JM Associates

Strong businesses aren’t built overnight.
Every strategy, every adjustment, and every smart move contributes to long-term success.
Build smarter. Grow stronger. Lead with strategy.

Installment tax deadlines are approaching. Businesses with a September, June, or March year end should take note that the next installment tax payment is due on 20 March 2026.

Proper tax planning and timely payments help avoid penalties of 5% and interest of 1% per month on unpaid tax.

At JM Associates LLP, we encourage taxpayers to review their tax position early and ensure compliance.

Strong organisations are built on diverse perspectives and inclusive leadership. By supporting and empowering women, businesses unlock innovation, resilience, and sustainable growth.
This International Women’s Day, we celebrate the power of giving opportunities that create lasting impact. When women rise, everyone rises. Happy International Women’s Day.

Many businesses grow around hard-working individuals. But growth becomes fragile when progress depends on a few people constantly pushing things forward.
Sustainable businesses rely on clear workflows, documented processes and repeatable systems.
When the system works, the business moves forward even when individuals step back.

A “Limited Risk Distributor” structure only works if the economics support the label.

Two recent decisions in Zambia and Kenya reinforce a critical transfer pricing principle: substance prevails over form.

In Zambia Revenue Authority v Nestlé Zambia Limited, the Supreme Court confirmed that persistent losses in a limited risk model raise legitimate red flags and that foreign comparables may be used where local data is unavailable.

In Kenya Revenue Authority v Delmonte Kenya Limited, the Tribunal emphasised correct tested party selection and the need for robust functional evidence to support intra group pricing.

The message for multinationals operating in Africa is clear:

• Functional analysis must reflect actual control of risk
• Profitability must align with the risk profile
• Benchmarking must be economically defensible
• Documentation must be contemporaneous, not reconstructed during audit

If your entity is positioned as limited risk, your numbers must prove it.

Today’s article unpacks the practical compliance lessons and what they mean for group structures across the region.

To read click: https://www.linkedin.com/pulse/limited-risk-distributors-transfer-pricing-jm-associates-ke-qmpyf

Exhaustion comes from open loops, postponed decisions, and unclear priorities.Clarity comes from finishing what matters and setting up next week.
End the week clear. Your future self will thank you.

Mezzanine debt sits between senior debt and equity, and that position comes at a cost.

Today’s article explains why mezzanine financing is often called “expensive money,” how it works, and when it makes strategic sense.
To read click: https://www.linkedin.com/pulse/mezzanine-debt-why-its-called-expensive-money-jm-associates-ke-cyhff

We’re building a strong pipeline of professionals across advisory, audit, tax, and consulting.
Visit the Careers page on the JM Associates LLP website (jmassociates.co.ke) to apply and join our talent pool.

Blockchain is no longer just a buzzword tied to cryptocurrency. In today's article, we explore how it is reshaping corporate finance, where it delivers real value, and the risks leaders must navigate to adopt it wisely.
To read click: https://www.linkedin.com/pulse/blockchain-finance-opportunity-meets-risk-jm-associates-ke-hcgnf

Speeches can inspire.
But they don’t prove reliability.
Teams listen to words once and judge behavior every day.
Trust isn’t built in big moments, it’s built in patterns.
When what a leader says consistently matches what they do, credibility follows.
It shows up in the small things:
• Keeping promises
• Applying standards fairly
• Showing up prepared
• Doing the right thing, even when no one is watching
When actions match words only when it’s convenient, trust erodes.
When they match under pressure, trust compounds.
Eventually, people stop asking, “Do they mean it?”
And start believing, “They’ll follow through.”
That’s when authority becomes influence.
And leadership becomes credibility.
Teams don’t commit to speeches.
They commit to leaders whose actions make those speeches believable.

At JM Associates LLP, we value the relationships that drive our work forward. We’re grateful for our clients’ trust and for our incredible employees whose dedication and teamwork make everything possible.
Thank you for being part of our journey. Happy Valentine’s Day ❤️