KRA to Verify Tax Returns Filed by PIN Holders

Hello and welcome to the Money News Roundup Newsletter, where we cover KRA's announcement on the verification of tax returns starting January 2026. We also cover why 19 CBD building owners are to be prosecuted.

KRA to Verify Tax Returns Filed by PIN Holders

The Kenya Revenue Authority (KRA) has announced that, starting January 1, 2026, it will validate all declared income and expenses, both for individuals and businesses, against multiple data sources to ensure accuracy and compliance.

As announced in the notice published on MyGov on Tuesday, November 11, 2025, the authority will cross-check tax returns against TIMS/eTIMS invoices, withholding income tax records, and customs import data. 

This means that all declared transactions must now be backed by valid electronic tax invoices, properly transmitted with the buyer’s PIN where required. 

Exceptions are only allowed under Section 23A of the Tax Procedures Act and the Electronic Tax Invoice Regulations, 2024.

Taxpayers have been encouraged to review their TIMS/eTIMS schedules for 2025 and request summaries of their annual income and expenses from their KRA account managers to avoid errors and potential penalties.

"KRA invites feedback and insights from taxpayers and stakeholders to facilitate a smooth and effective implementation of this validation process," read the notice in part.

‍What This Means: This means every figure you claim on your 2025 tax return will be cross-checked against three databases: eTIMS invoices linked to your PIN, withholding tax records showing payments received, and customs import data for businesses bringing in goods.

NSE Rally Fails to Attract New Investors Despite Ksh3 Trillion Market Value

Despite a strong rally at the Nairobi Securities Exchange (NSE), the number of investors has barely changed, growing by just 2,621 to 1.3 million over the past year.

The NSE’s market value surpassed Ksh3 trillion, with a 56.3% return year-to-date, outperforming bonds, real estate, and bank deposits. 

As reported in the Business Daily, analysts attribute stagnant investor growth to limited awareness and competition from unit trusts, SACCOs, and gambling, which now attracts over 12 million Kenyans. 

While blue-chip stocks like Safaricom, Equity, and KCB drove gains, local individual accounts have fallen, with most Kenyans investing indirectly via fund managers, money market funds, or CISs rather than direct stock ownership.

Struggling State Firms Are Costing Kenya Billions and Raising Debt Risks - Report

Struggling State-owned enterprises (SOEs) now account for over a third of Kenya’s external debt, heightening fiscal risks and repayment costs. 

The African Development Bank (AfDB) reports that of Kenya’s Ksh5.48 trillion owed externally as of June, Ksh2.11 trillion (38.5%) was borrowed to support underperforming SOEs. 

As reported in the Business Daily, the transport sector follows as the second largest consumer of external debt at 21.8%, and energy at 9.4%. 

On-lent, guaranteed, and non-guaranteed loans have pushed the government to borrow on behalf of 54 SOEs, including Kenya Railways (Ksh737.5B) and Kenya Airways (Ksh99.9B). 

At least 22 SOEs were insolvent as of June 2024, and the IMF and World Bank are urging accelerated privatization, with over 35 companies, including Kenya Pipeline Company, slated for sale to reduce the fiscal burden of loss-making SOEs.

Transport CS Appoints Acting NTSA CEO 

Transport Cabinet Secretary Davis Chirchir has appointed Engineer Angela Wanjira as Acting Director General of the National Transport and Safety Authority (NTSA), replacing George Njao, who has completed his two terms. 

In a memo dated November 7, 2025, Board Chair Khatib Mwashetani said Wanjira will serve for three months as the board recruits a substantive DG.

As reported in the Star, Wanjira currently serves as the Director of Motor Vehicle Inspection and Road Safety.  She has 20 years’ experience in transport planning, road safety, and sustainable infrastructure.

She holds a Master’s in Transport with Business Management from Imperial College London and a First-Class Civil Engineering degree from the University of Nairobi. The NTSA board has already advertised the DG position, with applications due by November 28.

KRA Appoints George Obell to Lead Micro and Small Taxpayers Department

The Kenya Revenue Authority (KRA) has confirmed the appointment of George Obell as Commissioner for the Micro and Small Taxpayers (MST) Department, effective November 10, 2025.

Obell, previously acting in the role, has over 28 years of experience in tax administration, having served as Deputy Commissioner for both the Medium Taxpayers Office and East & South of Nairobi Tax Service Office. 

He has led reforms in tax digitisation, electronic invoicing, and risk-based compliance. 

In his new role, as reported by Kenyans.co.ke, Obell will focus on simplifying tax compliance and providing tailored support to MSMEs, a vital part of Kenya’s economy.

Nairobi County to Prosecute 19 CBD Building Owners 

Nairobi County is set to prosecute 19 building owners in the CBD for failing to repaint their properties as directed, officials revealed on Monday. 

Health CEC Suzanne Silantoi said while 158 notices were issued, only 41 buildings complied, with 28 under review. 

As reported by Nation, the Easy Coach building landlord has already been arrested.

The directive, under the Public Health Act and Physical and Land Use Planning Act, aims to maintain clean, safe, and habitable premises, addressing buildings neglected for decades. 

Public Health Chief Officer Tom Nyakaba also warned that inspections will continue, with further arrests and prosecutions expected. Unsafe structures will receive immediate vacation notices, and the county urged all landlords to comply before facing penalties, closures, or legal action.

Chinese Jetour SUVs to Be Assembled in Mombasa, Targeting Lower Prices

Global Motors Centre (GMC), the Kenyan distributor of Chinese Jetour cars, is investing Kshh1.4 billion to begin local assembly of the SUVs in Mombasa in Q1 2026. 

As detailed in the Business Daily, local assembly will allow the company to benefit from tax incentives, including exemptions on import duty, excise, and reduced levies, enabling lower showroom prices than rival Japanese and European models. 

GMC has launched four Jetour models priced between Ksh4.9 million and Ksh7.8 million. Jetour, part of Chery Group, has sold over one million SUVs globally. Its entry boosts competition in Kenya’s SUV market, which includes Toyota, Mercedes, BMW, and Land Rover models.