Ace budget bulletin 2020

11th June 2020 | Ace Group | : Kenya Budget
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Caveat
The content of this bulletin is for informational purposes only.The content is not intended in any way to be a
substitute for professional advice,in making decisions,and the authors and the entities affiliated with them
are not responsible for any loss,resulting from acting on this information.This information is based onThe
Kenya Budget Statement for the Fiscal year 2020/21 delivered by the Cabinet Secretary,NationalTreasury,
to the National Assembly onThursday,the 11th June,2020 at 3:00p.m.The Finance Bill once passed by
parliament,may have some changes to the proposals.This bulletin is based on the Finance Bill.

SYNOPSIS OF GLOBAL ENVIRONMENT AND KENYA MACROECONOMIC
ENVIRONMENT, AS A PRELUDE TO THE KENYA FISCAL BUDGET 2020/21
EFFECTED BY THE CORVID-19 PANDEMIC
This bulletin is divided into four sections as follows:
 Global overview and Kenya’s macroeconomic environment in 2020
 Budget Estimates FY 2020/21
 Summary of KNBS household Survey on COVID-19 and President Kenyatta’s Stimulus package.
 2020 Budget measures
1.1 Global overview
The Global economy is facing a recession that may persist through 2020. Even before the COVID 19 pandemic, global
economic growth projections were slow. It has been projected that emerging market and developing economies
(EMDEs) with weak health systems will face the brunt
Recent pandemics/Epidemics in Human History:
 Spanish flu (1918-19) had an unusually high death toll and mortality rate, killing between 20-100 million people
globally;
 Hong Kong flu (1968-69) almost 300 deaths per million
 Asian flu (1957-58), 400 deaths per million
 Swine flu (2009-10), with 11 deaths per million globally.
Thus, COVID-19 is the most severe pandemic since the Hong Kong flu, despite the unprecedented mitigation efforts that
have been implemented by governments globally.
The current pandemic.
 This time, economic activities contracted sharply and almost simultaneously, as stay-at-home orders and then partial
and complete lockdowns forced businesses to close in most developed economies.
 Rising unemployment, the loss of wage income, and falling business revenues are depressing aggregate demand,
which may soon lead to sharp increases in bankruptcies.
 Rising business bankruptcies—if not prevented—will adversely affect the balance sheet of banks and reduce the flow
of liquidity and credit, which will further reduce aggregate demand in the global economy.
Projected Economic Impact of the Global Pandemic
As a result of the pandemic, the global economy is projected to contract sharply by –3 percent in 2020, much worse than
during the 2008–09 financial crisis. In a baseline scenario--which assumes that the pandemic fades in the second half of
2020 and containment efforts can be gradually unwound—the global economy is projected to grow by 5.8 percent in
2021 as economic activity normalizes, helped by policy support.

Preliminary estimates of the economic impact of covid-19:
 Decline in Investment both foreign and local
 Expected 10-15% reduction in remittance by diaspora workers to home economy’s
 Disruptions in schooling, hospitality/ Tourism
 Household bankruptcies, increase in home foreclosures
 Systemic financial crisis/stretched debt burdens
 Volatile cashflows for businesses, institutions, and MSMEs with unstable cash flows
 Transport Sector – Public service vehicles, Air transport, and railway transport affected
 Overall reduced economic activity and decline in consumer spending
 Industries that rely on imported materials affected by global disruption in the supply chain due to some form of lock-
down in different countries
 Volatility in foreign exchange rates, due to relative effect on balance of payment positions
 Volatile commodity prices due to supply and demand logistics of commodities.
The Economic Survey 2020 indicated that the economy grew by 5.4 per cent in 2019. This was supported mainly by the
service-oriented sectors, particularly wholesale and retail trade, transport and storage, information and communication
and hotel accommodation and restaurants. This is a decline from 6.3% growth in 2018.The decline was caused by a
number of factors including constrained supply of raw materials from agricultural activities due to suppressed long rains.
This resulted in the manufacturing sector to slow down to 3.2% in 2019 compared to a growth of 4.3% in 2018.
On the other hand, the current account balance worsened from a deficit of KShs 511.3 billion in 2018 to a deficit of
KShs 567.0 billion in 2019. This would lead to depreciation of the Kenya Shilling against major currencies like US Dol-
lar, Euro, Yen etc.
Likewise, the Nairobi Securities Exchange (NSE) 20-Share index dropped to 2,654 points in December 2019 from 2,801
points in December 2018.
Leading indicators of economic activity show that the growth was resilient in the first quarter of 2020 before the impact
of Covid-19. However, the pandemic has adversely affected the economic growth projection and it is anticipated to
sharply decline to about 2.3 per cent. However, we should not be surprised, that negative growth is actually recorded
for the year 2020, due to the dragging of the restrictions of COVID-19 in movement and trading activities, especially
tourism and hospitality sector, small and medium businesses closing down, lower volumes of tea, coffee, flowers and
fruits produced and sold, slow down in real estate activities due to credit constraints and higher supply of residential and
office space with demand stagnating or reducing due to closures of small and medium sized businesses.
Our recommendations
Keep paying your suppliers of goods and services, pay your employees salaries, to ensure circulation of money in the
economy. Eliminate all unnecessary, expenses, defer capital expenditure plans, take advantage of the governments stim-
ulus incentives and financing, there will be business after CORVID 19.
1. Global overview (continued)
1.2 KENYA MACROECONOMIC ENVIRONMENT

