Surviving The New CEO: How Managers Can Keep Their Jobs.
292 300By Perminus Wainaina In the past few months, we have seen companies appoint new CEOs. A few days or…
292 300By Perminus Wainaina In the past few months, we have seen companies appoint new CEOs. A few days or…
244 300Family Bank Group posted KES 728.8 million Profit Before Tax for the first quarter of 2021. This is a…
340 300Starehe Boys Center, a leading education institution in Kenya catering for bright but needy students, has benefited from support…
293 300The Tax Appeals Tribunal has ruled that National Bank of Kenya Limited is liable to pay taxes amounting to Kshs. 510,951,944.00. The taxes arise out of disallowed credits wrongfully claimed by the bank under the Income Tax Act. The Tribunal further held that the credits claimed by the bank under the Income Tax Act were clearly incorrect as the claim was not what is envisaged by the law. The Tribunal, in its judgment delivered on 13th May 2021, ruled that National Bank of Kenya Limited was not justified in utilizing alleged tax overpayment to settle off its tax liabilities as the relevant law only authorises the Authority to apply a tax over payment in payment of taxes owed by a taxpayer. Income tax law does not provide a taxpayer with the same leeway, where after self assessment; a taxpayer would utilize and directly apply the tax overpayment to set off taxes due, prior to the verification and ascertainment of the overpayment by the Authority. Tax Tribunal held that the bank ought to have applied for a refund under the Tax Procedures Act, which provides for a procedure for making claims of refund of overpaid taxes.
198 300The Tax Appeals Tribunal (the Tribunal) has dismissed an Appeal filed by Jhulay LAL Commodities Ltd on grounds that the firm had failed 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 decision of KRA contesting that the entire tax of Kshs. 1,456,433,604.00 demanded. The main grounds of the appeal was that the Commissioner determined the taxable income on the basis of its gross bankings against the basic accounting principles and tax law. KRA successfully argued that it made the assessment after an investigation revealed several irregularities including unexplained bank deposits and that the sales of the rice exceeded the amounts imported. The Tribunal reviewed the evidence as presented by both parties and held that KRA exercised its powers judiciously to make the decision based on the material before it. The Tribunal held that the Jhulay LAL Commodities Ltd failed to prove that the assessment was excessive and dismissed the appeal.
359 300Nairobi City County Government and SOMATI vehicles-Belgium company have today signed a commercial contract for delivery of second phase…
312 300Monarch Insurance Company has today announced that it has entered into a deal with The Holmarcom Group through its holding…
203 300By Sam Odhiambo In Kenya we have always been reliant on the cleaning ladies that we like to call…
369 300The African Airlines Association (AFRAA) and Ethiopian Airlines concluded the 9th Aviation Stakeholders’ Convention with an alignment on priorities…
273 300Sarova Hotels and Resort has re-opened its city restaurants, Flame Tree and Thorn Tree, to the public for indoor…