Tuesday, 26th January – Business Ireland Kenya hosted the first virtual meeting of the year focused on providing an economic outlook for the year. The session featured insightful presentations from Mr. Judd Murigi – Head of Research at ICEA Lion Asset Management Ltd (ILAM) and Mr. Emmanuel Laalia – Legal and Financial Tax Consultant at Viva Africa Consulting LLP.
Mr. Judd Murigi’s in – depth presentation shared an overview of global economic trends and a forecast for the year with perspectives on the investment landscape. Notably, research showed that while the COVID-19 pandemic had widespread impact, sectors such as healthcare, ICT and financial services had shown reselience with statistics projecting faster recovery and updward revisions of GDP forecasts. Globally, industries predicted to leade recovery includ manufacturing, hospitality, transport and trade sectors however, consumer demand is expected to remain weak due to job losses etc.
Mr. Emmanuel Laalia took participants through key tax changes effected in January 2021 and the expected impacts in line with Minimum tax, Corporation tax, Digital service tax, Individual rates of tax, VAT, Residential rental tax thresholds and the details of the introduced Amnesty programme.
The next BIK meeting is scheduled for February 28th and details will be shared ahead of the Breakfast meeting.