The Court of Appeal has ruled that foreign exchange losses arising from debt-to-equity conversions are tax deductible.
By
Joseph Wangui
Correspondent
Nation Media Group
Agribusiness firm Del Monte Kenya Limited has won a Sh270 million tax dispute with the Kenya Revenue Authority (KRA) over deductions linked to foreign exchange losses arising from Sh3.9 billion in shareholder loans.
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KRA had argued that discrepancies between import records, VAT returns, and financial statements justified additional tax…
KRA argued that although KenGen paid taxes on rental income, interest income and other miscellaneous income, it paid no tax on…
The dispute arose after Pernod Ricard Kenya applied for tax refunds on December 6, 2022.
The Kenya-South Africa Double Tax Agreement was signed in November 2010 and became effective from January 1, 2016.
The apex court in October 2022 ordered the Kenya Electricity Transmission Company to pay Spanish firm, Instalaciones Inabensa,…
EADB has lost a 23-year bid to recover Sh1.3 billion after court ruled it failed to justify the loan’s escalation.
