Manufacturers, Retailers and Suppliers sign Code of Practice to guide Prompt Payment in the Retail Sector
Kenya Association of Manufacturers, Association of Kenya Suppliers (AKS) and Retail Trade Association of Kenya (RETRAK) have today signed the Retail Trade Code of Practice to guide Prompt Payment in the Retail Sector.
The purpose of this Code of Practice is to encourage self-regulation and harmonize the retailers’ and suppliers’ ways of engagement and in so doing, also apply international best practice applicable to the Kenyan situation.
Speaking at the Signing Ceremony, Trade PS, Dr Chris Kiptoo noted that the retail sector is among the six priority sectors that has been singled out in the Kenya Vision 2030 to support the economic transformation of Kenya’s economy.
Speaking during the Forum, KAM Chairman, Mr Sachen Gudka noted that cash flow is essential to the economy, and for businesses to thrive, its guaranteed stream and circulation are critical.
These Regulations will be anchored on the Trade Development Act whose process of enactment is at an advanced stage.
KRA launches its 7th Corporate Plan
The Kenya Revenue Authority (KRA) launched its 7th Corporate Plan, running from 2018-2021, on 16th January 2018.
Through this plan, KRA is set to raise revenue to GDP ratio from current 18.3 per cent in 2017/18 to 19.2 per cent in 2020/21.
The Authority also expects to collect Kshs 6.1 trillion of core revenues – Exchequer revenues, Road Maintenance Levy Fund (RMLF) and Railway Development Levy (RDL) – requiring an annual revenue growth of 12.9 per cent.
Key among the Plan’s strategies and programs is tax base expansion aimed at raising the number of active taxpayers from 3.94 million to 7 million by implementing a segmented approach to deal with the identified sectors.
During the launch of the 7th Corporate Plan presided over by the Cabinet Secretary for National Treasury Mr. Henry Rotich, the KRA management expressed optimism that the blueprint will steer the Authority to a success in tax administration and consequently the Big Four Agenda.
“I believe a lot of effort has been put in the development of the 7th Corporate Plan and is expected to be a pivot in the success of the Big 4 Agenda,” said Mr. Rotich.
Mr. Rotich said the Corporate Plan focuses on the country’s development agenda as spelt out in the Kenya Vision 2030, the Third Medium Term Plan (MTP 2018-2022), the Budget Policy Statement 2018 and the Big Four Agenda.
Source: KRA Website