[ad_1] The 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. Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region....
[ad_1] Former Nairobi Governor Mike Sonko has changed tune in his latest move and lauded President Uhuru Kenyatta for the development record that he has set...
[ad_1] The Kenya Off-Grid Solar Access Project (KOSAP) has embarked on testing cookstoves and clean cooking technologies in two (2) counties under the Project. The move...
[ad_1] The first ever Made in Kenya Experience will be going down at the Two Rivers on the 3rd July 2021. Made In Kenya Experience is...
[ad_1] The 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. Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across...
[ad_1] Evanson Kiprotich and his family are set to be cushioned from the effects of coronavirus pandemic after he clinched Sh500,000 courtesy of BangBet’s monthly Casino...
[ad_1] Nairobi City County Government and SOMATI vehicles-Belgium company have today signed a commercial contract for delivery of second phase fire fighting equipment. The 3M Euros...
[ad_1] Monarch Insurance Company has today announced that it has entered into a deal with The Holmarcom Group through its holding company “Holmarcom Insurance Activities” for the...
[ad_1] By Sam Odhiambo In Kenya we have always been reliant on the cleaning ladies that we like to call “mama fuas” and our house managers...
[ad_1] By Caroline Murugi, “Enjoyment” is a phrase my peers and I use when having fun. Usually characterised by a carefree attitude with little regard to...