Kenya Historical GDP Growth RateTrend 2002 to 2019
Key Factors to Impact Kenyan Economic Growth 2020 and Beyond
 Risk related to trade and finance tension between the U.S.A and China
 Slower growth of the Chinese economy, due to actions related to CORVID-19
 Brexit related uncertainties, as the independent trade deals with United Kingdom need to be signed
 Volatility of commodity prices and low production of tea, coffee, flowers & fruits exported to Europe
 Public expenditure pressures, particularly related to wage related recurrent expenditures and Big 4 Agenda
 Locust invasion witnessed in the country in late 2019 & early 2020 poses a risk to agricultural food production.
 Tourism sector international and local is a major employer, source of foreign exchange and taxes, is on its deathbed.
 The national political realignment, due to the Building Bridges Initiative and the upcoming general elections in 2022
Inflation
Kenya’s overall year on year inflation rate in April rose slightly to 5.62 % from the revised 5.51 % recorded in March ac-
cording to the latest data by the Kenya Bureau of Statistics (KNBS). Overall inflation is expected to remain within the tar-
get range in the near term, despite the disruptions occasioned by the pandemic, supported by favorable weather condi-
tions, lower international oil prices and the reduction of VAT from 16% to 14 %.
Foreign exchange market
In the past few years, stability in the foreign exchange market was supported by strong performance of agricultural ex-
ports particularly tea and horticulture, increased diaspora remittances, strong receipts from tourism, and lower imports of
processed foods It is worth noting that these factors have been reversed by the shocks due to Covid-19 pandemic. For in-
stance, tourism sector has been destabilized by the international ban and local travel restrictions. Similarly, diaspora re-
mittances have been adversely impacted and agricultural exports have hit their all-time low. The adverse effects will be
partially mitigated by lower Oil and Gas prices in global market, and reduction in imports. We expect a volatile foreign
exchange market.
1.2 KENYA MACROECONOMIC ENVIRONMENT

2. BUDGET ESTIMATES FY 2020/21 (EXTRACTS FROM BPS 2020)
The following is a summary of allocations from the estimates presented to Parliament
 Fiscal budget 2020/21 adjusted downwards from approved BPS to create fiscal space in light of COVID-19 pandemic
and associated revenue under-performance;
 Total expenditure FY 2020/21 budget estimated KSHS. 2,732.98 billion with Kshs. 1, 805.2 billion as recurrent ex-
penditure and 584.9 billion as development expenditure.
 Post COVID-19 Economic Stimulus Programme (PC-ESP) estimated at KSHS. 53.74
 COVID-19 expected to have a negative impact on tax receipts in FY 2020/21 due to reduced business activity and
declining consumer demand
 National Treasury projects ordinary revenue at Kshs. 1, 621.4 billion (14.4% of GDP) a decline compared to Kshs. 1,
642.4 billion in FY 2019/20
 Measures taken to cushion Kenyans expected to directly contribute to decline in income tax collection in FY
2020/21. According to Parliamentary Budget Office (PBO), the country will lose approximately Kshs. 122 billion
due to these measures.
SOURCE: PBO
FY 2019/20 Supplementary
Estimates No. 1 2019/20
FY 2022/21 FY 2022/21 FY 2022/21
National Government 2,006,964.1 1,864,305 1,967,570 2,009,266
Executive 1,947,872.8 1,814,433 1,914,939 1,954,043
Judiciary 19,202.1 13, 650 14,162 14,694
Parliament 39,889.3 36,222 `38,468 40,529
Consolidated Fund Services* 550,063.2 `580,450 668,714 751,317
County Governments** 316,500 317,500 330,694 344,836
% Share in Total Expenditure
National Government 69.8% 67.5% 66.3% 67.7%
Executive 67.8% 65.7% 64.5% 65.9%
Judiciary 0.7% 0.5% 0.5% 0.5%
Parliament 1.4% 1.3% 1.3% 1.4%
Consolidated Fund Services* 19.1% 21% 22.5% 25.3%
County Governments** 11% 11.5% 11.1% 11.6%
Tax Measures Revenue Loss Kshs Million
100% PAYE relief for earnings below Ksh, 24,000 19,840
Reduction of PAYE top band from 30% to 25% 7,080
Reduction of Corporate Income Tax from 30% to 25% 45,691
Reduction of Turnover Tax from 3% to 1% for MSMEs 50
Reduction of VAT from 16% to 14% 49,598
122,259

