CPA. CS. Celestine Rono

I saw this somewhere and i found them so true:
5 most important financial decisions in life:
1. The career you select
2. The person you marry
3. The friends you choose
4. The location you live
5. The foods you eat
These will impact your life the most.
Choose wisely.

CS nominee for Treasury and Economic Planning CPA John Mbadi is so eloquent and his responses were so good. He knows his stuff. He is demystifying the narrative that the docket is reserved for Economists. Pia sisi CPAs tuko sawa.

“Move to a cheaper house and use matatus instead of living in debts to please people”- check out financial wisdom from Chepchumba in this article.

Move to a cheaper house, use matatus instead of living on debts to please people This experience taught me the essence of living your own life. Don’t be caught up keeping up with the Joneses or showing the public that you are okay while in

The EU- Kenya Economic Partnership Agreement came into force on July 1, 2024. This represents a significant turning point in the facilitation of trade between Kenya and the EU.
Because the EPA is perpetual, Kenyan production has unrestricted free access to the EU market, and EU products have unlimited free access to the Kenyan market.
This creates incentives for investment in Kenya and the development of infrastructure necessary to comply with EU rules. Other clauses that take into account Kenya's development demands, such as those pertaining to food security, special safeguards on agriculture, the protection infant industry, etc., would also benefit the country and present enormous opportunities for Kenyan farmers.

It was a pleasure hosting ESL Logistics at KEPROBA. The company attended our Strategic Plan launch and were impressed with our vision to grow Exports by 10% annually in order to improve the balance of trade for this Country.
KEPROBA looks forward to using ESL’s network and that of other logistics companies to link Kenyan Exporters to buyers in the regional and international markets.

Lest we forget: The only route to justice and equality is peace.
Praying for a peaceful week ahead. The future of our country is in our hands- whether at individual level or at the policy making level. Let us all put the interest of our Country first.
🇰🇪

Yesterday we participated in the inaugural Hope Media East Africa Women of Excellence Awards that was graced by several women leaders ranging from CS’s, Governors to CEO’s in both the public and private sector.
It was fulfilling to meet young women and girls
who aspire to learn from those who have hit the glass ceiling.
The Key message for the night was Proverbs 31 and I was inspired by Proverbs 31: 26-29.

“She opens her mouth with wisdom, And on her tongue is the law of kindness. She watches over the ways of her household, And does not eat the bread of idleness. Her children rise up and call her blessed; Her husband also, and he praises her: “Many women have done well, But you surpass them all.””
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Congratulations to all the winners. We are following in your footsteps.
May all women aspire to be Proverbs 31 women.

JUNE 2024 STATUTORY AND TAX DEADLINES TO NOTE FOR KENYANS AND CORPORATIONS OPERATING IN KENYA:
7th June 2024 - Pay the following for the month of May 2024:
1) Pay As You Earn
2) NHIF
3) NSSF
4) Catering Levy
20th June 2024 Pay the following:
1) Value Added Tax for the month of May 2024
2) Withholding Tax for the month of May 2024 (Effective July 2023, WHT is payable within 5 working days)
3) Exercise duty, Turn Over Tax, Standard Levy and Capital Gains Tax for the month of May 2024.
4) Monthly rental income tax
5) Instalment tax for the year ends:
June 2024: 4th Instalment
September 2024: 3rd Instalment
December 2024: 2nd Instalment
February 2024: 1st Instalment
30th June 2024 File:
1) Individual tax returns: If you have a Personal Identification Number (PIN), you are required to submit your annual tax return by 30th June 2024. Make sure to file your returns within this deadline to avoid penalties.
2) Tax Amnesty Program: KRA encourages all taxpayers to take advantage of the amnesty program by settling any outstanding principal tax debts by 30th June 2024. After this date, there will be no amnesty, waiver, or write-offs on penalties and interests.

Remember to stay informed and meet these deadlines to ensure compliance with tax regulations. If you have any specific questions or need further assistance, feel free to ask CPA Celestine Rono.

Early this morning Kenya Export Promotion and Branding Agency (KEPROBA) launched the Strategic Plan 2023/2024-2027/2028 at the Weston Hotel. The Strategic Plan is an ambitious plan to increase Kenya’s exports by 10 percent year on year from Ksh. 873.1 billion in 2022 to Ksh. 1.5 trillion in 2028.
KEPROBA’s 2023-2027 Strategic Plan outlines the Agency’s commitment to:
1. Diversify our export basket by introducing even more innovative Kenyan products to the international stage;
2.Expand into new markets, forge strong trade relationships and enhance export opportunities; and
3. Solidify Kenya's brand reputation through strategic marketing initiatives, showcasing the quality and originality of our products.
We thank all the stakeholders who supported us in the development of the plan and look forward to their support to ensure it’s successful implementation.

Karibuni to the Make it Kenya Exhibition. Sample Made in Kenya products and make business deals.

COME MEET KENYAN EXHIBITORS AT THE MAKE IT KENYA EXHIBITION IN ATLANTA, GEORGIA

Cobb County Galleria
2 Galleria PKWY, Atlanta, GA 30339

Let's 🇰🇪

Happy tree planting holiday. As we plant trees today, let’s focus on planting fruit trees for both environmental protection and as a sustainable source of income. Did you know that Avocado exports last year were worth Ksh. 156.7 Billion? This was an increase from Ksh. 147 Billion in 2022. Avocado is a super fruit with an increasing global demand and a good Return on Investment.

Happy Labour Day fellow workers. As we rest today, let’s reflect on how we are also using the opportunity given by our employer to set a side resources to build wealth for ourselves.

