The Rwanda Revenue Authority is laying blame with the Ministry of Finance and Economic Planning for revenue shortfalls due to unrealistic targets, which the ministry gives the tax collection body. In the past two fiscal years, the tax body has struggled to meet its targets partly because of dwindling revenue from international trade. However, RRA told the Public Accounts Committee (PAC) last week that the Ministry of Finance and Economic Planning, under which RRA works,…"Rwanda taxman terms revenue goals set by ministry ‘unrealistic’"
Following oil and gas discoveries in neighbouring countries, the likelihood of Rwanda making similar discoveries is high. This has seen the government embark on enacting a petroleum law, which if passed will regulate all oil exploration and extraction activities in the country. The draft Law on Petroleum Exploration and Production is hinged on article 30 of the Constitution, which says that private ownership of land and other rights related to land are granted by the…"Rwanda moves to pass petroleum law to regulate oil exploration"
KCB has pledged Sh1 billion to fund start-ups following calls for financial institutions to match the government’s allocation to several entrepreneur seed funds. Chief executive Joshua Oigara made the announcement when he moderated an entrepreneurship panel discussion at the Kenyatta International Convention Centre (KICC), Friday. “I believe in investing and we will, as an organisation, commit Sh1 billion to the Enterprise Kenya fund,” he said. This is a national body set up in March this…"KCB to set aside Sh1bn for Kenyan start-ups"
The Kenyan shilling eased on Friday, while stocks fell to a 29-month low as both markets closed early due to US President Barack Obama’s visit. At close of trade at 1000 GMT, commercial banks quoted the shilling at 101.1525 to the dollar versus Thursday’s close of 100.7585 as banks covered their short dollar positions. “It’s a thin market, so people wanted to square off their positions because the forex market is closing at 1pm. It’s…"Kenya shilling eases, stocks fall for 13th time"
Allied forces comprising of Ethiopian troops serving with African Union Mission in Somalia (Amisom), Somali National Army (SNA) and other forces loyal to the local South eastern Somalia Administration have captured the town of Dinsor in Bay region. Dinsor, which had been under the control of the radical jihadist group Al-Shabaab for the past six years, lies 266 km southwest of the capital Mogadishu. “Our forces have secured control of Dinsor, and the insurgents have…"Trouble ahead for Burundi as president set for hollow victory"
West and Central African leaders will meet to discuss regional terrorism in the Equatorial Guinea capital Malabo on August 3. Gabon’s Foreign Affairs minister Emmanuel Issoze-Ngondet said the meeting will seek to establish a common strategy to fight the Boko Haram terror group. During the summit, the leaders are expected to receive more pledges of engagement from other countries to intensify the fight against the jihadists. Mr Issoze-Ngodet was speaking in Libreville when he met…"Zambia’s ex-tourism minister faces graft charges"