Category: Finance

A CONTRACTOR TO PAY KENYA REVENUE AUTHORITY 259M TAX

contractor to pay 259M taxes as suit is dismissed     By Samuel Migele        A Nairobi based Construction firm, Jipsy Civil and Building Contract ors Limited is set to pay the Kenya Revenue Authority (KRA) KShs. 259,319,773 of Value Added Tax (VAT). This is after Tax Appeal Tribunal dismissed an appeal that the company had filed to contest among others the liability for the VAT amount.         One of the issues for determination before the tribunal was the vali dity of the appeal itself. KRA’s case was that the Company failed to cl aim input VAT within timeline of six months prescribed in the VAT A ct. Further, the Company had declared its returns but never paid the declared taxes either when objecting or when filing the appeal. The law requires that before filing a tax appeal, a person should pay the admitted taxes. Jipsy Civil and Building Contractors Limited failed to give explanations on the issue of invalidity of its appeal having not paid the admitted taxes nor did it seek to validate the same at any p oint by making payment of the self-assessed taxes.      …

TIPS TO STAY SAFE WHEN TRANSFERRING MONEY ONLINE

Five tips to stay safe when transferring money online           By Sharon Kinyanjui,(Director for Europe Middle East & Africa Receive Markets, World Remit)            Remittance inflows – money sent back home by…

A SHOE HAWKER WINS 10M SPORTPESA JACKPOT

A hawker based at Machakos County wins 10M Sportpesa midweek Jackpot          By Vera Shawiza         The SportPesa Midweek Jackpot that was reset to Ksh10,000,000 million last week has been won.      …

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…

SECURITY OFFICER WIN 11.5M SPORTPESA JACKPOT

SportPesa announces Midweek Jackpot winner of Ksh 11.5 Million       By Vera Shawiza       Charles Bonzo Musyoki is the winner of SporPesa’s Midweek Jackpot. He has won Ksh 11,515,591.         “Prayers have brought…

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…

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