Business higlights June 19 2017

Business higlights June 19 2017

Taxman, lender at loggerheads over unpaid dues:

The Kenya Revenue Authority (KRA) has locked horns with Kenya Commercial Bank (KCB) over millions of shillings in unpaid excise liabilities by the bank, which have accumulated over four years.

KRA wrote to the lender demanding payment of the money which has accumulated due to the bank’s failure to pay the requisite tax on fees charged during processing of loans such as appraisal and commitment levies.

However, the lender has declined to pay saying that all income related to lending is interest as per the Income Tax Act and hence should be excluded from the levy.

KRA has classified the income channels with other income-based transactions such as money transfer and ATM withdrawals.

Mwea: Rice farmers cry foul over diversion of dam project funds:

Rice farmers and stakeholders from the rice growing Mwea constituency in Kirinyaga County have expressed their displeasure over the diversion of Ksh507 million meant for the Thiba Dam to the Bura Irrigation Scheme.

The farmers have blamed the national Irrigation Board for the diversion.

Construction of the Thiba dam, which was supposed to commence in August 2015, has stalled owing to an outstanding Ksh1.5 billion compensation for the 721 families evicted from their land to pave way for the project.

They are now calling upon President Uhuru Kenyatta to intervene and order release of the funds to get the project going.

Varsity’s future at stake as chancellor, church battle it out in court:

A bitter legal tussle between senior management officials of the Kenya Methodist University (KeMU), is said to be behind the recent storm that the institution is struggling to weather.

The university’s Chancellor Joseph Ntobura is engaged in a legal battle with a section of Methodist Church members who moved to court in 2015 questioning his qualifications and competence.

Last month, the varsity closed down its satellite campuses in Nakuru, Nyeri, Kisii and Marimanti and laid off 150 of its employees, a crisis being associated with the chancellor’s poor decision making.

A section of the staff, church members and other stakeholders are now appealing to the Commission for University Education to intervene and save the institution from collapsing.



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