Trader relief as old bottled water stocks exempt from tax stamps surrender order

Stocks of bottled water manufactured or imported before July 1, 2026 have been exempted from a directive requiring traders and manufacturers to surrender all unused excise stamps after the commodity was removed from the list of excisable goods through the Finance Act, 2026.

‘Taxpayers holding unused V4 excise stamps for bottled water as at 1 July 2026 are required to return the stamps to the Kenya Revenue Authority in accordance with these guidelines,’ the Kenya Revenue Authority said.

‘However, taxpayers should note that bottled water lawfully manufactured or imported and stamped before July 1, 2026 may continue to be sold with the affixed stamps.’

The exemption is expected to provide relief to traders and manufacturers who may now avoid the logistical challenges of a multiple-step procedure of surrendering unused stamps.

A schedule by KRA showed that those returning excise stamps would initiate the process by logging in to the Excise Goods Management System (EGMS). Upon submission of the excise stamps return request in the EGMS system, KRA shall process the application and either approve or reject the request.

This would be followed by a physical surrender of the paper stamps before any reimbursements would be processed.

Excise duty on bottled water was charged at Sh6.41 per litre until late last month, when it was abolished by the Finance Act, 2026.

This marked the end of nearly a decade of excise taxation on one of Kenya’s fastest-growing consumer products.

As an excisable product, every bottle of water sold in Kenya was required to bear an excise stamp to track production and confirm that the requisite tax had been paid.

An excise stamp is a revenue marker affixed to excisable goods to demonstrate that excise duty -popularly referred to as the “sin tax”- has been paid by the manufacturer.

The removal of the tax came against the backdrop of a rapidly expanding bottled water market, fueled by growing health consciousness, rapid urbanisation and persistent concerns over the quality and safety of piped water supplies.

The government first introduced excise duty on bottled water through the Excise Duty Act, 2015, as part of broader tax reforms aimed at widening the tax base and increasing domestic revenue collection. The move also reflected an expansion of excise taxation beyond its traditional focus on alcohol and tobacco to include selected non-alcoholic beverages and other consumer goods.

To safeguard revenue collection, KRA requires all licensed manufacturers and importers of excisable goods to purchase digital excise stamps, which are affixed to products before they leave the factory.

The stamps, administered through the EGMS, enable the taxman to monitor production volumes, verify tax payments and curb tax evasion and illicit trade.

Initially introduced for alcoholic beverages and tobacco products, the digital stamps were later extended to bottled water, juices, soft drinks, energy drinks and cosmetics as the government intensified efforts to plug revenue leakages.

Mid-Year Budget Review: Economic Recovery Driven By Reforms – Finance Minister

Finance Minister, Dr. Cassiel Ato Forson, says Ghana’s economic recovery has been driven by a deliberate programme of reforms implemented by the Mahama administration since assuming office in January 2025.

Presenting the 2026 Mid-Year Budget Review in Parliament today, he said the reforms have strengthened public financial management, restored fiscal credibility, improved revenue mobilization, reduced fiscal risks, and reinforced macroeconomic stability.

‘These reforms – fiscal correction, tax modernisation and complementary fiscal policies – have enabled government to achieve its targets,’ he told Parliament.

Focus on Fiscal Discipline and Debt

Dr. Forson explained that the objective was to take control of public finances, introduce new expenditure discipline and place public debt on a sustainable path.

He added that the reforms helped eliminate wasteful spending that had weakened fiscal management over the years.

Key Results

According to the Minister, key achievements include a 5.5% reduction in primary expenditure, a 2.5% primary balance surplus and a debt-to-GDP ratio target of 4.45% achieved ahead of schedule.

On revenue, he said tax modernisation led to the abolishment of nuisance taxes and improved compliance, resulting in a 0.5% increase in non-oil tax revenue.

Macroeconomic Gains

Dr. Forson also noted that fiscal policy has helped stabilize inflation at 5.4% and improved GDP growth to 6.0% in 2025.

He assured Parliament that government remains committed to sustaining the reform agenda to protect gains made and support growth, jobs and economic transformation.

Global electricity demand set to accelerate through 2027

Global demand for electricity continues to rise, driven by industrial production, the growing adoption of electric vehicles, increased use of air conditioners, and the expansion of data centers, AzerNEWS reports.

