The Retirement Benefits Authority (RBA) has issued a strict deadline, requiring all pension schemes to submit their audited financial accounts by September 30, with non-compliance leading to significant penalties.

• The directive applies to schemes whose financial year concluded on June 30.
• Failure to meet the deadline will result in penalties as per Section 34(4)(c) of the Retirement Benefits Act, 1997.
• Pension schemes also have until October 31 to pay their annual regulatory fees, with a 5 percent monthly penalty for late payments.

Co-operative Bank of Kenya has secured a Ksh12.95 billion (US$100 million) financing programme from the European Bank for Reconstruction and Development (EBRD) to boost business financing.

• The initial stage involved a Ksh6.47 billion (US$50 million) cross-currency swap, the first in Kenya using the Kenya Shilling Overnight Interbank Average (KESONIA).
• Key institutions involved are Co-operative Bank of Kenya and the EBRD.
• This initiative will expand access to both foreign and local currency financing for Kenyan businesses, supporting sectors like trade, investment, agriculture, and technology.

The Kenya Revenue Authority (KRA) has announced significant changes to Value Added Tax (VAT) regulations under the Finance Act 2026, notably extending the waiting period for businesses seeking VAT refunds on unpaid debts.

• The time a business must wait to apply for a VAT refund on qualifying bad debts has increased from two years to three years.
• Key individuals and organizations involved include the KRA.
• Other changes affect VAT on digital services, exempt supplies, returning passenger allowances, outsourcing, hire-purchase finance charges, and tour operator services.