News and Analysis
June 8, 2026
Hello and welcome to the Money News Roundup Newsletter. Today, we unpack KRA's warning to taxpayers who miss the June 30 filing deadline and could face estimated tax assessments. We also look at Amazon's plans to establish its first African satellite ground station in Kenya.
KRA has warned that taxpayers who fail to file their 2025 Income Tax Returns by June 30, 2026, will face default assessments under the Tax Procedures Act.
As per Section 29 of the Tax Procedures Act, default assessment allows KRA to use its own data, third-party records, and best judgment to estimate and calculate a tax liability for a taxpayer.
As reported by Eastleigh Voice, KRA has also offered a temporary reprieve by allowing taxpayers to declare valid business expenses that are not supported by eTIMS or TIMS invoices.
The authority said such expenses can be uploaded during the filing process but will be subjected to verification after returns are submitted. KRA clarified that the relaxation applies only to the 2025 year of income.
Beginning with the 2026 tax year, all income and expenses declared must be fully supported by valid electronic tax invoices generated and transmitted through the eTIMS or TIMS systems.
Taxpayers have been urged to file their returns before the deadline.
Investors are increasingly favouring short-term Treasury bills over long-term Treasury bonds as they anticipate higher interest rates in the coming months.
As reported by the Business Daily, three of the last four Treasury bill auctions have been oversubscribed, while bond sales in May and June fell short of targets. Last week, investors submitted bids worth Ksh54.5 billion against a target of Ksh24 billion, with the 91-day Treasury bill attracting the highest demand at Ksh32.8 billion.
Analysts say investors are avoiding long-term securities to keep their funds flexible in case yields rise further. Returns on the 91-day Treasury bill have climbed from 7.43 per cent in March to 8.56 per cent.
The shift comes ahead of the Central Bank of Kenya’s policy meeting, where markets will be watching for signals on the future direction of interest rates and government borrowing.
Amazon has applied for a licence to build its first African satellite ground station in Kenya, a move that could boost internet speeds and intensify competition with Elon Musk's Starlink.
As reported by the Business Daily, the Jeff Bezos-owned company, through Amazon Kuiper Kenya Limited, is seeking a 15-year international gateway licence from the Communications Authority of Kenya to support its satellite internet project, Amazon Leo.
The ground station will act as a local landing point for satellite signals, reducing the distance data travels and improving services such as video streaming, internet calling, and mobile connectivity.
Amazon's planned entry comes as it seeks to challenge Starlink's dominance in Kenya's growing satellite internet market, with the company promising speeds of up to 400 Mbps for standard users.
If approved, the facility would become Kenya's third major satellite ground station and position the country as a regional hub for satellite internet services across East Africa.
Stanbic Bank is considering setting up a new banking operation in Ethiopia instead of acquiring an existing lender, making it one of the first major African banks to explore the greenfield route.
As the Business Daily reports, the move comes after Ethiopia opened its banking sector to foreign investors but capped foreign ownership in acquisitions at 49 percent. Stanbic says it prefers having significant control in new markets and is confident in building from scratch.
The bank pointed to Safaricom Ethiopia’s progress as evidence that long-term investments can pay off, despite initial challenges. Standard Bank has maintained a representative office in Ethiopia since 2015.
Uber Kenya has applied for a National Courier Operator licence that would allow it to deliver parcels and documents across the country, expanding beyond ride-hailing and food delivery.
As reported by NTV, if approved, the move will place the company in direct competition with Posta and other courier firms. Uber plans to leverage its existing network of drivers, technology and payment systems to offer delivery services without building new infrastructure.
The application comes as demand for e-commerce and same-day deliveries continues to grow.
Kenya Power will close all its payment counters nationwide by June 2027 as it shifts to fully digital service delivery. The utility firm said online platforms now handle more than five million customer interactions monthly, reducing the need for physical banking halls.
As reported by the Capital Business, the closure will happen in phases, starting with Nyeri, Thika and Kisii by June 2026. Nakuru, Kisumu and Eldoret will follow by December 2026, while Nairobi, Stima Plaza and Mombasa will close by June 2027. Staff will be redeployed to customer service roles as Kenya Power expands its digital platforms.
Old Mutual Holdings PLC is seeking shareholder approval for a balance sheet restructuring plan aimed at improving its ability to pay dividends in the future.
The proposal, set to be presented at the company’s AGM on June 30, 2026, involves using Ksh4.66 billion held in its share premium account to offset accumulated losses of Ksh7.06 billion.
The company said the move will not affect shareholder ownership, operations, liquidity or cash flows. Old Mutual reported a profit after tax of Ksh856 million in 2025 and says the restructuring will strengthen its financial position and support long-term growth. Read more
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