IM

Here for the banter!

[xo muthoni🌸 @Miss_muthoni21]

🚨 URGENT: MISSING CHILD ALERT 🚨

My son,Nollan Kinyua Kamau is missing.He was last seen in the company of his nanny around kamakis area.

Please help bring my baby back home .Contact person 0115265637/0101029704

Plead RT to help share the word.

[CPA Wachira Joseph @WashiraX]

KRA is not playing with Naivas.

You know Naivas. Hii tu moja.

It was a fully family owned supermarket giant.

When the time came to cash out, the owners weighed their options.

If they sold the supermarket from Kenya, they would pay insane taxes.

So they went shopping for low tax countries. And Mauritius presented itself. It was irresistible.

- 0% tax on sale of the company.

In 2015, the family registered a shell company in Mauritius. Called it NIL.
Then transferred all their shares to this company.

So Naivas was now 100% owned by a Mauritian company.

To make it even tighter, they added another layer.

They set up a second shell company. Called it GFI.
And transferred all NIL shares to GFI.

So now:
• GFI owns NIL
• NIL owns Naivas Kenya
Proper entanglement. Achana na hiyo yako.

As all this is happening, they are unaware of one dangerous sentence sitting quietly in Kenyan tax law.

It reads:

• Any company managed and controlled from Kenya is a Kenyan resident company.

Then the family went looking for a buyer.

In 2020:
• They sold 30% of the supermarket for 5.2B
• By selling 30% of NIL shares

So:
- Naivas is still owned by NIL
- But NIL now has a new shareholder

And everything happened in Mauritius quietly.
Nothing has changed hands in Kenya trigger anything.

• Deal is closed. 0 tax.

Bahati mbaya, KRA caught wind that Naivas is gone.

Immediately, KRA embarked on a fault finding mission.

In 2022, KRA discovered that:

- The family has always lived in Kenya. Not Mauritius.
- They managed and controlled every single operation of the shell companies from Kenya

They invoked the one dangerous sentence.
You remember it?

• Any company managed and controlled from Kenya, is a Kenyan resident company.

KRA said:
• These Mauritius shell companies are Kenyan
• They must pay tax in Kenya

Tax demanded: 30% of 5.2B. Plus penalties

• Total Bill: 1.8B

Naivas ran to court.

The court looked at it, and sided with KRA.

Family wakaabiwa walipe tax.

Case closed!

Lesson.

• Structure your offshore company properly.

• Or KRA will structure it for you.

[IM @InnocentMithika]

@Letoya_kaho @Seyatra888 @waigoko0 @affiliage_ltd Looks matter but these cars are not built to primarily for looks rather engineered for tough terrain. Anyone who buys a Prado or MUX for the presence before performance misses the point.

[IM @InnocentMithika]

@Letoya_kaho @Seyatra888 @waigoko0 @affiliage_ltd Yo, you nailed it 😂

[IM @InnocentMithika]

@Kalasinga_ Did they both have the same shipping option - AliExpress standard shipping with charges?

[IM @InnocentMithika]

@JohnKariuki9 @Kalasinga_ I sort of. Never received the item. The tracking number by Fedex was for another package from the U.S - so said their customer care agent when I called them. Apparently it's a common thing with AliExpress sellers. I initiated a refund.

Did you select free shipping on AliExpress?

[IM @InnocentMithika]

@_jabuto @anj_116_ The Magunas delamere stop over branch is about 1 month old now.

[IM @InnocentMithika]

@Stan_Subru This has become the norm in Nairobi. Hata private boda guys. Kazi yao ni kutumia tu shortcuts. This thing drives me insane every time. Huyu deserves all the rage from that driver.

[Julians Amboko @AmbokoJH]

UPDATE: Supplementary Budget I 2024/25

President William Ruto has this morning signed Supplementary Appropriation Bill No.2 2024/25 (i.e, Supplementary Budget I 2024/25) into law.