3.1 SUMMARY OF KNBS SURVEY ON SOCIO-ECONOMIC IMPACT OF COVID-19 ON HOUSEHOLDS REPORT- 15TH
MAY 2020
Labour force economic activity
 Labour force participation rate of the persons aged 18 years and above was 56.8%. Males accounted for 65.3% of
those in workforce, while females accounted 51.2% of those who were outside the labour force during the reference
period. 49.0% of the working population were own account workers (self-employed) while 31.7% were paid em-
ployees outside the household.
 On average, workers across all industries reported having worked fewer hours as compared with the usual hours
worked per week. Education recorded the highest variance of 40 hours between the usual and actual hours worked
in a week. This was followed by Accommodation and Food Services which had a variance of 30 hours.
 49.9% of the respondents absent from work reported that it was due to lockout or stay away instructions as guided
by the Government and or employers they worked for. Further, 16.6%of the respondents were not going to work
due to temporary slack work for technical or economic reasons.
 91.2% of the persons who reported that they were absent from work due to lockdown were not sure when they
expected to return to work, 2.8% were to resume within 6 months, while 3.9% within 3 months.
Transport
 In general, there was a 51.7% increase in the cost of transport on most frequent routes in Kenya. Migori County rec-
orded the highest increase in the amount of cost paid with 77.2% while Turkana County recorded the least with
24.4%.
 32.2% of the respondents reported that in the last 7 days, walking was their main means of transport. Public Service
Vehicles were used by 25.5% of the population, while 18.9% used motorbikes.
Rent
 Overall, 30.5% of households were unable to pay rent on agreed date with the landlord.
 21.5% of persons who usually pay rent on agreed time with the landlord were unable to pay rent for the month of
April 2020 on time. Approximately, 59.8% of those who usually pay rent on agreed date were able to pay rent for
the month of April on time. The main reason for the households’’ inability to pay rent for the month of April 2020
was the reduced income/earnings (59.2%).
 8.7% of households have received a waiver/relief from landlords on rent for the month of April.
Education
 Nationally, 57.9% of households have members who usually attend learning institutions. The highest proportion
48.2% used home schooling as a coping mechanism to continue learning at home.
 Notably, 24.6 % of households with members who usually attend any learning institution were not using any meth-
od to continue learning at home.
Health
 17% of households reported having a member with a pre-existing medical condition, 78% didn’t have a member
with a pre-existing medical condition, while 5% didn’t know.
 Majority of the households that reported having a member with ay pre-existing condition cited hypertension and
diabetes, at 34.0% and 19.9% respectively.

