Kenyan Wall Street | by Leah Wamugu
Kenya Power has recorded a loss after tax of Sh940 million compared to a profit of Sh260 million in 2019. This was despite a tax credit of Sh6.1 billion issued by the government.
The tax credit was largely due to a decrease in resident corporate income tax rate from 30% to 25% as one of the Government’s measures to cushion businesses from the negative impact of the Covid-19 pandemic.
The company’s Gross Domestic Product (GDP) contracted by 5.7% in the second quarter of 2020 due to measures instituted to contain the spread of the Covid-19 pandemic.