Here's how the final numbers look like:

· Spending reduced by Kes 145.7 billion of which Kes 139.8 billion is attributable to the Executive, Kes Kes 3.7 billion is attributable to Parliament & Kes 2.1 billion is attributable to the Judiciary

· Still on the reduction, Kes 105.0 billion is development, Kes 40.0 billion is recurrent

· Key carryovers from 2023/24 are Constituency Development Fund to the tune of Kes 13.5 billion & Pension liabilities to the tune of Kes 23.8 billion

· State House says the Kes 18.7 billion for the confirmation of all Junior Secondary School interns into permanent and pensionable terms has bene retained

· Equally retained is the Kes 3.7 billion for the medical internship program

[IM @InnocentMithika]

@MpashoNews @rattibha download

[IM @InnocentMithika]

@edwinsifuna We are receiving 2nd hand embarrassment buana

[IM @InnocentMithika]

@gabrieloguda Dude came with crammed answers. Lakini Sam ni yule msee - twanga pepeta. Very nice scene!

[Gichuki Kahome @kahome_steve]

Here are 4 online calculators that will help you simplify your financial planning.

You don't have to sweat over formulas and complex maths:

1. Treasury Bonds Calculator

This helps you determine the return you will get from a T-bond or a T-bill

Link below👇

[Julians Amboko @AmbokoJH]

Folks, President William Ruto signed into law the Affordable Housing Bill 2023 this morning.
Effectively, we now have the Affordable Housing Act, 2024 in place.
I finally got my hands on the vellum.
Here's what I think you need to know.

A 🧵

[ALASIRI MOTORS @alasirimotors]

List of All Traffic Offenses and Their Fines - NTSA

Rule 12(1)(b) - Learner driving without "L" plates on the front and rear - Kshs 1,000.

Rule 130C(1) and (3) - Individuals driving a PSV vehicle without being the designated driver - Kshs 5,000.

Rule 22A(1) and (2) - Failure by the owner of the vehicle to have seat belts in the motor vehicle - Kshs 1,000 per seat.

Rule 22A(5) and (6) - PSV conductor’s failure to keep seat belts in a clean, dry and generally wearable condition - Kshs 500.

Rule 25 - Failure of a vehicle to carry warning signs (lifesavers) - Kshs 2,000.

Rule 41A - Failure to fit the prescribed speed governor in PSV and Commercial Vehicles - Kshs 10,000.

Rule 54A - A person driving or operating a PSV with tinted windows or windscreen - Kshs 2,000.

Rule 56(1), (2) - Failure of a PSV to carry functional re extinguishers and re kits - Kshs 2,000.

Rule 59A(1) - Driver using a mobile phone while the vehicle is in motion - Kshs 2,000.

Rule 65(f) and 72 - The driver of a motor omnibus or matatu picking or setting down passengers in a place that is not authorized as a bus stop or terminal - Kshs 3,000.

Rule 68(1)(x) and 72 - A passenger alighting or boarding any omnibus or matatu at a place which is not authorized as a bus stop or terminal - Kshs1,000.

Rule 80 - Travelling with part of the body outside a moving vehicle. it guarantees a fine - Kshs 1,000.

Section 101(2) - Failure of the conductor to refund the fare for the incomplete portion of the journey for which full fare has been paid- Kshs 5,000.

Section 103(1) and (2) - Touting- Kshs 3,000.

Section 103A(1) and (7) - Failure of a PSV driver or conductor to wear the special badge and uniform- Kshs 2,000.

Section 103B(1) and (7) - Motorcycle rider riding without protective gear- Kshs 1,000.

Section 103B(1) and (7) - Motorcycle passenger riding without protective gear- Kshs 1,000.

Section 12(1) and 14 Rule 7 of Traffic Rules - Driving without identification plates or plates not fixed in the prescribed manner - Kshs 10,000.

Section 130C (1) and (3) - The driver of a PSV driver who lets an unauthorized person drive - Kshs 5,000.

Section 16(2) and 17A(3) - Driving a vehicle without a valid inspection certificate inspected - Kshs 10,000.

Section 22A(3) and (4) - Failure to wear a seat belt while the motor vehicle is in motion - Kshs 500.

Section 30(1) and (7) - Driving without a valid driving license endorsement in respect of the class of vehicle - Kshs 7,000.

Section 30(4) and 41 - Failure to renew a driving license - Kshs 1,000.

Section 33(c) and 41 - Driving a PSV while unqualified - Kshs 7,000.

Section 36(1) and (3) - Failing to carry and produce a driving license on demand - Kshs 1,000.

