Day: May 25, 2021

NCBA GROUP PROFIT INCREASES

NCBA Group PLC reports an after-tax profit of KES 2.84 billion in quarter one 2021       By Douglas Muriithi       NCBA Group PLC recorded an after tax profit of KES 2.84 billion for the quarter ending…

USIU-AFRICA FORMALLY COMMISSIONS SECOND COHORT OF SCHOLARS

USIU-Africa formally commissions second cohort of Scholars under the MasterCard Foundation Scholars Program         By Ednah Kiarie         USIU-Africa and the Mastercard Foundation formally commissioned the second cohort of 48 Scholars under the Mastercard…

REVENUE BOOST AS KRA TO COLLECT 1.4B FROM A TRADER

Boost as Kenya Revenue Authority to collect over one billion as tax from a trader         By Samuel Migele         The Tax Appeals Tribunal (the Tribunal) has dismissed an Appeal fil ed by Jhulay LAL Commodities Ltd on grounds that the firm had fail ed to prove that Kenya Revenue Authority’s (KRA) assessment was excessive.         Jhulay LAL’s principal activity is the wholesale and retail sale of rice sourced from Pakistan. Jhulay LAL Commodities Ltd appealed the d ecision of KRA contesting that the entire tax of Kshs. 1,456,433,604.0 0 demanded. The main grounds of the appeal was that the Commissi oner determined the taxable income on the basis of its gross bankin gs against the basic accounting principles and tax law….