Oil firm contests Sh2.2 billion tax billAfrica Oil has moved to the High Court to challenge a Sh2.2 billion tax demand made by the Kenya Revenue Authority (KRA) on unpaid value-added tax (VAT) dating back almost 10 years. This follows a ruling by the Tax Appeals Tribunal (TAT) in an appeal filed two years ago by the Canadian-based oil firm challenging the move by KRA to recover more than Sh4.5 billion in backdated taxes. “Africa Oil is pleased that TAT has ruled in favour of the firm with regards to the corporate income tax assessments,” said the company in a statement. “Also, the firm notes TAT’s ruling in favour of KRA with regards to the VAT assessments that amount to $22 million (Sh2.2 billion). Read Now »“However, Africa Oil maintains its position that the VAT assessment is without merit and has appealed.”Do not miss out on the latest news.

Source: Standard Digital April 10, 2020 00:00 UTC