NATIONAL TREASURY - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

PS Omollo applauds S&P credit upgrade as boost for Kenya’s economic confidence

Sacco ReviewAugust 25, 202503 mins

Internal Security and National Administration Principal Secretary, PS Dr. Raymond Omollo has welcomed the recent decision by S&P Global Ratings to raise Kenya’s long-term sovereign credit score from ‘B-’ to ‘B’, calling it a strong endorsement of the country’s economic direction under President William Ruto. In a post shared on his official X (Formerly twitter)…

Treasury fast-tracks KPC stake sale to raise Ksh100 billion amid budget crisis

Sacco ReviewAugust 7, 202505 mins

The National Treasury has accelerated plans to sell a majority stake in Kenya Pipeline Company (KPC) as it seeks to raise Ksh100 billion to ease mounting financial pressure. The move comes as the government struggles to access funds from development partners and development finance institutions, prompting a shift toward privatization of profitable state corporations. Under…

State grants taxpayers waiver on late filing of Penalties and Interest

Sacco ReviewAugust 6, 202502 mins

The government has announced a significant relief for taxpayers, granting a waiver of penalties and interest on late filing of Income Tax returns for the year 2024. This decision comes after the National Treasury received a request from the Kenya Revenue Authority (KRA) to approve the waiver. The waiver, which applies to returns, filed by…

Govt budget cuts affects agencies that provide loans to youth, women

Sacco ReviewJanuary 8, 202503 mins

The National Government has cut budget for agencies that provide cheap credit to youth and women. Affected agencies include Women Enterprise Fund, Uwezo Fund, Youth Enterprise Development (YEDF) and the Hustler Fund. A report by the Controller of Budget indicates that the National Treasury did not provide loans in the three months to end of…

Supreme Court overturns an Appellate Court verdict that declared the Finance Act 2023 unconstitutional

Sacco ReviewOctober 31, 202404 mins

The Supreme Court overturned an Appellate Court verdict that had declared the Finance Act 2023 Unconstitutional. This followed the successful appeal filed at the Supreme Court by the Cabinet Secretary for National Treasury, the Attorney General and the National Assembly and the Kenya Revenue Authority, challenging the July 31st 2024 Court of Appeal’s judgment declaring…

Team formed to address debt write-off for coffee farmers

Sacco ReviewJune 18, 202406 mins

Cabinet Secretary for Cooperatives and Micro, Small and Medium Enterprises Development Simon Chelugui has said the government will form a multi-agency validation team to analyze the submitted debt waiver claims from cooperative societies and prepare a report to the National Treasury for release of funds. The CS who was speaking during a consultative meeting with…

Passaris urges Treasury to increase tax to bar banks, Saccos from lending to government

Sacco ReviewMay 17, 202403 mins

Nairobi Woman Representative Esther Passaris has urged the National Treasury to push the 5 per cent withholding tax on the interest income earned from the infrastructure bonds to 20 per cent. She revealed this in a statement on Thursday, May 16, 2024 seen by Sacco Review where she noted that the current proposed tax will…

Bread, M-Pesa hit in new KSh323 billion government tax plan

Sacco ReviewMay 13, 202402 mins

The National Treasury plans to introduce VAT on bread and increase excise taxes on M-Pesa, bank transfers and airtime as it seeks to collect an additional KSh323 billion in taxes in the next financial year. According to newly published Finance Bill Kenyans will pay 16 per cent value added tax (VAT) on bread at least…

SASRA mulls direct deduction of Sacco dues from exchequer

Sacco ReviewSeptember 29, 2023September 29, 202305 mins

Sacco Societies Regulatory Authority (SASRA) has plans to create a framework that will see the National Treasury (NT) deducting funds directly from exchequer-funded entities to Saccos. SASRA Chairperson Jack Ranguma said county governments and their legislative assemblies, as well as public universities and tertiary colleges, have continued to top the list of defaulters of Sacco…