THURSDAY, DECEMBER 6, 2018
The Kenya Revenue Authority
(KRA) is facing millions of shillings in refund claims after the High Court declared that it had illegally charged value added tax (VAT) on the sale of a commercial building. Justice Mary Kasango ruled that VAT is not payable on transactions of land whether or not the buildings thereon are residential or commercial, a big blow to the taxman who has been riding on the charge as it races to meet revenue targets.
The Jubilee government’s race to connect poor households to the national electricity grid in the run-up to last year’s election left Kenya Power with Sh2.8 billion bad debts, the latest audit of the company’s books found.Kenya Power found itself in the deep inancial hole after more than 880,000 households that were supplied with electricity and had prepaid meters itted did not consume the power, and did not pay for it. Oman’s largest cement manufacturer Raysut has made a Sh10.2 billion bid for ARM Cement, putting a price to the auction and opening what may be a bruising ight against Nigeria’s Dangote Cement for the troubled Nairobi Securities Exchange-listed irm. Dangote Cement, which was the irst to show interest in ARM has not disclosed its bid price, which cannot now be less than Raysut’s.