A Matter of “Interest”: More Updates on the New Banking (Amendment) Act, 2016

A Matter of “Interest”: More Updates on the New Banking (Amendment) Act, 2016

Further to our legal alert titled the “Kenya Government-led banking shake-up: the Banking (Amendment) Act, 2016”, the Banking Amendment Act, 2016 has now been published in the Kenya Gazette Supplement No. 143 confirming the date of ...
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New Tax Changes in the Finance Act, 2016

New Tax Changes in the Finance Act, 2016

Assented into law on 13th September 2016, the Finance Act, 2016 (the Act) is expected to advance the theme for this year’s budget, “Consolidating gains for a prosperous Kenya.” The amendments to tax legislation such as the Excise Duty Act, 2015 ...
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Karibu Kenya (Welcome to Kenya)! Repeal of the 30% Local Shareholding Requirement for Foreign Companies in the Companies Act, 2015

Karibu Kenya (Welcome to Kenya)! Repeal of the 30% Local Shareholding Requirement for Foreign Companies in the Companies Act, 2015

The entire Companies Act, 2015 (the Act) became operational on 15th June, 2016, pursuant to Legal Notice No. 109 of 2016. Prior to this, the Act was partially operational. Notably, one of the sections that became operational on the said date was ...
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Money and Markets: Financial Changes Brought About by the Finance Act, 2016

Money and Markets: Financial Changes Brought About by the Finance Act, 2016

The Finance Act, 2016 (the Finance Act) has amended the Capital Markets Act ((Cap. 485A) the Capital Markets Act), in a bid to facilitate the issuance of regulations to govern online foreign exchange trading and to bolster the legal framework ...
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The New Ratification Requirements for Natural Resources Transactions (The Natural Resources (Classes of Transactions Subject to Ratification) Act, 2016)

The New Ratification Requirements for Natural Resources Transactions (The Natural Resources (Classes of Transactions Subject to Ratification) Act, 2016)

Article 71 of the Kenyan Constitution provides that a transaction is subject to ratification by Parliament if it: a) involves the grant of a right or concession by or on behalf of any person, including the national government, to another person for the ...
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Tax Reprieve: Kenya’s New Tax Amnesty Guidelines Released

Tax Reprieve: Kenya’s New Tax Amnesty Guidelines Released

Since June 2016, when Kenya’s Cabinet Secretary for Finance announced that the Government would extend a tax amnesty on foreign income in the annual budget speech, there has been anticipation around the proposed amnesty ...
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