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Kenya and Portugal sign avoidance of double taxation agreement

 

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Signing ceremony in Lisbon between Kenya 🇰🇪 and Portugal 🇵🇹 for avoidance of double taxation done Tuesday 10th, 2018.

 

Signing was done at the Ministry of Foreign Affairs of Portugal in Lisbon. It was signed by Cabinet Secretary, National Treasury &Planning Henry Rotich and António Mendonça Mendes, Secretary of State of Tax Affairs, Portugal and witnessed by Teresa Almeida, Secretary of State of Foreign Affairs and Cooperation, Portugal.

 

Avoidance of double taxation will create a conducive environment for investments and trade in goods and services between the countries by removing uncertainties on taxation occasioned by having two different jurisdictions at play.

 

The Draft Public Finance Management (Climate Change Fund) Regulations, 2018

 

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The Climate Change Fund (CCF) establishment is provided for under Section 25 of the Climate Change Act, 2016 as a financing mechanism for the priority climate change actions and interventions.

 

The National Treasury has finalized preparing the draft Public Finance Management (Climate Change Fund) Regulations, 2018 which have been posted to the National Treasury website www.treasury.go.ke.

 

US Companies to collaborate with Government in implementation of Big 4 Agenda

 

Nairobi, June 29, 2018

 

 

Treasury CS Henry Rotich sign an MOU with US Undersecretary for Commerce Mr Gilbert Kaplan at Treasury Building today where US companies will collaborate with the Government of Kenya in implementation of the big 4 Agenda of Jubilee government.

 

Some of the already identified projects are the 500,000 affordable housing units to be put up in the next four years, the leasing of health equipment and the road from Mombasa to Nairobi.

 

Mr Kaplan is leading a big delegation from the United States of America comprising of the US President's Advisory Council for doing business in Africa, US Private Sector players and the US government officials.

 

Present to witness the signing was the US Ambassador to Kenya Mr Robert Codec.

 

Kenya Government and United Nations Launch United Nation Development Assistance Framework (UNDAF) 2018 -2022

 

Nairobi, June 26, 2018

 

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From Left to Right: Cabinet Secretary Devolution and Arid and Semi Arid Lands (ASAL),  Eugene Wamalwa,   Cabinet Secretary  National Treasury and Planning , Henry Rotich  and United Nations Resident Coordinator /UNDP RR, Mr Siddharth Chatterjee officially sign United Nations Development Assistance Framework for Kenya (UNDAF) 2018 - 2022  today, June 26, 2018 at Panafric Hotel in Nairobi.

 

Signing Ceremony of Credit Facility Agreements with the French Development Agency (AFD)

 

Nairobi, June 21, 2018

 

 

Cabinet Secretary, National Treasury and Planning, Mr. Henry Rotich (2nd Right) and Director General /Chief Executive Officer, French Development Agency (AFD), Mr. Remy Rioux (3rd left) sign Credit Facility Agreements on June 21, 2018 at the National Treasury building in Nairobi. Witnessing the signing are among others: Cabinet Secretary for Water and Sanitation, Mr Simon Chelugui (Right) and the French Ambassador to Kenya , Mrs Kim Ramoneda (2nd Left).  
 
 

Signing Ceremony of Credit Facility Agreements with the French Development Agency (AFD)

 

Nairobi, June 21, 2018

 

 

 

 

 

Cabinet Secretary, National Treasury and Planning, Mr. Henry Rotich (2nd Right) and Director General /Chief Executive Officer, French Development Agency (AFD), Mr. Remy Rioux (3rd left) sign Credit Facility Agreements on June 21, 2018 at the National Treasury building in Nairobi. Witnessing the signing are among others: Cabinet Secretary for Water and Sanitation, Mr Simon Chelugui (Right) and the French Ambassador to Kenya , Mrs Kim Ramoneda (2nd Left).  
 