According to a report by the International Energy Agency (IEA), global electricity demand is projected to increase by 3.6% in 2026 and 3.8% in 2027, exceeding the 3% growth recorded in 2025. Global electricity consumption is expected to rise from 28,600 terawatt-hours (TWh) in 2025 to 30,700 TWh by 2027.

The report states that disruptions in the global natural gas market caused by tensions in the Middle East have increased the cost of electricity generation in many regions. Nevertheless, strong demand from industry, household appliances, cooling systems, electric vehicles, and data centers is expected to sustain the growth in electricity consumption.

Interruptions to LNG shipments through the Strait of Hormuz have pushed gas prices in Asia and Europe to their highest levels since the 2022-2023 energy crisis. Although several countries have implemented emergency measures to curb energy consumption, additional LNG supplies have helped ease market pressures to some extent. However, high gas prices have led some countries in Asia and Europe to substitute coal for natural gas in electricity generation.

The report emphasizes that solar power will remain the primary driver of growth in global electricity generation.

It also notes that electricity demand will continue to grow rapidly in the world’s leading economies. In China, demand is expected to increase by 5.5% in 2026, while India is projected to see growth of 7%. In contrast, electricity demand in the United States and the European Union is forecast to grow at a more moderate pace of around 2%. Meanwhile, high fuel prices and supply constraints are negatively affecting electricity consumption in LNG import-dependent countries such as Pakistan and Bangladesh.

NDIC begins paying customers of 46 closed microfinance banks

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the reimbursement of insured deposits to customers affected by the closure of 46 microfinance banks whose operating licences were recently withdrawn by the Central Bank of Nigeria (CBN).

NDIC Managing Director and Chief Executive Officer, Thompson Sunday, disclosed this on the sidelines of the International Association of Deposit Insurers (IADI) Africa Regional Committee meeting and workshop.

According to him, the corporation has adopted a seamless payment process by leveraging the Nigeria Inter-Bank Settlement System (NIBSS) and depositors’ Bank Verification Numbers (BVNs) to identify their alternative bank accounts and credit them directly.

He explained that the approach eliminates the need for most depositors to visit NDIC offices before receiving their insured funds.

However, Sunday advised customers who do not have BVNs or whose records cannot be matched electronically to report to the nearest NDIC zonal office for verification and processing of their claims.

He recalled that the CBN revoked the licences of the 46 microfinance banks on July 1, 2026, adding that the NDIC immediately assumed responsibility as the statutory liquidator of the failed institutions in line with its legal mandate.

Sunday said the corporation had begun paying the maximum insured deposit of ?2 million to eligible customers of the affected banks.

He noted that depositors with balances exceeding the insured limit would receive additional payments only after the NDIC recovers assets of the failed banks and realises outstanding loans owed to them.

According to him, the proceeds from such recoveries would be distributed to eligible depositors as liquidation dividends.

The NDIC boss cited previous interventions involving Heritage Bank, Aso Savings and Union Homes as evidence of the corporation’s commitment to prompt reimbursement of depositors

He said insured depositors of Heritage Bank received their payments within four days after the bank’s licence was revoked, while customers of Aso Savings and Union Homes were reimbursed within 72 hours.

Although the law allows the corporation up to 30 days to settle insured deposits, Sunday said the NDIC was striving to improve on its response time and exceed its previous performance.

The CBN had withdrawn the licences of the 46 microfinance banks after determining that they no longer met the regulatory conditions required to continue operations, saying the action was necessary to safeguard depositors, preserve confidence in the financial system and strengthen regulatory compliance.

Lacson bares more potential anomalies in Taguig projects

SEN. Panfilo Lacson seems not done yet in unmasking his colleague, former Senate president Alan Peter Cayetano, who he said belonged in jail after the latter questioned his integrity.

On Wednesday, Lacson bared yet more potential anomalies involving infrastructure projects in Taguig City, the political bailiwick of Cayetano.

Lacson said his team’s latest findings found three additional P100-million slope protection projects under the 2025 General Appropriations Act (GAA), raising to P2.385 billion the total insertions for projects in Taguig City.

Moreover, two separate items appeared to be double appropriations for the same project, indicating one of the two may be deemed a ghost project, he said.

‘From P2.085B as earlier reported, we found three-P100M additional slope protection projects for a new total of P2.385B insertions under the 2025 GAA. Two items appear to be double appropriations, involving two P100M for the same slope protection project. One of the two must be ghost,’ he said in a post on X.