Section 42(1) - Exceeding speed limit prescribed for the class of vehicle by 6-10kph - Kshs 3,000.

Section 42(1) - Exceeding speed limit prescribed for the class of vehicle by 11-15kph - Kshs 6,000.

Section 42(1) - Exceeding speed limit prescribed for the class of vehicle by 16-20kph - Kshs 10,000.

Section 42(1) - Exceeding speed limit prescribed for the class of vehicle by 1-5 kph - Kshs 500.

Section 45A(1) and (2) - Driving on or through pavement or a pedestrian walkway- Kshs 5,000.

Section 52(1)(a) and 52(2) - Failure of a driver to obey any directions given, whether verbally or by signal, by a police officer in uniform, in the execution of their duty- Kshs 3,000.

Section 52(1)(b) and (2) - Failure of a driver to conform to the indications given by any traffic sign- Kshs 3,000.

Section 52(1)(c) and (2) - Failure of a driver to stop when required to do so by a police officer in uniform- Kshs 5,000.

Section 53(1) and 67 - Causing obstruction by allowing a vehicle to remain in any position on the road so as to obstruct or cause inconvenience or to other motorists using the road- Kshs 10,000.

Section 53(3) and (4) - Failure to display reflective triangles or lifesavers in cases where any part of the vehicle remains on the road in a position so as to obstruct or cause obstruction-Kshs 3,000.

Section 60(1) and 60(2) - Driver of a motorcycle carrying more than one pillion passenger-Shirks 1,000.

Section 90(2)(a) and 94 - Driving a vehicle on a footpath Kshs-5,000.

Section 90(2)(c) and 94 - Pedestrian willfully obstructing the free passage of vehicles- Kshs 500.

Section 98(1) and 104 - Unlicensed people driving or acting as the conductor of a PSV- Kshs 5,000.

Section 98(1) and 104 - Owner or operator of PSV employing an unlicensed PSV driver or conductor- Kshs 10,000.

[Prairie Builders Group 𝕏 @PrairieBuilders]

HOW TO APPLY FOR FIRST TIME KENYA POWER CONNECTION

Bookmark and Retweet

You can do this in two ways

• Physically
• Online

[IM @InnocentMithika]

The engine of 951F works only during budget reading every year 😂

[Robert ALAI, HSC @RobertAlai]

Hello @koske_felix, @WilliamsRuto

Why are all these GK Cars rotting in the InterContinental Hotel parking while the government cries over wastage?

These vehicles, many still new and with plastic wraps are rotting away as many government departments lack vehicles.

Give Kileleshwa Ward office one if you lack offices to allocate the vehicles.

[Muthukrishnan Dhandapani @dmuthuk]

Some basics

1)    Have an emergency fund of not less than 1 year of your expenses.

2)    Insure: Term, medical, personal accident and fire insurance for your house.

3)    Don’t use revolving credit on your credit cards.

4)    Simplify: have two bank accounts, two credit cards and two demat a/c.

5)    Write a will.

6)    Don’t borrow except for buying a house.

7)    Ensure the value of the house is not more than 5 times your annual salary.

8)    Create a corpus of not less than 30 times your annual expenses before considering retirement.

9)    Spend less than you earn.

10)  Try to save 30% of your salary.

11)  Invest regularly.

12)  Invest for long term; not less than 10 years, preferably 20 years or more.

13)  Never stop your SIPs, especially in bear markets.

14)  Never forget that all asset classes would always be cyclical.

15)  Equity would provide the best return over long run than all other asset classes.

16)  Follow portfolio diversification.

17)  Follow asset allocation.

18)  Have an advisor. The reward is worth the cost.

19)  Check and review your portfolio only once a year.

20)  More than your knowledge, it’s your behaviour which matters most for success in markets.

21)  Come what may; always stay the course.

[IM @InnocentMithika]

Al-Noor is the man who built Africa's 2nd Marina - English Point Marina in Mombasa. His Kes. 5 billion debt with KCB has been long outstanding. Found him to be quite the visionary during its official unveiling in 2013. Seems the ROI was too far fetched.

[K24TV @K24Tv]

CS Alfred Mutua speaks after goons attack Pinewood Beach Resort