Day: July 9, 2021
KENYA REVENUE AUTHORITY HAS THE DISCRETION TO TAXABLE INCOME
KRA HAS THE DISCRETION TO TAXABLE INCOME By Samuel Migele High Court of Kenya discovered that Galaxy Tools Limited was li able to pay Kshs 1, 698, 702.00 Valued Added Tax (VAT) and Kshs 3, 2 10, 651.00 for Corporation Tax with resultant interest and penalties. KRA had demonstrated that there was loss of VAT in the “missing tr aders” transactions. The tax dispute related to the credits for VAT in put, which the Taxpayer had claimed pursuant to Section 17 of the VAT Act. The Authority’s position was that the Tribunal did not appreciate th e provisions of the Tax Procedures Act and the VAT Act relating to th e production of additional information and documents. In addition, the High Court found that the Tribunal arrived at the wrong conclu sion, after shifting the burden of proof to the KRA contrary to the pr ovisions of the Tax Appeals Tribunal Act that laid the burden of pro of on the taxpayer. The Court observed that as a reasonable businessman, the Taxpayer…
FAMILY BANK COMPLETES 3M FACELIFT OF THE NAIROBI CENTRAL POLICE STATION
FAMILY BANK COMPLETES 3M FACELIFT OF THE NAIROBI CENTRAL POLICE STATION By Vera Shawiza Family Bank has completed 3 million Kenya shillings renovation of the Central Police Station Nairobi County Kenya, giving it…