Lacson earlier flagged at least two suspected ghost infrastructure projects-as well as a staggering number of slope protection and drainage projects, most of them costing P100 million each, with a combined value of P2.085 billion.

Over the weekend, Lacson said their initial findings on anomalous infrastructure projects in Taguig City included projects involving firms owned by the Discayas, the controversial contractor couple, but implemented by another contractor under a 5-percent royalty scheme.

The findings also included similar projects contracted to Topnotch Catalyst Builders-one of the top 15 flood control project contractors President Marcos named last year.

The projects including those involving Discaya-owned firms dated back to 2019 and 2020, when Cayetano represented Taguig in the House of Representatives and Speaker.

Lacson had vowed to pursue the investigation to its ‘logical conclusion’ after Cayetano attacked his integrity in a Facebook Live broadcast.

Keystone Bank: We’re empowering Nigerian children, youths through strategic initiatives

Keystone Bank has reaffirmed its commitment to empowering Nigerian children and youths through sustained investments in education, financial literacy and strategic partnerships aimed at developing the country’s next generation of leaders and entrepreneurs.

The bank said its interventions are driven by the belief that Nigeria’s greatest resource lies in its young people, stressing that talent must be supported with opportunities, access and the right development platforms to thrive.

As part of its education-focused initiatives, the bank recently recognised outstanding students across 10 selected schools in Abuja, Uyo, Kaduna, Ondo, Lagos, Maiduguri, Kano, Imo and Zaria for academic excellence.

The initiative rewarded exceptional students with cash prizes while also providing financial support to participating schools to improve their learning environments. The programme also featured financial literacy sessions to help students develop responsible money management habits from an early age, alongside the distribution of educational materials and branded souvenirs.

Beyond primary and secondary education, Keystone Bank said it has expanded its support to tertiary institutions through collaborations designed to promote innovation, entrepreneurship and leadership.

At the University of Lagos, the bank partnered with the UNILAG Green Hub on the Greenpreneur Initiative, which focuses on sustainability, the circular economy and capacity building for student entrepreneurs interested in opportunities within the green economy.

The lender also sponsored an inter-hall competition at McPherson University to encourage creativity, teamwork, healthy living and sportsmanship among students.

In another initiative, Keystone Bank partnered with the Nigerian Universities Accounting Students’ Association (NUASA) during its summit held in collaboration with Pan-Atlantic University. The event brought together accounting students from across the country for sessions on audit and assurance, corporate finance, taxation and strategic leadership.

The bank further collaborated with the Association of Economics Students at the University of Lagos to support the Expedition Conference, a leadership and socio-academic development programme that impacted more than 1,000 students.

According to the bank, it has also supported several institutions through career development programmes, self-improvement workshops, emotional intelligence training and cultural identity initiatives aimed at equipping students with practical skills for future careers.

Speaking on the bank’s commitment to youth development, Group Head, Retail and Digital Banking, Keystone Bank, Olayemi Sule, said investing in young people is critical to Nigeria’s future.

‘At Keystone Bank, we recognise that the future of Nigeria lies in the potential of its young people.

‘Our commitment goes beyond banking; we are intentionally investing in education, innovation, and capacity development to ensure that every child and youth has the opportunity to succeed.

‘By supporting academic excellence and equipping students with financial knowledge, we are helping to shape a generation that is not only skilled but financially empowered,’ Sule said.

Also speaking, the bank’s Departmental Head, Retail Products, Bolajoko Agunlejika, said financial empowerment should begin early and continue throughout a young person’s development.

‘We believe that empowering young people must start early and continue consistently through every stage of their growth.

‘Our initiatives and tailored financial products are designed to instill discipline, encourage savings, and build confidence in managing finances. By doing this, we are not just supporting individuals, we are strengthening the foundation of Nigeria’s economic future,’ she said.

Keystone Bank said its youth-focused strategy is further supported through products such as the Future Account for children and the Evolve Account for students and young adults, both designed to encourage savings, financial responsibility and long-term financial planning.

The lender added that its investments in education and youth development represent a long-term commitment to nurturing future leaders, innovators, professionals and entrepreneurs who will contribute to Nigeria’s economic growth.

Asean Dialogue Partners bare plans

ASEAN foreign ministers spent most of Wednesday in separate meetings with 11 of their dialogue partners: the United States, Canada, Russia, China, South Korea, Japan, India, Australia, New Zealand, the European Union and the United Kingdom.

