Deogratias Alphonce

Since being roll out in September 2025 (see quoted tweet), only Kes 1.68 Million worth of rental income tax has been collected via eRITS. · Onboarded landlords: 1,412 · Registered buildings: 2,628 · Registered units: 26,668 · Returns filed: 529 · Amount paid: Kes 1.68 Million This means that ~ Kes 22.4 Million worth of rental income has been declared via the platform.

The second statement from Energy CS, Opiyo Wandayi, on the Kes 4.8 billion consignment. · A 60,000MT consignment of Super Petrol was imported into the country in contravention of the procedures set out under the G-to-G contractual framework with international suppliers · This consignment was priced at Kes 198,000/MT , compared to Kes 140,000/MT under the G-to-G arrangement · This reflects a delta of Kes 58,000/MT, which would result in an approximate rise of Kes 14.0/Litre in pump prices · The government has directed One Petroleum Ltd, the company that imported the said product & invoiced Oil Marketing Companies, to immediately withdraw all invoices issued & raise credit notes · The government directs One Petroleum Ltd to remove the 60,000MT consignment of Super Petrol out of Kenya as soon as possible · The government directs that Oil Marketing Companies should neither pay the invoices nor uplift product from this consignment · The market regulator, Energy & Petroleum Regulatory Authority has been directed to exclude the 60,000MT consignment of Super Petrol from the monthly computation of petroleum product costs Cross-reference this with the first statement, see quoted tweet

Two days after Zambia announced zero rating VAT on petroleum products & suspending excise for 3 months (see quoted tweet), Kenya signals that it is thinking along the same lines. From what the CS says, here's the thinking: · A team has been commissioned to explore what switching VAT from being ad valorem to specific could mean in terms of revenue yield implications. The import here is that this adjustment could blow the fiscal deficit even further (& don't forget Supp. Appropriations I already has it 40.8% up at Kes 1.3 trillion) · Once that is determined & effected, the government will then couple both that adjustment & the Kes 17.0 billion available in the Fuel Stabilisation Fund to smooth out anticipated price shocks stemming from developments in the Middle East · The CS flags the concern that in Treasury's estimation, the monthly cost of stabilisation is projected to play ~ Kes 14.0 billion & therefore the kitty will be insufficient for the remaining part of 2025/26 Musings: · What this means is that VAT on petroleum products will then switch from being pegged on the value of the product & be imposed based on the quantity of product. The idea here is to decouple tax from the rising cost/value · I am curious about this execution especially because the CS seems to suggest the specific VAT rate will only apply beyond a prescribed cut off price (i.e. if prices rise beyond a defined threshold). It sounds like a dual VAT regime, no? What about the complexity of administration here? · This suggests that the government is borrowing the excise on petroleum product model to replicate it on VAT in view of the circumstances · It looks like Treasury will still have to introduce a Tax Laws (Amendment) Bill 2026 or at least a VAT Amendment Bill to bring this to force. Remember this idea had been shelved owing to proximity to Finance Bill 2026

CIC Insurance Group PLC FY 2025 results (KES, YoY): — Insurance Revenue: +11.8% to 29.46B — Insurance Service Result: loss of 176.0M [2024: profit of 344.0M] — Net Investment Result: -58.2% to 1.60B — Operating Profit: -61.6% to 1.75B — PBT (Profit Before Tax): -68.7% to 1.25B — PAT (Profit After Tax): -82.0% to 0.51B — Total Assets: +19.1% to 73.75B — Total Equity: +7.6% to 11.85B — EPS: -79.8% to 0.21 — DPS: 0.13 [unchanged] Summary: —Profitability sharply contracted, with PAT down 82.0% and EPS down 79.8%, driven by a swing to an insurance service loss and a 58.2% decline in investment income. —Topline remained resilient, with insurance revenue up 11.8% and total assets up 19.1%, indicating continued business growth despite pressure on underwriting margins.

Makini Schools, Crawford International owner Advtech results for the year ended 31 December 2025: ▸ Group revenue rose 9.5% to KSh 70.44 Bn. Rest of Africa schools revenue surged 28% to KSh 4.33 Bn with operating margin improving to 33.7% from 32.4% ▸ Regis Runda acquired for KSh 1.29 Bn, rebranded Makini School Runda. Enrolments up 17% since acquisition to nearly 1 400 against capacity of 2 000 ▸ Total group enrolments grew 12.8% to 119 197. Free operating cash flow before capex surged 24.7% to KSh 14.28 Bn. (All Financial Numbers converted from South African Rands at 7.55KSh CBK rate)

Carrefour Kenya has reported revenues of Sh48.7B for the year ended December 31, 2025. —Revenues: +13.7% to Sh48.7B —Net operating profit after tax: +5.9% to Sh632m 1AED = Sh35.13 as of 31 Dec. 2025 [Source below]