Safaricom Sacco Chairman Paul Masava, ICT PS Jerome Ochieng and Safaricom Chief Corporate Affairs Stephen Chege cut the cake to mark the 20th Safaricom Sacco Ltd anniversary. [Elvis Ogina,Standard]Mobile service provider Safaricom reaped Sh2.3 billion in tax benefits, following the move by the National Treasury to introduce tax incentives for corporates to help them weather the economic disruption from Covid-19 last year. According to Safaricom’s annual report, the tax bill reduced by Sh2.3 billion due to corporate tax incentives, although new laws reducing wear and tear allowance cut the benefits accrued. Safaricom however says the benefits from the tax breaks were eroded by reduced allowances in other avenues. According to the telco, the revised tax rates also reduced wear and tear allowances for various categories of assets.

Source: Standard Digital August 02, 2021 21:00 UTC