The sessions were held behind closed doors, with media allowed only during the ministers’ opening remarks.

The meetings produced a wide range of pledges and announcements spanning trade, security, energy, digital cooperation, and regional stability.

Highlights included:

United States: Secretary of State Marco Rubio announced:

US$2.5 billion in strategic US government investments

US$1.5 billion in Development Finance Corporation projects for aviation, energy, and supply chains

Nearly US$130 million in assistance for demining and civilian safety, plus initiatives to strengthen energy security through LNG market development, grid technologies, civil nuclear programs, and critical mineral supply chains

Canada: Foreign Minister Anita Anand unveiled:

C$1.7 million to help Philippine communities safeguard children from exploitation and recruitment by criminal and terrorist networks

C$1 million to the World Bank to combat money laundering, terrorist financing, and proliferation financing in the Indo-Pacific

C$2.4 million to support the Asia-Pacific Group on Money Laundering in tackling money laundering, terrorist financing, and emerging threats such as cyber-enabled fraud

C$455,000 to reinforce fair recruitment systems for migrant workers, and C$490,000 to support women’s leadership during the Philippines’s Asean chairship this year

Russia: Foreign Minister Sergey Lavrov cited ‘promising prospects’ in food and energy security, as well as digital transformation with Asean partners.

Australia: Foreign Minister Penny Wong said, ‘We will cooperate where we can and disagree where we must, and we want to continue to engage because we believe that is in our national interest.’ She emphasized peace and stability in the region, professional military conduct, transparency of intent, and issues of consular affairs and human rights.

European Union: High Representative Kaja Kallas called for a strategic partnership with ASEAN ‘based on concrete action,’ highlighting cooperation in supply chain resilience, digital and green transition, and protection of undersea critical infrastructure and maritime security.

China: Foreign Minister Wang Yi noted Asean-China trade volume reached US$1 trillion in 2025, stressing that ‘mutual trust and mutual benefit’ had been the foundation of progress. He expressed hope that ‘sincerity, inclusiveness, and cooperation’ would drive future prosperity.

South Korea: Foreign Minister Cho Hyun outlined pragmatic initiatives under the new South Korea-Asean Comprehensive Strategic Partnership, including an AI-companionship program and cultural and creative industry projects.

Japan: Foreign Minister Motegi Toshimitsu warned that the free and open international order based on the rule of law faces challenges, with Asean at the core of the Indo-Pacific. He pledged Japan would remain a ‘trusted partner’ and help Asean become ‘stronger and more prosperous together.’

New Zealand: Foreign Minister Winston Peters and Asean counterparts issued a joint statement committing to:

Advance cooperation on climate-smart agriculture for resilient agri-food systems and supply chains

Foster dialogues and practical activities, consistent with international law, to promote safe sea lanes, energy security, renewable energy, sustainable fisheries, and marine environment protection

Utilize the newly launched Asean-New Zealand Vision Fund to support regional cooperation and sustainable development initiatives

India: External Affairs Minister S. Jaishankar stressed that India and Asean-representing 2 billion people-must navigate together in a world in transition. He noted 2026 as the ‘year of maritime cooperation,’ with opportunities in trade, investment, mobility, technology, AI, sustainability, and connectivity. ‘It is only through deeper cooperation that we can de-risk and diversify,’ he said.

United Kingdom. Barely 48 hours after his appointment as foreign secretary, Edward Miliband flew to Manila to meet his Asean colleagues around 9 p.m. local time. He highlighted that although Asean-UK relations are only five years old, they have already delivered practical results such as the Asean power grid, enhanced cooperation against online scams and organized crime, and initiatives in health security and education. Miliband assured that London will work intensively with partners to de-escalate the conflict in the Middle East, including reopening the Strait of Hormuz and upholding freedom of navigation. He also expressed hope that the UK will soon become a permanent member of the Asean Regional Forum.

Letran repels Enderun to complete Shakey’s volleyball semis cast

Reigning NCAA champion Letran turned it on late to thwart the gritty Enderun Colleges, 21-25, 25-21, 25-14, 14-25, 15-4, and complete the Final Four cast in the 2026 Shakey’s Collegiate National Invitationals Thursday at the Ninoy Aquino Stadium in Manila.

Judiel Nitura and Reeza Abayon joined forces down the stretch, igniting a 5-0 start en route to a dominant finish as the Lady Knights capped their campaign at 2-3 to catch the last semis bus.

