Category: Finance

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….

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…

1.6B BOOST TO KENYAN COVID-19 KITTY BY DIAMOND TRUST BANK

DTB commits KSh1.6 billion in Covid-19 recovery loans for SMEs By Patience Chemjor Diamond Trust Bank (DTB) will advance 1.6 billion to Micro, Small and Medium Enterprises (MSMEs) this year to aid in Covid-19 recovery, the Bank’s leadership has announced….

FAMILY BANK EXPANDS ITS BRANCH NETWORK TO 92

FAMILY BANK OFFICIALLY OPENS ITS 92ND BRANCH IN EASTLEIGH By Vera Shawiza Family Bank expanded its branch network to 92 across 37 counties with the opening of a new branch in Eastleigh, bringing its services closer to one of the…

MWANANCHI CREDIT UNVEILS 8-YEAR REPAYMENT PLAN FOR CIVIL SERVANTS AND TSC LOANS

Mwananchi Credit Unveils 8-Year Repayment Plan For Civil Servants and TSC Loans By Correspondent Mwananchi Credit Limited has extended the repayment period for loans taken by civil servants and teachers to eight years. The secured credit lender says this is…

KENYA REVENUE AUTHORITY WINS OVER 105M

KRA wins Kshs 105.6 million case against Mars Logistics Limited By Samuel Migele The High Court in Nairobi dismissed an appeal by Mars Logistics Limited contesting a charge of Value Added Tax (VAT) on transportation services among other claims. Mars…

KENYAN DIGITAL LENDERS CONDUCT ELECTIONS

DLAK elects new chairperson, sets sights on more consumer education New leadership team to champion initiatives to promote economic recovery. By Donald Kogai Members of the Digital Lenders Association of Kenya (DLAK) have elected Alternative Circle Chief Executive Officer Mr….

I & M THE MOST ATTRACTIVE BANK IN KENYA

I & M THE MOST ATTRACTIVE BANK IN KENYA By Vera Shawiza Cytonn Investments released its Q3’2020 Banking Sector Report, which ranks I&M Holdings as the most attractive bank in Kenya, supported by a strong franchise value and intrinsic value…

CREATOR OF FINGERSPELLING WINS 1M

CREATOR OF FINGERSPELLING WINS 1M By Ednah Kiarie InABLE Awards Kshs 1 Million prize money at the inaugural Digital Accessibility Innovations Award. Hudson Asiema from Kenya developed the Fingerspelling Pro for Kids mobile application, an alphabet game in sign language…

KENYA REVENUE AUTHORITY WINS 1.2B TAX SUIT AGAINST INTERNATIONAL COMMUNICATIONS FIRM

KENYA REVENUE AUTHORITY WINS 1.2B TAX SUIT AGAINST INTERNATIONAL COMMUNICATIONS FIRM By Donald Kogai The Tax Appeals Tribunal has given Kenya Revenue Authority (KRA) a nod to demand and collect Kshs. 1.2 billion in taxes from an international communications firm….

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