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Financial tips couples should never ignore : The Standard

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As unromantic as money may sound, it is impossible to avoid talking about it if you hope to be successful as a couple. Your marriage partner can either be the reason for your success or contribute to your failure.

Therefore, you need to ask the right questions before committing to marriage. Discuss everything, and talk about money as often as possible until you achieve a shared vision.
Here are five ways to get on the same page when it comes to your financial future.
1. Be transparent

SEE ALSO :Luck played no role in shaping our business

Cultivate openness and transparency in your financial affairs. Know each other’s current incomes, expenses, debts and liabilities.
Come clean on your student loans, credit card debts, child or spousal support and what you send home for your parents or spend on your siblings.
Secrets not only put a couple at risk of not meeting their family goals, but threaten the survival of the marriage.

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2. Make plans jointly
Set long-term goals together. Think about your five, 10, 20, 30-year plans and write them down. There’s something powerful about seeing your dreams down on paper.

SEE ALSO :Consistency is key to entrepreneurial success

Set retirement goals. Prioritise and work on a joint budget and share responsibilities. Set money aside for shared objectives – such as education, buying land or investing in shares.
3. Don’t rush into setting up a joint account
You don’t have to combine finances immediately you say ‘I do’. Take the time to learn each other’s spending habits to avoid conflict down the line. To start off, you can maintain separate accounts and open a joint account with clear budget lines and agree on how both of you will contribute to the kitty and how the money will be managed.
To build trust, maintain accurate records, including for expenditure that doesn’t have receipts, such as buying vegetables from the estate Mama Mboga.
Operating a joint account should be a gradual process. If one partner is an impulsive spender or hides certain expenditure, it’s not advisable to operate a joint account as it will only lead to conflict.

SEE ALSO :Why you should invest in stocks

4. Respect each other’s diversity
Do not micromanage each other. Everyone has things they do for themselves that make them happy and boost their self-esteem.
This could be a hobby, buying make-up or clothes, or membership in a club or society. Rather than belittling something your spouse considers important, figure out how to work it into the budget.
You can agree to set aside some cash that each of you can spend as you wish without having to account for it.
5. Hold money dates to nurture team work

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SEE ALSO :Firms warn Kenyans of fake job alerts

Hold regular money dates to brainstorm, share ideas, discuss your goals and evaluate your financial standing. These meetings are important for a couple’s growth.
You’re either growing together or growing apart, so make a conscious effort to grow together. Joint planning is crucial whether both partners are earning an income or not.


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MoneyInvestmentDr PesaJobsRetirementCouple GoalsRelationship Goals

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KRA wins Sh2b claim on shippers : The Standard

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The Kenya Revenue Authority (KRA) has scored a major win after a court ruling gave it the go-ahead to collect Sh2 billion from seven shipping lines.
The High Court earlier this month ruled that KRA could collect withholding tax from shipping lines on container demurrage charges – which are additional fees levied on cargo importers for continued use of ships due to delay in offloading goods after arrival at port.
Judge of Milimani Court’s Commercial and Admiralty Division Francis Tuiyott ruled in favour of KRA in a consolidated tax appeal case filed by the shipping lines operating in Kenya protesting taxation of income on demurrage charges.

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The shippers – CMA CGM, Gulf Badr Group, Oceanfreight, Sturrok Shipping, Maersk Kenya, WEC Lines and Inchcape Shipping Services – wanted the court to make a finding that demurrage charges are not subject to tax in Kenya.
Demurrage charges
In the appeal on a ruling by the Tax Appeals Tribunal, the companies argued that demurrage constitutes part of the amount received on account of the carriage of goods and is therefore part of the cost of shipping.

For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.  

KRA on the other hand said demurrage charges do not form part of freight levied by shipping lines as it could only be accrued after the goods had been cleared through Customs and entered the country.
In his determination, Justice Tuiyott held that freight comes to an end at the port of landing and any demurrage imposed on containers for late return is a post-importation charge.

SEE ALSO :KRA nets Sh628 billion in half-year collections

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The court upheld the earlier ruling by the tribunal, noting that demurrage charges paid by Kenyan firms “should be treated as income derived from Kenya” and that shipping agents were liable to withhold tax. 