Letran will take on the top-ranked UST, while NCAA runner-up St. Benilde and Australia’s Southern Storm Melbourne clash in the other semis pairing Friday.

‘Ang sinasabi ko lang sa kanila na kung ano ang itinuturo ni coach ‘yun ang dapat gawin at sundin namin. Nag-adjust kami paunti-unti kaya nakuha namin ang panalo,’ said playmaker Hizki Flores, who stabilized Letran’s offense in the decider to finish with 16 sets.

Abayon paced the Lady Knights with 17 points on 15 hits while Nitura added 14 markers, including three in Letran’s 10-3 runaway in the fifth set.

Althea Botor (14) led the way while Jasmine Salvani and Ederlyn Alba had eight and seven points, respectively, for the Lady Titans, who wrapped up their run at 1-4.

erun and Ho Chi Minh City Volleyball Club of Vietnam will battle in the classification match also Friday before the Final Four.

DITO looks beyond connectivity through global technology partnerships at MWC Shanghai 2026

DITO Telecommunity strengthened its global technology partnerships at MWC Shanghai 2026, reinforcing its commitment to continuously evolve alongside the rapidly changing technology landscape. Through executive meetings, technology exchanges, and industry engagements across Shanghai and Nanjing, the company explored emerging trends and opportunities in digital technologies while strengthening relationships with global technology leaders.

A key highlight of the visit was the signing of a strategic cooperation memorandum with Esurfing IoT Technology Ltd., marking another step in DITO’s efforts to deepen international collaboration and explore opportunities to accelerate digital innovation in the Philippines. The delegation also met with China Telecom Global (CTG) to discuss emerging developments across the telecommunications and digital technology landscape. The exchange provided valuable perspectives on industry transformation and opportunities for future collaboration.

‘Nation-building requires more than building networks. It requires continuously learning, forging meaningful partnerships, and evolving alongside the needs of the communities we serve. Our engagements at MWC Shanghai reflect DITO’s commitment to working with global technology leaders, strengthening our capabilities, and creating lasting value for Filipinos through meaningful connectivity and innovation,’ said Atty. Adel Tamano, Chief Commercial Officer of DITO Telecommunity.

Beyond the conference, DITO participated in executive briefings and innovation site visits that provided valuable insights into global best practices and emerging technologies. These engagements reflect the company’s commitment to continuously learning from industry leaders while strengthening its own capabilities as the telecommunications landscape continues to evolve.

Through international engagements such as MWC Shanghai, DITO continues to deepen its global partnerships, broaden its technology perspective, and support its long-term vision of delivering world-class digital solutions that create meaningful opportunities for Filipino communities.

Signal No. 1 up over parts of Northern Luzon Thursday due to TD Kiyapo

Tropical Cyclone Wind Signal (TCWS) No. 1 was raised over parts of Northern Luzon due to Tropical Depression Kiyapo on Thursday afternoon, the state weather bureau said.

In the 5 p.m. bulletin of the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (Pagasa), the following areas are placed under TCWS No.1:

Batanes

Cagayan including Babuyan Islands

Isabela

Apayao

Abra

Kalinga

Mountain Province

Ifugao

Ilocos Norte

Ilocos Sur

Northern portion of Aurora (Dilasag, Casiguran, Dinalungan)

Northern portion of Nueva Vizcaya (Bagabag, Diadi, Bayombong, Ambaguio, Villaverse, Quezon, Solano)

Northern portion of Quirino (Maddela, Cabarroguis, Saguday, Diffun, Aglipay)

Northern portion of Benguet (Buguias, Mankayan, Bakun, Kibungan)

With this, Pagasa warned of ‘minimal to minor threat to life and property’ as wind speeds range from 39 kilometers per hour (kph) to 61 kph.

Meanwhile, Kiyapo maintained its strength as it was still carrying a maximum wind speed of 45 kph and gustiness of up to 55 kph. It accelerated as it was moving northwestward at 25 kph.

It added that the southwest monsoon or habagat and Kiyapo’s periphery will bring strong to gale-force gusts over the following areas:

Thursday: Most of Mindanao, Suquijor, Bohol, and Southern Leyte

Friday: Most of the country

Saturday: Most of Luzon and Visayas, Zamboanga del Norte, Davao Oriental, and Dinagat Islands