THURS­DAY, DE­CEM­BER 6, 2018

Business Daily (Kenya) - - TOP NEWS -

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.

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