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Heavy responsibilities for elder aunt among the Logooli

With Seenge Fonesi. She is the elder grand daughter of Isagi and elder daughter of Amugasya. She is often present in functions involving the family of Amugasya. Pic taken on 18/4/2024. The elder sister soon becomes the elder aunt. It is this “seenge munene” (elder aunt) tag that she is tied to many cultural responsibilities – back home. To her marital family she may appear as any other woman, but she is not so in the eyes of her people. Marriage does not steal her away as it would happen with other daughters of the old man. To her, as days go and the old man and woman of the estate are dependents, she becomes increasingly present.  Her brothers also need her for almost all traditional markings. They are marrying, she needs to welcome the new wife. They are giving birth, she needs to come to midwife or “bless” the new born. They are paying dowry she needs to lead the women delegate. There is a conflict she needs to come for a hearing.  And many others. Traditions does not expect her to
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Taxing Saccos?

Brown Indumwa: Just for your information :
Sacco members should expect a significant cut on their dividend payout this season following Income Tax changes that took effect last month.
The new law doubled taxes on members' dividends from five to 10 per cent as well as withholding tax rate applicable to the dividends payable by a Sacco as an institution.
In total, Kenya Revenue Authority will take away 20 per cent of each Sacco member's dividends compared to the 10 per cent it has been charging since 1973.
This means, a member whose gross dividend is Sh50,000 will surrender Sh10,000 to KRA. Last year, this member paid only Sh5,000 in taxes.
This will be a shocker to many Sacco members who are not aware of new changes, even as Annual General Meetings are called.
Kenya Police Sacco which yesterday announced a net profit of Sh1.68 billion for the period ended December 31, 2018 compared to Sh1.48 billion the previous financial year said it will hold its AGM on March 6.
The Sacco's financial report published in a local newspaper said members will receive a total gross dividend of Sh284.4 million up from Sh220 million in 2017.
Co-operatives Alliance Kenya chief executive Daniel Marube yesterday said it will be painful for Sacco members who are already shouldering taxes from other quotas.
"Although it is going to be a big shock to members who have already planned for their dividends, there is no much we can do. The law is already operational, we can only abide to,'' Marube said.
He added that his body is engaging the government on how to encourage saving culture in the country; the current tax regime is a turnoff.
The new tax measure proposed by Sacco regulator before being incorporated in to Income Tax draft Bill, 2018 by National Treasury in June last year is now operational despite Sacco unions' opposition.
In September for instance, the Kenya Union of Savings and Credit Co-Operatives Limited (Kuscco) went to High Court to oppose application.
In November, although the court stopped the increase of the sacco deposit levy from 0.1 per cent to 1.75 per cent, it failed to retained tax on dividend.
The new tax measure on Saccos comes at a time when the growth of the sub-sector has been steady.
According to the Sacco Societies Regulatory Authority (Sasra), the Kenyan deposit-taking sacco (DT-sacco) segment has remained robust with total assets growing to over Sh400 billion

Victoria: 😳😳 Does it have anything to do with the China debt? We are finished! 🙅🏻🙅🏻‍♂

Harold Ndanyi: Yes. After the 16% fuel one failed, the dividend was seen as a  better source. So much money made by Saccos and you can't complain much on reduced profits/dividends compared to complaints from taxing fuel.

Baba Kereda: tax on interest on deposits is better and lower than tax on  dividends. therefore we should have a certain minimum amount as shares the rest should be treated as deposits

Harold Ndanyi: That's how Saccos capture it

Baba Kereda: we need not to worry about dividends but interest on our deposits

Harold Ndanyi: Expound please.

Baba Kereda: the dividends will be based on a fixed sum of money we agree as members to be our shares. then any difference is put the sacco as deposits just like the banks. This are the funds are used as investment vehicle whereby people can borrow at an interest which will be paid out proportionately to your deposit at the end of the financial year of the coop

Lung'afa: In our case, Saniaga Sacco, we have a minimum of 50 shares - Ksh 10,000/- a member. 

But we have not decided a thing on deposits yet it is the one that will make the sacco active. 

Dad Kereda, what would be the best way forward here in regards to the government proposal on taxing saccos?

Baba Kereda: the 10000 will be taxed by the Govt at 20%. the best way is to have everybody give  the  basic of shares valued at 10000. then people to start building up there deposit at there own convenience but taking in consideration the requirements of the central bank. that is knowing your client rule. That is it

Lung'afa: That is 500/- for the government. 

Phew! 

It is not bad. We shall also be working for the government and taking it back. Unfortunately we are paying loans than building our economy and feeding our people. 

We won't lag. Saniaga Sacco got to grow. May we please update our shares and start depositing. 

- Thanks

Harold Ndanyi: Were you talking about the S Sacco or about the ongoing Gvt Saccos issue.


Baba Kereda: that's my thought  or take on how sacco,s were operating

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