Kshs. 53.7 Billion is to be approved by the National Assembly to be implemented in line with the President’s 8-Point
Agenda on Post Covid-19 Economic Stimulus Programme captured in an eight-point agenda as follows:
1. Kshs. 5 Billion to hire local labour for rehabilitation of access roads and footbridges;
2. Kshs 6.5 Billion to the Ministry of Education to hire 10,000 teachers and 1000 interns to support digital learning
and acquisition of 250,000 local fabricated desks;
3. Kshs 10B to Fast-track payment of outstanding VAT refunds and other pending payments to SMEs. Kshs. 3 billion
as seed capital for SME credit Guarantee Scheme.
4. Hire additional 5000 healthcare workers with diploma/certificate qualification for one year. Kshs. 1.7 Billion for
expansion of Bed Capacity in public hospitals.
5. Kshs. 3 Billion for supply of farm inputs through e-vouchers, targeting 200, 000 small scale farmers. Kshs 1.5 Bil-
lion to assist flower and horticulture farmers to access international markets .
6. Soft loans to hostels and related establishment through Tourism Finance Corporation (TFC). Kshs. 2 Billion to sup-
port Hotel Industry and Kshs. 1 Billion to engage 5, 500 community scouts. Kshs 1 Billion for 160 community
conservancies .
7. Kshs 850 million to support wells, water pans and underground tanks in arid and semi-arid areas. Kshs. 1 Billion for
flood control measures and Kshs. 540 million for Greening Kenya Campaign.
8. Enforce the policy on “Buy Kenya, Build Kenya”. Kshs 600 million to purchase locally manufactured vehicles
This programme was approved by the Budget and Appropriations Committee (BAC) in its report to the National Assem-
bly. This was further endorsed by the Committee of the Whole House as part of the Fiscal Budget FY 2020/21.
Additional measures proposed by Private sector as Post Covid Recovery Strategies:
 Granting tax breaks to companies seeking to increase their capacity to produce import substitute goods, which could
even mean zero-rating VAT for the next 3-months;
 Releasing VAT refunds to assist businesses with managing their cash flow;
 Encouraging banks to give concessionary loans at low rates to facilitate businesses, and as well provide moratoriums on
loans that are due;
 Providing for a Business Stabilization Fund to cushion the impact of the coronavirus, especially for Small and Medium
Enterprises (SMEs);
 Strengthening the local supply chain for traders to be able to access import substitute goods.
Summary and Conclusion
We the individual families, the private sector, the public sector, the financial institutions, the government are in this chal-
lenging times together. We shall have to endure and lend each other helping hands to ensure, that we all survive with min-
imal casualties. There is going to be business and life after the CORVID-19 pandemic has been subdued, but we will have
to ensure that we maintain our physical and mental hygiene in the coming days, weeks, months and years.
3.2 President Kenyatta’s COVID-19 Recovery Stimulus package

4. The Budget 2020/21 Measures
Residential Rental Income increase in threshold effective 1st January 2021
The maximum income threshold subject to residential rental income is to be increased from KShs 10m to KShs 15m
(Effective 1 January 2021). Residential rental income tax, which is a simplified regime, applies at the rate of 10% on the
gross rental receipts of a resident person in respect of residential property. The tax is payable on a monthly basis.
Minimum Tax - effective 1st January 2021
A new tax known as “minimum tax” is to be introduced with effect from 1 January 2021. The tax shall be applicable at 1% of the
gross turnover and shall be paid through a quarterly instalment tax system by the 20th of the fourth, sixth, ninth and twelfth months.
Minimum tax shall not be applicable in the following instances:
 On income that is exempt from tax under the Income Tax Act;
 On employment income;
 On income that is taxable through either the residential rental income tax or the turnover tax regime;
 On capital gains computed in accordance with the Eighth Schedule;
 On income derived from extractive industries, as prescribed under the Ninth Schedule; and
 In instances where minimum tax would be lower than instalment tax.
Digital Services tax - - effective 1st January 2021
A “digital service tax” is to be introduced with effect from 1 January 2021. The tax shall be applicable at the rate of 1.5% of
the gross transaction value of a person whose income from provision of services is derived from or accrues in Kenya
through a digital market place. In the case of residents and non-residents with permanent establishments in Kenya, the tax
shall be offset against their income tax liability for the year.
Corporate tax - Expenses not deductible for tax - effective 1st January 2021
 Entrance fees or annual subscriptions paid to a trade association that has elected to be taxed;
 Club subscriptions paid by an employer on behalf of an employee;
 Legal costs and other incidental expenses relating to authorisation and issue of securities for purchase by the public;
 Legal costs & other incidental expenses incurred to list on any securities exchange operating in Kenya without raising additional
capital;
 Expenditure incurred on rating for the purposes of listing on any securities exchange operating in Kenya; and
 Expenditure incurred on the construction of a public school, hospital, road or any similar kind of social infrastructure subject to
approval by the Minister.
Corporate tax - Incomes exempt now taxable - effective 1st January 2021
– The income of a registered Home Ownership Savings Plan (HOSP); and
– The income of the National Social Securities Fund (NSSF)