 

Public-Private Partnership (PPP) Disclosure Web Portal Launch

 

Nairobi, June 19, 2018

 

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The National Treasury and Planning Cabinet Secretary, Henry Rotich (Right) greets other participating officials after cutting a ribbon to officially launch the Public-Private Partnership (PPP) Projects Disclosure Web Portal Launch today, June 19, 2018 at Intercontinental hotel in Nairobi. The National Treasury, through the PPP Unit, is responsible for the overall coordination, promotion, and oversight of the implementation of the PPP program in the country, according to Kenya PPP program status report June 2018, which states that there are 72 PPP Projects in the pipeline.

 

CS Henry Rotich addresses the Press after presenting the 2018 – 2019 Budget Estimates

 

Nairobi, June 15, 2018

 

 

National Treasury and Planning Cabinet Secretary, Henry Rotich flanked by among other, Chief Administrative Secretary, Nelson R. Gaichuhie (2nd Left), Principal Secretary, Dr Kamua Thugge, National Treasury (2nd right) and Principal Secretary, Planning, Dr. Julius Muia, addresses the Press on Thursday, June 14, 2018 after presenting the 2018 – 2019 Budget Estimates of about 3 trillion at the National Assembly in Nairobi. The East frican Community member states: Tanzania, Uganda and the others, also presented their budget estimates for 2018 - 2019. 

 

CS Henry Rotich Reads 2018 – 2019 Budget Estimates

 

Nairobi, June 14, 2018

 

 

 

 

The National Treasury and Planning Cabinet Secretary, Henry Rotich arrives and welcomed by Senior Deputy Clerk, National Assembly, Michael Sialai at the the National Assembly before he presents his  2018 – 2019 Budget Estimates of Sh 2,550.5 billion today, June 14, 2018. 

 

Budget Statement 2018-19

 

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Download the Budget Statement 2018-19

 

The Unclaimed Financial Assets Authority (UFAA) said it will audit all financial institutions and state agencies to ascertain the amount of unclaimed assets in their possession.
It said it suspects they could be under declaring the exact amount of unclaimed funds they hold. The Authority’s Chief Executive Officer, Ms. Kellen Kariuki said it is estimated the institutions could be holding up to Kshs.283 billion in unclaimed assets.
“We will do research to establish how much there is.  We have collected financial assets amounting to Kshs.3.3 billion so far”, she said during a media briefing in Nairobi.


UFAA notified institutions to surrender the unclaimed assets in their possession for the first time late this year.  Those that heeded the call were mainly banks and the telecommunications giant Safaricom which operates the M-Pesa platform.
She said claims from the rightful beneficiaries of the financial assets currently stand at Kshs.32 million since very few people know about the process of claiming the assets.
“People are still not aware that UFAA exists.  We are going to do massive public awareness to ensure the monies gets to the beneficiaries”, she said. The state agency was formed in 2012 following the enactment of the Financial Assets Act 2011.
The rationale for its formation was that the state is best placed to receive, preserve and protect unclaimed financial assets in the interest of the beneficiaries.
Under the law, unclaimed financial assets include bank savings and deposits, cheques and drafts, money orders and funds held or owing under any life or endowment insurance policy or annuity contract.
Others include shares, dividends, gift certificates, credit memo, unpaid wages, allowances, bonuses and terminal benefits, assets held in safe deposit box or repository and those held by court or a state department.
Holders of unclaimed financial assets will be penalized if they fail to maintain records or submit false or misleading information.
“A person convicted of an offence under this section shall be liable to a fine of not less than Kshs.50,000 and not more than Kshs.1 million or to imprisonment for not more than one year, or to both”, it states.
Ms. Kariuki said the authority’s strategic plan entails setting up a facilitative legal and policy framework that will ease its mandate. “The Strategic plan is very important because it will guide our awareness and education programme both for the holders and the beneficiaries of the unclaimed financial assets”, she said.
“The authority will put up a robust ICT system to facilitate the stakeholders to smoothly handle our mandate,” she said.
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