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LEGAL ALERTS

client alert US-Kenya strategic trade and investment partnership

Client Alert: Key Highlights of The United States-Kenya Strategic Trade and Investment Partnership (STIP)

On July 14, 2022, the United States and Kenya launched a strategic trade and investment partnership (STIP) to pursue commitments to boost economic growth, support African regional economic integration and deepen trade cooperation. Both countries target to commence, within a three-month period, the development of a road map for engagement in trade and investment. Kenya …

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Probationary Contracts: Catch 22 of Probationary Contracts in Kenya- Part 1

There has been a whirlwind of jurisprudence on employment law relating to probationary contracts occasioned by a gamut of decisions of different courts of coordinate jurisdiction. This precarious situation unsettles the law, creates uncertainty, and in effect puts legal practitioners in a catch 22 situation when rendering advice to clients or defending a matter in …

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Finance Bill 2022 – Tax Deduction for Charitable Donations

On 7th April 2022, the Cabinet Secretary for the National Treasury and Planning delivered the Budget Statement for the financial year 2022/2023 to the National Assembly. In the address to the National Assembly the Cabinet Secretary proposed a raft of tax policy measures for the fiscal year 2022/2023. In this regard, and in recognition of …

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Public Participation on the Draft Alternative Dispute Resolution Framework for the Office of the Data Commissioner

On the 22nd of March 2022, the office of the Kenyan Data Commissioner issued the Draft Alternative Dispute Resolution (“ADR”) Framework which was subjected to public participation before its adoption. Section 9(1)(c) of the Data Protection Act, 2019 allows for settlement of disputes arising from the Act by way of facilitation, conciliation, mediation and negotiation. …

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Salient Changes and Licencing Formalities under the DCP Regulations

The Central Bank of Kenya (“CBK”) on 21st March 2022 announced the publication of the Central Bank of Kenya (Digital Credit Providers) Regulations, 2022 (“the Regulations”) in the Kenya Gazette by way of Legal Notice No. 46 of 18th March, 2022. The gazettement follows CBK’s invitation for comments from the public on the draft Regulations …

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Effects of the Central Bank of Kenya (Amendment) Act, 2021 on Digital Credit/Lenders Businesses

On 7th December 2021, Parliament enacted The Central Bank of Kenya (Amendment) Act of 2021 effectively providing the Central Bank of Kenya (CBK) with the powers to license and oversight the previously unregulated digital credit providers. This was a timely regulation as the uptake of digital loans in Kenya has been on a steady rise …

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End of 11 Year Tax Dispute: Bottlers Big Win at the Supreme Court

Last Thursday 10th February, the Supreme Court finally brought to an end the tax dispute that has been raging between various Coca Cola Bottlers and the Kenya Revenue Authority. The battle began in 2011 and has been going through the court process over the last 11 years. TripleOKLaw, LLP led by Managing Partner, Mr. John …

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Client Alert: The National Assembly Proposes New Regime for Petroleum Pricing in Kenya

Introduction In October 2021, the Petroleum Products (Taxes and Levies) (Amendment) Bill 2021 (hereinafter ‘the Bill’) was tabled in the National Assembly by the Departmental Committee on Finance and National Planning. The Bill, if enacted, would introduce various changes to the petroleum pricing framework in Kenya. The Bill was introduced amid concerns regarding the drastic …

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Client Alert: Central Bank of Kenya Mandates Climate-Related Financial Disclosures

On October 15, 2021, the Central Bank of Kenya published the Guidance on Climate-related Risk Management, issued under section 33(4) of the Banking Act, Cap 488, which empowers the Central Bank of Kenya to guide institutions in order to maintain a stable and efficient banking and financial system. Under the Guidance, the Board of Directors …

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Is your Digital Lending Platform licensed? Review of the Central Bank of Kenya (Amendment) Act, 2021

“Regulation has to catch up with Innovation” Henry Paulson, U.S. Secretary of the Treasury Kenya has been at the forefront of financial innovation since the launch of mobile money transfer systems in 2007. In the last few years, digital lending in Kenya has grown exponentially because of high mobile phone penetration, adoption of mobile money …

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