round-up: A look into the KRA Tax amnesty programme that closes in June 30, 2024; Airbnb hosts to start paying 2% tourism levy; the 10% budget cut directive to ministries and how the move by KRA to take the auction of seized goods online affects importers. In banking, loan defaults hit 16-year high, CBK defies speculations on the benchmark rate, a look at a report that shows how the cost of living in Kenya is the highest in 5 years and everything else in between. Plus, are you still driving to work?

This week’s top finance tips

A selection of our editorial team’s favorite tips and articles, selected just for you.

Our incomes are limited, but our dreams shouldn’t be. The biggest success factor is most probably how well we can manage the money we have today or that which we have access to, including borrowed money. How well are you doing? Find Out Here

While it may be a daydream to realistically expect “free money”, passive income - once adequately set up - can make one feel like they are receiving “free money” among other positive psychological benefits of having passive income streams - even if it is just one. Read more

A common mistake many come to regret is taking a loan as soon as you qualify for one. But delaying the benefits of building wealth using “other people’s money” could also lead to regrets. Should you let tough times drive you to debt? Where’s the balance? Read more

We are all working towards financial freedom. And while earning more skills, hustling hard and networking may increase our incomes, it is passive income investments that can come close to guaranteeing us true financial security. What are you doing to build a financial safety net for yourself? Read more

That’s a wrap for this week’s Money Weekly! Don’t forget to download the Money254 App on the Google Play Store and remember that we can help you compare over 300 loans, savings accounts, current accounts, and more if you’re thinking about your next product.

Sincerely,

Eric and the Money254 editorial team.