The ups and downs of business in 2016
Friday, December 23, 2016
January
The year began with reports of a tax dispute that stalled Choppies’ plans to enter the Kenyan market as the retail giant had intended to acquire Ukwala Supermarket outlets. This was halted until the P104 million-tax dispute between the retailer and Kenya Revenue Authority (KRA) was settled. Choppies chief executive officer, Ramachandran Ottapathu confirmed the dispute but said he was hopeful the issue would soon be settled amicably.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...