Fellow CPAs, we requested and you responded. Thank you for voting CPA Collins Too for Nandi County representative.
Collins Too Congratulations kijana ya nyumbani. We will hold you accountable for serving delivery.

Fellow CPAs, let’s vote CPA Too Collins Kipng’etich for Nandi County Representative. He is accessible and can propel us to new heights.

MACADAMIA FARMING FOR EXPORT AND ENVIRONMENT PROTECTION:
There is this article on Macadamia Nuts in the Export Agenda Magazine by that talks about how Macadamia Nut trees are used for much more than just nuts. Other than being a source of revenue both locally and through exports, Macadamia are a source of firewood and nectar for bees. They also serve as windbreakers for farmers' homes.
This reminded me of the cabins at Lemook Gardens which are located in between Macadamia bushes. Other than the traditional Macadamia regions of Central and Eastern Kenya, did you know that Macadamia does very well in Nandi and Uasin Gishu Counties? Visit Lemook Gardens to experience the tranquility that Macadamia nuts brings to your accommodation in their beautiful cabins. They also have beautiful gardens for events, children play area and their meals are delicious.

OPPORTUNITIES UNDER AfCFTA: THE GUIDED TRADE INITIATIVE (GTI):
Trading under the African Continental Free Trade Area (AfCFTA) was to officially commence on 1 January 2021. However, no commercially meaningful trade was undertaken for more than a year. This led the AfCFTA secretariat to initiate the AfCFTA Initiative on Guided Trade.
What is GTI?
It is an initiative where there is matchmaking of business and products for export and import between interested State Parties (Countries).
Countries (state parties) participating in the GTI:
Eight (State Parties – Cameroon, Egypt, Ghana, Kenya, Mauritius, Rwanda, Tanzania and Tunisia are participating in the GTI.
Products are earmarked for trading under AfCFTA:
Products include Ceramic Tiles, batteries, tea, coffee, processed meat products, corn starch, sugar, pasta, glucose syrup, dried fruits, and sisal fibre, amongst others, in line with the AfCFTA focus on value chain development.
Opportunities for Kenyan SMEs:
Kenyan SMEs can therefore take advantage of the GTI to export the products that Kenya has competitive advantage in the list above to the Countries participating in the GTI. So far, Chloride Exide Batteries, KETEPA and Kericho Gold are already in Ghana under GTI.
Ask me any questions about GTI that you have and i will respond to each of them.

MAKING AFRICA CONTINENTAL FREE TRADE AREA WORK.
On the sidelines of the successful Kenya Ghana High Level Business Forum that was graced by the presidents of both Countries, the CEO KEPROBA and I had sideline meetings with the Ghana Export Promotion Authority and National AfCFTA Coordination Office where we discussed areas of collaboration to ensure Kenyan Exporters are facilitated to smoothly access the Ghanaian market.

Did you know that there is a great potential to export Tea, Coffee, Cut Flowers and Pharmaceutical products to Ghana? These products are imported from Europe yet the Tea and Cut flowers are actually Kenyan. Ghana is five hours away and Kenya Airways have daily flights to Accra.

KENYA’S EXPORT OPPORTUNITIES UNDER AFRICA CONTINENTAL FREE TRADE AREA (AfCFTA):
Happy Easter Everyone.
Someone challenged me start my Series on Export opportunities with AfCFTA. There is so much to discuss under this agreement that I am finding it difficult to put them down on a single post
AfCFTA Agreement came into force when it was signed by 44 out of 55 African Union member states in Kigali, Rwanda, on March 20, 2018. AfCFTA creates a continental single market of over 1.2 billion people with a combined GDP exceeding US$ 2.5 trillion.
Kenya and Ghana were the first countries to ratify and deposit instruments of ratification on 10 May 2018 at the AU headquarters in Addis Ababa, Ethiopia. This shows Kenya’s dedication to this agreement. AfCFTA came into force on May 30, 2019, following ratification by 22 signatory states ( I was lucky to have been in Addis Ababa during this historic moment) . Its operational phase officially commenced on January 1, 2021.
National AfCFTA Implementation Strategy (2022-2027): Kenya has developed a comprehensive strategy to facilitate trade expansion and investment within Africa. The strategy focuses on securing markets, promoting value addition, and encouraging participation from various sectors, including MSMEs, women, youth, and persons with disabilities.
I will discuss the prioritized sectors under the National AfCFTA Implementation Strategy in a different post.

IF YOU WANT TO MAKE MONEY, THINK EXPORTS:

My village people were elated last week when one of the International tea estates announced its 2023 bonus. More than 90% of our tea is exported, which means the payments are in dollars.

It is no surprise therefore that the Exports from July to September 2023 increased by 41.5 billion [18.3%] compared to the same period in 2023.

If you are thinking of making dollars, then think Exports.

Yesterday my long time friend and Kenya’s Deputy Ambassador to Russia Irene Maswan paid a courtesy call to KEPROBA Offices.
The discussions centered around market access for Kenyan Exporters to the market.
All the best in your tour of mission Reena Kips.

DEMYSTIFYING INTEREST ON SACCO DEPOSITS AND SHARES:
The Sacco dividends season is here, and everyone is talking about the interest on dividends paid by their SACCO. SACCO’s are being ranked based on interest paid on Shares. However, we need to look at the Interest paid on Deposits as this is the determinant of the performance on your SACCO.
Interest on Deposits is the percentage interest paid on what the monthly deposits you make. Some SACCO’s pay as little as 4% on this.
Dividends on Shares is the percentage interest paid on your share capital. This is mostly up to 20%.
SACCO’s usually focus on the later to attract more members, but your share capital is a very little. Find out the interest on Deposits paid by your SACCO. You might be surprised that it is not doing as good as it wants you to perceive it.