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Kenya Revenue AuthorityKRAHigh CourtTax Appeals Tribunal

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KRA takes over revenue collection in Nairobi

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It will come in to effect in 21 days from the date of the execution/FILE

, NAIROBI, Kenya Feb 26 – The
Kenya Revenue Authority is set take-over the revenue collection in Nairobi once
an agreement to signed yesterday to surrender key county functions back to the
national government take effect on March 25.

According to a
Special Gazette Notice detailing how the transferred will executed, shows that
the KRA will be the principal revenue collector in the capital city, taking
charge of parking fees, business licenses, land lease fees and buildings’
approval charges.

Notice which
makes public the Deed of Transfer signed by Nairobi Governor Mike Sonko and
Devolution Cabinet Secretary Eugene Wamalwa states that agreement which was
signed at State House Nairobi and witnessed by President Uhuru Kenyatta; Senate
Speaker Ken Lusaka gives the National Government the responsibility of
collecting and remitting all revenues accruing from the transferred functions.

It will come
in to effect in 21 days from the date of the execution.

The landmark
agreement which was made public by State House Spokesperson Kanze Dena-Mararo
will see National Government take over the operation relating to County Health
Services, County Transport Services, County Public Works, Utilities and
Ancillary Services and County Government Planning and Development respectively.

The Deed of
Transfer of Functions further states that the functions shall be drawn from
either or both the Consolidated Fund and the County Revenue Fund.

“The
Nairobi City County Government shall ensure that the transferred functions are
fully funded from the County Revenue Fund. The level of funding for each
transferred function shall be determined by the National Government in
consolation with the County Government, but in any case the budgetary
allocation shall not be less than the amount last appropriated by the County
Assembly in the preceding financial year,” the Deed reads.

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According to
the Gazette Notice, the National Government and Nairobi County Government shall
review the performance of the transferred functions as it remains in force for
an initial renewable period of 24 months from the date of execution.

Human
Resources

As regards,
human resource allocation the Deed of Transfer states ‘the Nairobi County
Public Service Board shall in consolation with the Public Service Commission
formulate the necessary human resources’.

“The
National Government shall carry out a comprehensive capacity assessment in line
with Article 190 of the Constitution, as read with Section 121 of the County
Governments Act, 2012: and in addition to the capacity building measures
identified in the Capacity Assessment and Rationalization of the Public Service
Programme Review Report (CARPS), the Parties shall develop a capacity building
programme.

The CARP
survey conducted in the 47 counties in June 2016 revealed that the devolved
units are overstaffed.

In Nairobi
County, for instance, has been struggling with a bloated workforce costing it a
monthly wage of Sh1.1 billion.

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Kenya Vulnerable to Financial Meltdown – Moody’s

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Kenya is among countries in Sub Sahara Africa that are prone to a financial meltdown, according to a report by Moody’s.

According to the rating agency, Kenya is on the list of vulnerable countries that have either unfavorable debt structures with thin external buffers, narrow domestic debt market and/or a weak debt management capacity.

Moody’s lists the Democratic Republic of Congo (DRC), Mozambique
and Zambia as most exposed to a financial crisis while Ghana, Angola and Kenya
are also vulnerable but to a lesser extent.

The rating agency’s assessment of Kenya follows a move to establish a debt management office within the National Treasury. The Public Debt Management Office (PDMO), a department at the National Treasury, has received a fresh mandate.

Beginning this month, borrowing powers previously held by the Treasury Cabinet Secretary will shift to this unit.

Latest figures from the Treasury, as at January 31st 2020 indicate that the Government earned revenue of KSh1.4 trillion. This is made up of KSh897 million in taxes collected by Kenya Revenue Authority (KRA), KSh304.8 billion in domestic borrowing and KSh17.3 billion in foreign loans.

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Total recurrent expenditure was KSh588 billion while development expenditure was KSh1.3 trillion.

Treasury’s statement of actual revenue and expenditure as at 31st January, 2020 indicates that a total of KSh153.3 billion was disbursed to the County Governments. This excludes KSh6.2 billion for leasing of medical equipment, KSh485 million for construction of various County HQs and KSh8.9 billion as Road Maintenance fuel levy.

See Also:

Treasury Restructures Public Debt Management Portfolio

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