Personal Income tax
Tax deductible items now taxable - Effective 1 January 2021
 Deposits into registered HOSPs shall no-longer be deductible while ascertaining an individual’s taxable income Cur-
rently, a person is eligible for a deduction of up to KES 96,000 per year (equivalent to KES 8,000 per month) on de-
posits made to a registered HOSP.
 Interest income earned by a HOSP depositor shall be fully taxable. Currently, any interest income earned by a deposi-
tor on deposits of up to KES 3 million to a registered HOSP is exempt from tax.
Exempt, Incomes now taxable - Effective 1 January 2021
 Monthly or lump sum pension granted to a person who is 65 years of age or more; and
 Bonuses, overtime and retirement benefits paid to low income employees.
Tax Amnesty
A tax amnesty programme is to be introduced with effect from 1 January 2021. The amnesty is expected to run for 3 years
and shall apply to tax liabilities that accrued within a period of five years prior to 1 July 2020. A taxpayer who voluntarily
discloses to the Commissioner their tax liabilities (including material facts) will be granted relief from penalties and inter-
est on the tax disclosed as follows:
 A full remission of the interest and penalty where the disclosure is made and tax paid within the first year of the pro-
gramme;
 A remission of 50% of the interest and penalty where the disclosure is made and tax paid in the second year of the pro-
gramme; and
 A remission of 25% of the interest and penalty where the disclosure is made and tax paid in the final year of the pro-
gramme.
NB: The tax amnesty programme shall not apply to a taxpayer who is under audit, investigation or is party to an ongoing
litigation or who has been notified of a pending audit or investigation by the Commissioner.
Tax administrative changes
• The Tax Procedures Act, 2015 is to be amended to allow the Commissioner to appoint persons as agents for purposes of
collection and remittance of digital service tax and/ or revoke their appointment at any time.
• The Tax Appeals Tribunal Act, 2013 is to be amended to bar the appellant from introducing new documents to support
an appeal after filing the original appeal.
Currently, the law only bars an appellant from introducing new grounds of appeal after filing the original appeal.

Indirect taxes and Miscellaneous
Value Added Tax
 Input tax to be claimable by the purchaser only if the supplier has declared the same in the VAT return.
 The supply of the following goods, currently listed as exempt from VAT, will be taxable at the general rate (currently
14%):
- Helicopters of tariff numbers 8802.11.00 and 8802.12.00;
- Aircrafts of tariff numbers 8802.20.00 and 8802.30.00;
- Aircraft launching gear and parts thereof; deck-arrestor or similar gear and parts thereof of tariff number 8805.10.00;
- Air combat simulators and parts thereof of tariff number 8805.21.00;
- Other ground flying trainers and parts thereof of tariff number 8805.29.00;
- Specialised solar equipment and accessories, including solar water heaters and deep cycle-sealed batteries which
- Exclusively use or store solar power;
- Tractors;
- New pneumatic tyres of tariff number 4011.30.00 for use in aircrafts;
- Taxable goods locally purchased or imported by manufacturers or importers of clean cooking stoves for direct and ex-
clusive use in the assembly, manufacture or repair of clean cook stoves approved by the Treasury Cabinet Secretary (CS)
upon recommendation by the CS in charge of Energy;
- Stoves, ranges, grates, cookers (including those with subsidiary boilers for central heating) barbeques, braziers, gas
rings, plate warmers and similar nonelectric domestic appliances, and parts thereof, or iron or steel of tariff
numbers 7321.11.00, 7321.12.00, 321.19.00, 7321.81.00, 7321.82.00, 7321.83.00 and 7321.90.00;
- One personal motor vehicle, excluding buses and minibuses of seating capacity of more than eight seats, imported by a
public officer returning from a posting in a Kenyan mission abroad and another motor vehicle by his spouse, which is not
exempted from VAT under the First Schedule;
- Plant, machinery, and equipment used in the construction of a plastics recycling plant; and
- Hiring, leasing and chartering of helicopters of tariff numbers 8802.11.00 and 8802.12.00.
The supply of the following goods will be taxable at the general rate (currently 14%). The goods are currently zero-rated
for VAT purposes:
– The supply of liquefied petroleum gas; and – Inputs or raw materials for electric accumulators and separators, including
lead battery separator rolls, whether or not rectangular or square, supplied to manufacturers of automotive and solar bat-
teries in Kenya.
• The supply of the following goods and services shall be exempt from VAT:
– Ambulance services;
– Maize (corn) seeds of tariff number 1005.10.00.

