GoK is set to exempt locally assembled passenger cars from VAT and excise taxes, a move that could see prices of the automobiles fall by hundreds of thousands of shillings. — Business Daily #Budget2022KE#SpaceYaMagari
This will see the cars exempt from the entire major taxes that are applicable on fully-built units imported from overseas markets like Japan, the UK, and South Africa.
Cars manufactured abroad are charged an import duty of 25%, excise duty of 20%, and VAT of 16%, payable cumulatively and in that order.
Assemblers of passenger cars such as @simbacorp_ke (producer of Proton cars) and @DTDobieKE (Volkswagen) currently enjoy exemption from the 25% import duty.
“In order to encourage more investment, especially in the manufacture of passenger motor vehicles locally, I propose to exempt from VAT inputs and raw materials used in the manufacture of passenger motor vehicles,” Treasury secretary Ukur Yatani said in his budget speech.
“Additionally, I propose to exempt locally manufactured passenger motor vehicles from VAT.”
Mr Yatani also proposed to exempt assemblers of passenger cars from excise duty, noting that this will see them treated equally with producers of commercial vehicles who already enjoy the waiver.
Players in the industry welcomed the move, saying it will encourage investment in local assembly.
“This is a very positive thing as it will make cars cheaper for ordinary people,” said Adil Popat, the executive chairman of Simba Corp.
Others not already in the passenger assembly business said it will encourage them to start local production.
“This is a major incentive for us to start local assembly of our SUV (Isuzu MU-X) as it will be cheaper compared to importing,” said Rita Kavashe, the chief executive of @IsuzuKenya
.@IsuzuKenya assembles commercial vehicles such as buses and pick-ups but has been importing the sport utility vehicle –its only offering in the passenger car category.
The major assembly plants are Nairobi’s Isuzu, Mombasa’s Associated Vehicle Assemblers (owned by Simba Corp), Thika’s Kenya Vehicle Manufacturers (owned by the government, DT Dobie and CMC Holdings).
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To avoid getting captured, a $250 million yacht of one of Russia’s wealthiest oligarchs is sailing at full speed towards Australia. The vessel ‘Amadea’ is longer than a football field, it has a dedicated party deck with 20,000 watts of speakers and a cinema with a popcorn machine
The E.U. sanctions have Russian oligarchs’ ships sailing helter-skelter. The latest one to join this bandwagon of scrambling superyachts is the $250 million superyacht Amadea that is owned by Suleiman Kerimov, a sanctioned Russian billionaire.
According to Yahoo News, the 347-footer is now sailing towards Australia to avoid seizure at all costs and will be received in Nadi, Fiji, as early as next week.
The history of the Land Rover Discovery: The Discovery has evolved from rugged off-roader to plush SUV over the years... — Times Malta
When it comes to Land Rover, it’s usually the firm’s famous Defender and Range Rover models that grab the limelight. These two cars, after all, have been the bread and butter of this British manufacturer, and have loyal followings that other brands can only dream on.
But another Land Rover you shouldn’t forget about is the Discovery – a utilitarian SUV that’s proven a big hit with families over the years as it’s gone increasingly upmarket.
The Wolf is a version of the Mercedes-Benz G-Wagen that was developed for the Bundeswehr, Germany’s armed forces. — @Silodrome
Much like the military versions of the Land Rover and other popular 4X4 vehicles, the Wolf was a ruggedized version of the civilian vehicle designed to be as tough and easy to maintain as possible, with no significant thought given to passenger comfort or luxury.
As ex-military examples of the Wolf began appearing for sale to civilians a roaring trade sprung up in refitting and restoring them, there are multiple enthusiast groups in Germany and further afield,
The Unimog 416 was a direct descendant of the first post-WWII Unimogs which had been developed as a vehicle that could be used as both a tractor and a car. — @Silodrome
The first Unimogs famously had a track width identical to that of two rows of potatoes, and they had power takeoffs so farmers could operate agricultural machinery in the same way they would from a tractor.
In the years after WWII there was a remarkable proliferation of civilian four-wheel drives being developed and sold to the public.
The World Bank's private-sector lending arm, International Finance Corporation (IFC), will this month conclude the purchase of a 6.7% stake in Equity Bank valued at KSh13.9 billion. — Daily Nation
The purchase of the the stake from Britam Holdings will make IFC the second largest shareholder in Equity Bank after Arise B.V, which holds a 12.67% stake.
Top businessmen have stakes in Britam ⬇️⬇️ 1. Jimnah Mbaru — 7.72% 2. Peter Wairegi — 4.03% 3. James Mwangi — 2.97% 4. Peter Munga — 2.97%