Telecommunication companies woke up to the news of an increase in the cost of money transfer services. This comes after President Uhuru Kenyatta proposed an increment in tax from 12 percent to 20 percent in mobile transfer platforms for Safaricom, Telkom, Airtel, money transfer agencies, banks and other financial institutions.
The fee charged will be more than excisable value owing to the fact that there have been a growing number of consumers using the mobile money transfer in the recent past. The move is aimed at raising further Sh25.7 billion on tax revenue for 2018/19 financial year. Read more
More from Business
World’s 26 richest own same as poorest half of humanity: Oxfam
The world's 26 richest people own the same wealth as the poorest half of humanity, Oxfam said Monday, urging governments …
HF Group replaces CEO Frank Ireri after 13 years
Outgoing HF Group CEO Frank Ireri Mortgage lender Housing Finance has scooped former NIC Bank Director for Retail Banking Robert Kibaara …
Kenya struggles to give life to futuristic ‘Silicon Savannah’ city
An engineer at Konza Techno City, Makueni County during a past tour of the roads and basic infrastructure. PHOTO | …