Indirect taxes and Miscellaneous
Customs
• Extension of stay of application of the East African Community Common External Tariff (EAC CET) rate on following products:
– A wide range iron and steel products to apply a rate of 35% or corresponding specific rates;
– Paper and paperboard products to apply a rate of 25%;
– Leather and footwear to apply a rate of 25% or the corresponding specific rates.
• Introduction of a stay of application of the EAC CET rate on electrical parts and accessories from 25% to 35%.
• Introduction of the following products into the EAC Duty Remission Scheme at 0%:
- All inputs used for manufacture of baby diapers; Inputs for manufacture of textile and apparel; Inputs for assembly or manufacture
of mobile phones;
– Raw materials and inputs for manufacture of masks, sanitizers, ventilators and personal protective equipment including coveralls
and face shields.
• Introduction of import duty exemption on supplies for diagnosis, prevention, treatment and management of epidemics, pandemics
and health hazards.
Excise Duty
• The definition of “license” in the Excise Duty Act is to be amended to mean:
– in the case of excisable services, the certificate of registration;
– in the case of excisable goods, the licence issued under section 17; or
– in the case of any activity under section 15 (1) (e), the licence required thereunder.
• The Finance Bill has proposed a re-introduction of excise duty on locally manufactured sugar confectionery of tariff heading 1704 at KES 20 per
Kg; and white chocolate, chocolate in blocs, slabs or bars of tariff Nos. 1806.31.00, 1806.32.00 and 1806.90.00 at Kshs 200 per Kg.
• The alcoholic strength threshold for the following excisable spirituous beverages is to be reduced from 10% to 8%:
 Spirituous beverages subject to excise duty of Kshs 110.62; and Un-denatured ethyl alcohol, spirits liqueurs and other spirituous
beverages subject to excise duty of Kshs 253 per litre.
Miscellaneous Fees and Levies
• Revision of import declaration fee (IDF) on goods imported under the East African Community (EAC) Duty Remission Scheme
from a fixed fee of KES 10,000 to 1.5% of the customs value.
• Goods entered for home use from an Export Processing Zone Enterprise to be subject to an additional duty at the rate of 2.5% of
the customs value.
• Removal of IDF exemption in respect of the following goods: -
– Aircraft of unladen weight not exceeding 2,000Kg and helicopters;
– Goods determined by the CS Treasury to be in public interest or for promotion of investments above Kshs 200 million; and
– Goods for implementation of Special Operating Framework Agreement projects.
• Removal of Railway Development Levy (RDL) exemption on goods determined by the CS Treasury to be in public interest, or for
promotion of investments above Kshs 200 million.
• Exemption of IDF and RDL on goods, including materials, supplies, equipment, machinery and motor vehicles, for the official use
by the Kenya Defence Forces (KDF) and the National Police.
• Exemption of RDL on currency notes and coins imported by the Central Bank of Kenya (CBK).

Our Locations
Mombasa Nairobi
ACE House, Narok Road TRV Centre, 7th Floor, Office No. 7F
P.O. Box 16916 – 80100 3rd Parklands Avenue
+254 727399199, 041 2491515 Tel: +254 721 524680, 707 688699
Mombasa Nairobi
Contacts
CPA Ahmed Salyani , FCCA–Group Managing Partner asalyani@acegroup.co.ke
CPA Mohamed Ebrahim, MBA (Manchester)- Senior Partner mebrahim@acegroup.co.ke
CPA, CS Mohamed Afzal Mamdani, ACCA, Nairobi Partner mamamdani@acegroup.co.ke
CPA Bilal Musani, ACCA - Tax Director bmusani@acegroup.co.ke
CPA Muhammad Salyani, ACCA - Consulting Director msalyani@acegroup.co.ke
CPA Suraj Shah, FCCA, MSc (London) - Audit Director sshah@acegroup.co.ke
Find us on theWeb:
https://acefinancialadvisory.com/
http://acegroup.co.ke/
Beyond Excellence
11th June 2020 | Ace Group | : Kenya

Ace budget bulletin 2020

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