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KRA takes hold of a lorry ferrying thirty drums of smuggled ethanol

The Kenya Revenue Authority (KRA) investigators have intercepted a lorry ferrying thirty  drums (7500 litres) of extra neutral spirit securing taxes of Ksh.2, 000,000.  The investigators, who were acting on a tip-off, managed to intercept ethanol that was concealed in sacks containing beans and rice bran along Bumala-...

JICA signs grant agreement with IOM to procure public health equipment

The Japan International Cooperation Agency (JICA) signed a grant agreement with International Organization for Migration (IOM), to provide grant aid of up to 544...

KRA to Collect KShs 280 Million from Convex Commodity Merchants Limited

Convex commodity Merchants Ltd (the taxpayer) has lost a three year (3) year court battle to stop Kenya Revenue Authority (KRA) from recovering Kshs. 280,586,727.94 in tax...

Climate change more devastating than COVID: Report 

  Climate change should be treated as an emergency in the same way as the COVID-19 pandemic Funding for developing countries must not...

DESPITE PANDEMIC, FEAR OF EMBRACING TECHNOLOGY FACE WOMEN ENTREPRENEURS

Information and Communication Technologies (ICT) have been a major boost to the economic, political and social empowerment especially in the empowerment of women and...

Investing in girls to embrace engineering courses

The perception that men are the only ones who can pursue any engineer career is a perception fading fast in Kenya, with all parastatals...

NAIROBI CENTRAL POLICE STATION GETS KES. 3 MILLION FACELIFT

Family Bank has completed a KES 3 million renovation of the Nairobi Central Police Station giving it the much-needed refurbishment to enhance service delivery...

The High Court of affirms KRA powers on taxable income

The High Court of Kenya has found that Galaxy Tools Limited was liable to pay Kshs 1, 698, 702.00 Valued Added Tax (VAT) and Kshs 3, 210, 651.00 for Corporation Tax with resultant interest and penalties.  KRA had demonstrated that there was loss of VAT in the “missing traders” transactions. The tax dispute related to the credits for VAT input, which the Taxpayer had claimed pursuant to Section 17 of the VAT Act. Galaxy Tools Press release(2) (1) The Authority’s position was that the Tribunal did not appreciate the provisions of the Tax Procedures Act and the VAT Act relating to the production of additional information and documents. In addition, the High Court found that the Tribunal arrived at the wrong conclusion, after shifting the burden of proof to the KRA contrary to the provisions of the Tax Appeals Tribunal Act that laid the burden of proof on the taxpayer.  The Court observed that as a reasonable businessman, the Taxpayer was expected to keep all the transactional details of the subject transactions. ITA E088 of 2020 Judgment Commissioner Domestic Taxes Vs Galaxy Tools Ltd(2) (1) It is only then it would have satisfied the KRA and the Court that it was innocent in the fraud perpetrated by the missing traders whom the KRA had concluded were in the business of selling air and invoices to colluding traders.

Julius Bitok Track Record Brings In Millions For Tea Farmers

Julius Bitok Brought In Millions For Tea Farmers In 2021 Now He Is Ready To Do The Same For Uasin Gishu County Kenyan tea farmers...

Social media adoption helps small and medium-sized businesses power Africa’s economic growth

A study conducted by Genesis Analytics in eight African countries - Senegal, Côte d’Ivoire, the DRC, South Africa, Nigeria, Ghana, Mauritius, and Kenya -...

SPORTPESA EQUIPS MAINSTREAM FOOTBALL ACADEMY WITH FOOTBALL KITS

SportPesa, through its Kits for Africa program has today donated football kits to Riruta’s Mainstream Football Academy to support its players under various age...

STUDY: 64% of Kenyan businesses unaware of privacy laws

According to a recent survey, only 36% of Kenyan businesses are aware of privacy laws governing their marketing activities, despite Data Protection Act (DPA)...

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Extension of Digital Coverage in Africa Is A Lever Development

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What is your best experience as an entrepreneur?

BY Ippei Kanehara Founder at Ippei.com (2017–present) For me the best experience as an entrepreneur has been when my customers come to me and tell me that I’ve literally...

Reports Say Facebook is Planning To Rebrand

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