Category: Business

KCB LAUNCHES SENIORS AND CHILDREN MEDICAL PLAN IN INSURANCE PARTNERSHIP WITH JUBILEE HEALTH

KCB Launches Seniors and Children Medical Plan in Insurance Partnership with Jubilee Health     By Ednah Kiarie     Kenya Commercial Bank (KCB) Simba Health senior and Simba Health Junior set to benefit parties whose needs had not been…

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….

KENYA REVENUE AUTHORITY EXPOSE TAX EVADERS

Kenya Revenue Authority unearths tax evasion scheme in foreign motor vehicles clearance     By Samuel Migele       The Kenya Revenue Authority (KRA) has unearthed a tax evasion sc heme where unscrupulous persons use forged documents to facilitat e foreign registered vehicles to operate in Kenya without paying requisite taxes.   KRA investigations established that culprits use a false payment slip s to facilitate clearance of foreign registered motor vehicles, thus ev ading payment of transit road toll fees.   In a recent incident, KRA officers established that a clearing agent a ppointed by Pwani Hauliers Limited to facilitate movement of their trucks from Tanzania into and out of Kenya through Lunga Lunga OSBP. Whereas the agent had been provided with funds to pa y requisite duties, he forged payment slips and presented them to KRA as genuine.   The clearing agent, Geoffrey Onyancha Otara, was then arrested in c onnection to the scheme and arraigned at the Kwale Law Courts . He was charged jointly with others not before cour t unlawfully presented false documents, namely F147, to the Commi ssioner of Customs and Border Control which he knew or ought to have known to be false.   He committed the offence on or about 22nd March, 2021 at Lunga Lunga One Stop Border Post (OSBP) within Kwale County, b eing a representative of an exporter, Pwani Hauliers Limited. He als…

BRITAM HOLDINGS DELIVER MIXED PERFORMANCE

Britam Holdings  delivered a mixed performance for the financial year ended 31 December 2020 despite the Covid-19 pandemic. By Patrick Mwaura Britam Holdings recorded a gross revenue of Shs 28.8 billion, representing a 4 percent increase from Shs 27.7 billion…

DUBAI ISLAMIC BANK STRENGTHENS ITS DIGITAL BANKING SOLUTIONS

DIB BANK KENYA STRENGTHENS ITS DIGITAL BANKING SOLUTIONS WITH THE INTRODUCTION OF PESALINK   By Vera Shawiza   DIB Bank Kenya Limited has introduced PesaLink, an interbank transfer digital payment solution, to strengthen its digital banking and provide more convenience…

KENYAN NEEDY STUDENTS TO BE SPONSORED BY FAMILY GROUP FOUNDATION

FAMILY GROUP FOUNDATION TO SPEND KES 30 MILLION ON SCHOLARSHIPS FOR NEEDY STUDENTS   By Vera Shawiza   Family Group Foundation will spend KES 30 million on scholarships for students from needy backgrounds joining form 1 this year.    …

FAMILY BANK REDEEMS OVER 2B MEDIUM TERM NOTE ON MATURITY

FAMILY BANK REDEEMS A KES 2.0188 BILLION MEDIUM TERM NOTE ON MATURITY   By Vera Shawiza   Family Bank  redeemed its five and half years (5 and ½ year) Medium-Term Notes (MTN) worth KES 2.0188 Billion that was due on…

BAMBURI CEMENT PROFIT INCREASES

A resilient Bamburi Cement Group defies Covid-19 in 2020 to post a 144% increase in pre-tax profits while registering an impressive turnaround in Cashflow   By Douglas Muriithi   “The Group’s results for the year 2020 demonstrates the great resilience…

KRA TO APPEAL CONSERVATORY ORDER SUSPENDING IMPLEMENTATION OF MINIMUM TAX

KRA to Appeal Conservatory Order Suspending  Implementation of Minimum Tax By Donald Kogai Following a petition by Isinya Bar Owners Association and Kenya Association of Manufacturers, the High Court sitting in Machakos yesterday issued conservatory orders to temporarily suspend KRA’s implementation of the Minimum…

BOOST AS KENYA REVENUE AUTHORITY COLLECTS 21B

KRA collects KShs 21B from Alternative Disputes Resolution   By Donald Kogai   The Kenya Revenue Authority (KRA) has collected over KShs 21 billion from its Alternative Disputes Resolution (ADR) mechanism. This is after KRA resolved 393 ADR cases this financial year…

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