CIA, CPA WasagaBill

Financial Planning & Analyst | Investment Analyst | Portfolio Manager | Auditor

[CIA, CPA WasagaBill @ClintonAbill]

@hnwameyo @AmbokoJH @KRACare Inbox for help. Let's chat

[CIA, CPA WasagaBill @ClintonAbill]

@WashiraX @KRACare @KRACorporate Very true

[CPA Wachira Joseph @WashiraX]

KRA is not playing with Naivas.

You know Naivas. Hii tu moja.

It was a fully family owned supermarket giant.

When the time came to cash out, the owners weighed their options.

If they sold the supermarket from Kenya, they would pay insane taxes.

So they went shopping for low tax countries. And Mauritius presented itself. It was irresistible.

- 0% tax on sale of the company.

In 2015, the family registered a shell company in Mauritius. Called it NIL.
Then transferred all their shares to this company.

So Naivas was now 100% owned by a Mauritian company.

To make it even tighter, they added another layer.

They set up a second shell company. Called it GFI.
And transferred all NIL shares to GFI.

So now:
• GFI owns NIL
• NIL owns Naivas Kenya
Proper entanglement. Achana na hiyo yako.

As all this is happening, they are unaware of one dangerous sentence sitting quietly in Kenyan tax law.

It reads:

• Any company managed and controlled from Kenya is a Kenyan resident company.

Then the family went looking for a buyer.

In 2020:
• They sold 30% of the supermarket for 5.2B
• By selling 30% of NIL shares

So:
- Naivas is still owned by NIL
- But NIL now has a new shareholder

And everything happened in Mauritius quietly.
Nothing has changed hands in Kenya trigger anything.

• Deal is closed. 0 tax.

Bahati mbaya, KRA caught wind that Naivas is gone.

Immediately, KRA embarked on a fault finding mission.

In 2022, KRA discovered that:

- The family has always lived in Kenya. Not Mauritius.
- They managed and controlled every single operation of the shell companies from Kenya

They invoked the one dangerous sentence.
You remember it?

• Any company managed and controlled from Kenya, is a Kenyan resident company.

KRA said:
• These Mauritius shell companies are Kenyan
• They must pay tax in Kenya

Tax demanded: 30% of 5.2B. Plus penalties

• Total Bill: 1.8B

Naivas ran to court.

The court looked at it, and sided with KRA.

Family wakaabiwa walipe tax.

Case closed!

Lesson.

• Structure your offshore company properly.

• Or KRA will structure it for you.

[CIA, CPA WasagaBill @ClintonAbill]

@kahome_steve Insightful

[CIA, CPA WasagaBill @ClintonAbill]

@justvibesncode @FlourishVC @Visa @lavavc_ @TLcomCapital @AntlerGlobal @MushaVentures @honeycoinapp Amazing

[CIA, CPA WasagaBill @ClintonAbill]

"Success is assured if you let everything be a process."~Bill Wasaga
#Success #Lifehacks #FinanceLiteracy

[CIA, CPA WasagaBill @ClintonAbill]

@VusiThembekwayo @club100_vt This is great, @VusiThembekwayo. Being your adent follower. Your enthusiasm, zeal, and passion to bring a revolutionary mind thrills me. As Eric Rice puts it in his book, "Lean Startups" that 'product is the end strategy of a vision'. I am a product of the school of scale.

[CIA, CPA WasagaBill @ClintonAbill]

"Great opportunities are not seen with your eyes. They are seen with your mind." ~ Robert Kiyosaki

[Joseph @j_oneito]

I'm gonna try and contextualize today's #EndFemicideKE march across the country and show gava's complicity in femicide by the failure to set up and operationalise GBV Rescue Centres across the country. A thread🧵

[dennis ombachi OLY @ombachi13]

Hard earned money is not loud, actually you’re paranoid of showing off in case ipotee because you know the effort it takes to make it.
Shortcuts in life exists, as a young person don’t be led by greed, as shortcuts could easily cut short your life.

[CIA, CPA WasagaBill @ClintonAbill]

"In every vision, let the product be the end result of strategy"~Eric Ries
#Entrepreneurship #Leanstartups #businessstrategy #FinancialLiteracy #wacconsultant.com #BEInternatialConsultants

[CIA, CPA WasagaBill @ClintonAbill]

@RealOmtatah Very onpoint @RealOmtatah

[Okiya Omtatah Okoiti-Commentary @RealOmtatah]

As you start your day, do me a favor.

Comment, retweet, or quote #FormIEBC as many times as you can.

I only need 1000 mentions of this hashtag to kick-start the campaign.

The IEBC is our only way out of this mess now.

Retweet widely.

[CIA, CPA WasagaBill @ClintonAbill]

@elonmusk Potent

[CIA, CPA WasagaBill @ClintonAbill]

@LarryMadowo From Building Bridges Initiative(BBI) to Broad Based Government(BBG).
Fake models for conflict resolution. Greed is the worst disease we're suffering in Kenya. Both government and opposition are rotten.

[CIA, CPA WasagaBill @ClintonAbill]

The fruits of consistency are sweet.
Dismissing all CSs will only be a big win with the right replacements. Great move, onward and forward.

[KELVIN KIPTOO @kelvintoo14GMA1]

@WilliamsRuto @StateHouseKenya Prophet James Orengo was ahead of time!He this coming!

[Alinur Mohamed @AlinurMohamed_]

#OccupyCBDTuesday

[LANDLORD🇰🇪 @bozgabi]

If this photo appears on your Tl please retweet

We go again. RUTO MUST GO!
#OccupyCBDTuesday

[Nelson Havi SC @NelsonHavi]

I have listened to the People’s assembly in the twitter space. It is evident the People are not pacified. They want change in Executive and Legislature now. Way out: constitute IEBC ASAP; dissolve Parliament in reliance upon CJ Maraga’s advice; and conduct a general election.