Day: May 2, 2021
THE FEEDING OF THE FIVE THOUSAND
The feeding of the five thousand By Fr. Felix (African Times Guest Writer) According to Mark 6:-34-44. The story can be read on several levels. It is a foretaste of the Eucharist, the disciples…
KENYA REVENUE AUTHORITY TO RECEIVE 0.6B FROM THE SALE OF GARDEN CITY MALL
Kenya Revenue Authority to receive 0.6B Tax By Samuel Migele The Tax Appeal Tribunal held that Ruaraka Diversified Investm ents Limited, a real estate company, was liable to pay Kshs.672, 150, 686 in corporation tax arising from the sale of the land in 2013 and 2015. The said land was for the development of the Garden City proj ect. The tribunal reached the decision in a ruling made on 1st April 2021. The real estate company’s position was that the gain realized was in the nature of capital gains and that they had written to Kenya Revenue Authority seeking guidance as to whether Capital Gains Tax or Corporation Tax should apply in the subject transactio n. The company’s argued that KRA’s response that capital gains was chargeable in such a transaction was a private ruling as provided in Sections 65- 69 & 113 of the Tax Procedure Act, 2015 hence they had legitimate e xpectation that only capital gains would be charged for the transacti on. KRA’s position on the other hand was that the gain realized from the transfer of land to GC Retail limited and Safaricom PLC was realize d in the normal course of business operations of the real estate com pany and that the transaction was for the purpose of making profit, as such the proceeds of the sale of land was subject to Corporation Tax and not Capital Gains Tax….