Country: Kenya: Coulson Harney LLP

Kenya: Listed companies are given clarification on key governance issues following the gazettement of Capital Markets Regulations in late 2023

The Capital Markets Authority (CMA) has issued Circular No.06/2024, providing essential clarifications on key governance issues following the gazettement of the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023 (POLD Regulations, 2023) and the Capital Markets (Collective Investment Schemes) Regulations, 2023 (CIS Regulations, 2023). These regulations, which became effective on December 15, 2023, aim to bolster the integrity, transparency, and development of the securities market in Kenya.

Kenya: Insights on the Energy (Net-Metering) Regulations, 2024 – Key highlights

In the last few years, there has been a significant interest among consumers connected to the national grid in generating electricity for their own consumption as a supplement to the national grid supply. Most of the electricity generated by these electricity producers is derived from renewable energy technologies such as solar photovoltaic (PV) systems, small hydropower and biomass plants. Current statistics show that as of December 2023, Kenya’s solar installed capacity was 410.4MW, comprising 210.3MW of grid-interconnected capacity,3.9MW of off-grid capacity and 196.2MW of captive capacity.

Kenya: Court of Appeal declares the entire Finance Act, 2023, unconstitutional

On 31 July 2024, the Kenyan Court of Appeal declared the entire Finance Act, 2023, unconstitutional.

Kenya: New rules on obtaining income tax exemption certificates and allowability of donations

The Income Tax (Charitable Organisations and Donations Exemption) Rules, 2024 (the 2024 Rules) were gazetted vide Legal Notice No. 105 of 2024 on 18 June 2024 (the Effective Date) by the Cabinet Secretary for the National Treasury and Economic Planning. The 2024 Rules repeal the Income Tax (Charitable Donations) Regulations, 2007 (the Repealed Rules).

Kenya: Supreme Court holds that banks require approval from the Cabinet Secretary prior to increasing interest rates

The Supreme Court has, in a recent decision rendered on 28 June 2024, held that banks must seek approval from the Cabinet Secretary responsible for Finance (the CS) prior to increasing interest rates on loans and facilities.

Kenya: Application of new custom duty rates on certain products imported into the country

On 30 June 2024, the East African Community Council of Ministers (the Council of Ministers) published Gazette Notice Volume AT 1 – No. 18 (the Gazette Notice) whose effect is to impose customs duties on certain products imported into Kenya that were previously not subject to duty or vary the customs duties applicable on certain imports. The changes are with effect from 01 July 2024.

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