Our guide to the issues likely to impact businesses and the key measures taken by African governments in response to COVID-19.
Kenyans have been in a state of panic since the outbreak of the novel coronavirus. From a projects perspective, contractors have been a particularly worried lot, seeing as the pandemic has affected supply chains and their ability to meet their contractual obligations.
In the wake of the spread of the COVID-19 global pandemic, the real estate and loan markets in Kenya are bound to be affected. On 16 March 2020, H.E. Uhuru Kenyatta, the President of Kenya revealed that three (and now 25) patients had tested positive for the virus culminating in presidential directives towards preventing its spread to the rest of the population
As the world matches on into the uncharted territory created by the COVID-19 pandemic, the dreaded monster continues to receive sporadic reactions from all the three arms of the Kenyan Government. While the executive, through the Presidency and Ministry of Health, keeps spewing out one administrative directive after another to control the fast spread of the deadly virus, Parliament has been busy crafting ad hoc legislation to give legal effect to those directives.
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The President of Kenya, through a public address on 25th March 2020 announced several income tax and Value Added Tax (VAT) interventions that are aimed at cushioning Kenyans from the crippling effects of the COVID-19 pandemic.
The outbreak of COVID-19 has undeniably affected both borrowers and lenders negatively, with the exception of a few players such as those in medical supplies, basic food stuffs and certain technology, e-commerce and entertainment providers.
The income tax measures are contained in the Tax Laws Amendment Bill, 2020. We have prepared a tax alert highlighting the proposed tax amendments and providing insights on the implications of the proposals.