Embu store’s Sh9.3bn bill a lesson for tax all cheats
Friday January 29 2021
By BUSINESS DAILY
The government needs tax money to provide the much-needed public services.
To avoid getting into trouble with the authorities, businesses and individuals should strive to file the right returns to avoid such occurrences in the future.
Wednesday s ruling by the Tax Appeals Tribunal that an Embu-based enterprise should pay the Kenya Revenue Authority (KRA) some Sh9.3 billion for unpaid taxes should serve as a lesson to everyone avoiding or evading taxes.
Paleah Stores Ltd, a business run by a man and his wife, lost the battle with the taxman after the five-member Tax Appeals Tribunal ruled that the demand was not excessive as claimed.
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On January 19, 2021, New York State Governor Andrew M. Cuomo submitted his Executive Budget, applicable to the state’s fiscal year beginning April 1, 2021. The governor’s proposal, which will now be the subject of public hearings and negotiations, contains several potentially significant tax provisions:
S Corporation Conformity. Under the proposal, all federal S corporations would be treated as pass-through New York State S corporations. Currently, New York State S corporation treatment is elective, except for federal S corporations with investment income above 50 percent of federal gross income, for which the S corporation election is mandatory. The governor’s memorandum in support notes that this proposal would not only simplify tax filings and conform with S corporation treatment in most states, but would also “eliminate potential tax avoidance schemes.”
New York Governor Andrew Cuomo released his Fiscal Year 2022 budget and accompanying legislation on January 19, 2021 (the Budget Bill). Although the State projects billions of dollars.
Motorbike dealer to pay KRA Sh105m
Friday January 15 2021
Times Tower, the KRA headquarters. A large part of Kenya’s rich list would be made up of people who probably would fear being trailed by tax authorities and criminal investigators. PHOTO | FILE
By SAM KIPLAGAT
Summary
The Kenya Revenue Authority (KRA) has been allowed to collect Sh105 million from a supplier of motor bikes for taxes not paid between 2013 and 2015.
In a blow to Mars Logistics Ltd, Justice John Mativo said under the VAT Act, 2013, goods in transit was not zero-rated nor was it exempted from VAT as claimed by the company.
Former City Hall finance chief Kiamba’s tax refund plea flops
Wednesday January 13 2021
By JOSEPH WANGUI
Summary
Mr Kiamba wanted the tribunal to review its judgment dated March 31, 2020 on grounds that there was an error, since the tax arrears in dispute were not apportioned in years.
He argued that the tribunal recomputed the taxable income due from Sh818 million to Sh401 million without giving basis or specifics of how the figure was arrived at.
The Tax Appeals Tribunal has declined a request by former Nairobi County finance chief officer Jimmy Kiamba to review a ruling in which it ordered the Kenya Revenue Authority (KRA) to refund him Sh33 million in a tax assessment dispute.