Padwick Maratani

[Donald B Kipkorir @DonaldBKipkorir]

Our new Police Uniform …. I thought they were KNH nurses …

[Padwick Maratani @padwickpro]

@G4S @ENGLubanga I have no words for G4S courier services.If you can't deliver a consignment overnight..don't assure me its overnight and then say it will take 2 days after I have paid due to the urgency. Sh***ty way of doing business.

[James Smart @jamessmat]

Former poor people turned billionaires and advisors designed this new university funding model to stop new poor people from the imagination of ever making it through education. They have kicked away that ladder in style.

[Julians Amboko @AmbokoJH]

Kenya's contentious Finance Bill 2024 seeking to raise an additional Kes 346.7 billion worth of revenue in 2024/25 enters the last leg before adoption having sailed through the Committee of the Whole House in record time.

Yes - 195
No - 106
Spoiled - 3

Amendments commenced at about 10:23am & were done by about 12:23pm, it's unprecedented.

Here's a breakdown of the amendments passed.

A 🧵

[Julians Amboko @AmbokoJH]

The National Assembly Finance & Planning Committee is inviting comments on Finance Bill 2024.

It's an important opportunity for all of us to make submissions about what we like or don't like about the bill & more importantly table suggestions for amend.

We have until May 28th to make submissions.

I sat down with the Committee's Chairperson, @KuriaKimaniMP, to discuss the bill.

A 🧵

[Padwick Maratani @padwickpro]

@t_muteti @EMungau @GideonKimaiyo_ @georgegacheru15 The how is simple in my view.GOK floated a Eurobond that raised a substantial amount of USD to settle maturing Eurobon.These funds are still not yet paid as they fall due in June.Can we pick this conversation in July?

[Julians Amboko @AmbokoJH]

The Affordable Housing Bill 2023 is now in the Senate.

The Senate Standing Committee on Roads, Transportation & Housing is now inviting comments by Thursday 29th February, 5:00pm.

What has changed in the Bill?

I see further legal hurdles potentially going to court.

A 🧵

[Julians Amboko @AmbokoJH]

Kenya's Cabinet Despatch for Feb 14th, 2024 looks to piggyback on the high tide stemming from the US$1.5 billion eurobond raise & signal a path back to fiscal consolidation.

A few highlights:

· The Cabinet indicates that Budget Policy Statement 2024 & Budget 2024/25 will be anchored on austerity measures underpinned by the rationalisation of non-priority expenditure
· The Cabinet has also considered & approved proposed amendments to the Public Finance Management Act.

[Padwick Maratani @padwickpro]

@AmbokoJH Lastly..the regulation ammending what forms part of distributable income might create an Asset-Liability mismatch.
PS:Personal opinion

[Padwick Maratani @padwickpro]

@AmbokoJH The underlying argument is a fund manager for a pension scheme should buy a security with an exit in mind.What value would pension schemes derive when say half the portfolio is HTM and fees charged on Assets under Management?

[Julians Amboko @AmbokoJH]

The National Treasury has made public the updated version of the Medium-term Revenue Strategy 2024/25 - 2026/27.

When the draft version was put out on Sep 12th, the public had until Oct 6th to submit our comments on the proposals.

So what stands out in the final version? A 🧵

[Julians Amboko @AmbokoJH]

The final round of Finance Act 2023 measures kicks in on January 1st, 2024.
Summary:
· Post-retirement medical relief
· Increased advance tax rates
· Residential income tax reducing from 10.0% to 7.5%
· 10.0% corporate tax for manufacture of human vaccines
Key issues? A 🧵

[Julians Amboko @AmbokoJH]

Folks, the National Assembly Finance & Planning Committee has tabled its report on the Draft National Tax policy.
Here's a thread 🧵 on what I think you need to know as far as the proposals are concerned.
Caveat, we all need to read this new report alongside the draft MTRS

[Mwango Capital @MwangoCapital]

Some of the reasons companies are citing in their profit warnings:

—Car and General: "... deterioration of unit economics of motorcycles which had a negative impact on motorcycle sales in Kenya...an increase in finance costs.."

—WPP SCanGroup: "...the continued subdued economic environment..."

—Nation Media Group: "...a weakened Kenya shilling....and higher distribution costs arising from fuel prices..."

—Crown Paints: "...slowdown in economic activities during the year..."

—Sasini: "...the very high cost of production due to unplanned escalation of input costs..."

[Mwango Capital @MwangoCapital]

Federation of Kenyan Employers [@FKEKenya] issued a very press release today decrying the dire state of businesses in Kenya.

Here are a few key issues it raised

1. The cost of doing business in Kenya has risen to unsustainable levels since the Finance Act 2023 came into being:

[Julians Amboko @AmbokoJH]

Fellow Kenyans, we have until Dec 28th to submit comments on two draft Regulations:
1. Income Tax (Turnover Tax) Regulations 2023
2. Tax Procedures (Electronic Tax Invoice) Regulations 2023.
The two are very critical.
Here are some highlights I think you need to have in mind

[Mercedes-AMG PETRONAS F1 Team @MercedesAMGF1]

POLE POSITION FOR LEWIS IN BUDAPEST!!

[Ahmednasir Abdullahi SC @ahmednasirlaw]

If you hear someone in a position of authority in Kenya blaming "cartels" for the rot/corruption in his area of jurisdiction, then that blame game tell you two things about that person: (a) the person is incompetence and clueless and uses the phrase "cartels" as shield (b) That person is still undecided about which of the many cartels to join/patronise.

[Padwick Maratani @padwickpro]

Do you remember when you joined Twitter? I do! #MyTwitterAnniversary