Emmanuel kiprono

[Larry Madowo @LarryMadowo]

BREAKING VIDEO: Kenya’s Sabastian Sawe becomes the first person ever to win a regular marathon in under two hours, setting a new world record at the London Marathon in 1:59:30!

Kenyans invented running™

[NASA @NASA]

We see our home planet as a whole, lit up in spectacular blues and browns. A green aurora even lights up the atmosphere. That's us, together, watching as our astronauts make their journey to the Moon.

[Julians Amboko @AmbokoJH]

In what circumstances can KRA deem all deposits into your bank account as income & therefore taxable?

The judgement on appeal E1116/2024 (Kirin Pipes Limited vs KRA Commissioner Intelligence Strategic Operations Investigations & Enforcement) before the Tax Appeals Tribunal is one I think every Kenyan needs to read.

The Big Issue:

· The issue at hand is a crucial one - In what instances can KRA deem all deposits into a bank account as income & therefore taxable?

The Contention:

· KRA conducted an investigation into Kirin Pipes Limited's tax affairs for the period 2019 - 2022 & issued assessments for income tax of Kes 34,300,288 & VAT of Kes 22,687,105

· Kirin Pipes Limited went before the Tribunal arguing that KRA made an error by assuming that every deposit made into its bank accounts amounted to income capable of being charged tax

Kirin Pipes Limited's argument:

· The company commenced its operations in 2019 during which shareholders injected share capital. The ordinary share capital was Kes 10.0 Million but the company required further capital & therefore shareholders deposited a further Kes 29,425,495.45 into its bank account

· The company therefore argues that the deposit of Kes 29,425,495.45 was not income but capital injection

· During its formative years, the company required funds to help cover the initial setup costs & operating expenses & sought for a Kes 31,697.392 loan from Nanchang Municipal Engineering Development

· The company therefore argues that this deposit ought not be subjected to income tax by KRA since it was a loan

· The company also argued that it received funds from its shareholders totalling Kes 24,619,662 to fund its operations & that the said amounts were not income but shareholders deposits

The Verdict:

· The Tax Appeals Tribunal held that Kirin Pipes Limited failed to provide an analysis of the specific deposits which related to capital injections & to link the deposits to the shareholders who are indicated in the Official Company Search (form CR12).

· The Tribunal observed that Kirin Pipes Limited provided uncertified bank statements & swift confirmation slips which could not be attributed to capital deposits in the absence of other corroborative documents such as an analysis & description of the deposits, Meeting Minutes/ Resolutions or any other document to demonstrated that indeed the amounts in question were capital injections

· The Tribunal held that it was incumbent upon Kirin Pipes Limited to demonstrate the flow of capital from its shareholders & how the same was eventually accounted for by the company

· The Tribunal also held that Kirin Pipes Limited failed to provide evidence of the resultant shareholding structure after deposits by the said shareholders. Whereas Kirin Pipes Limited submitted form CR12, it only showed the initial capital of Kes 10.0 Million

· Tribunal found that Kirin Pipes Limited failed to prove that deposits worth Kes 54,045,101.45 in its bank accounts during the period under review were attributable to capital injection from its shareholders

· The Tribunal established that whereas Kirin Pipes Limited argued that a deposit worth Kes 31,697,392 was a loan from Nanchang Municipal Development Corporation, the documents indicated that it was interest free & the same could be repaid at any time at the discretion of Kirin Pipes Limited

· The Tribunal held that such open terms in the loan agreement made it difficult to verify whether the amount was indeed a loan, given that there was no interest charged & neither was there a repayment period

· Tribunal also pointed out that from the date the loan agreement was signed in 2019 to the date of assessments in 2024, Kirin Pipes Limited did not provide proof of any repayments it made towards the said facility

· The Tribunal therefore found that the documents tabled by Kirin Pipes Limited to support its claim that Kes 31,697,392.00 of the deposits in its accounts were proceeds of a loan advanced were insufficient & did not meet the evidential threshold of disproving that the loan was income chargeable to tax

· In sum the Tribunal found that KRA did not err in treading all deposits into Kirin Pipes Limited's bank account as income & therefore taxable

[Mwango Capital @MwangoCapital]

𝐓𝐡𝐢𝐬 𝐖𝐞𝐞𝐤'𝐬 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐍𝐞𝐰𝐬 𝐢𝐧 𝐌𝐞𝐦𝐞𝐬:

1. Kenya Re shares have been one of the best performers at the NSE, up 148% year-to-date

But they ended Friday down 8.4% after the suspension of its MD for 21 days, pending an internal review

#MwangoMemes

[Emmanuel kiprono @Kiprono33]

@KenyaAirways Lakini muoshange vioo pia nyinyi :(

[Everest Today @EverestToday]

🇰🇪

[◽Juniverse◽ @_Chenger_]

Pause with thy apples, the doctor is upon thee.

[Gita Rachel Mathew @gita_mathew]

@Bee_Hi123 Galle Face !!!

[Madni Aghadi @hey_madni]

7. Timex

[U.S. Senator Mitch McConnell @SenMcConnell]

Glad to welcome President @WilliamsRuto to the U.S. Capitol today. Kenya is a critical partner in our shared mission to combat terrorism, and a force for stability across Africa.

[The White House 46 Archived @WhiteHouse46]

This week, @POTUS and @FLOTUS will host President William Ruto and First Lady Rachel Ruto of Kenya for a State Visit to mark 60 years of partnership between our two countries. Watch as National Security Communications Advisor John Kirby explains the goals of this visit.

[Pauline Njoroge @paulinenjoroge]

A highlight of Kenya-US ties, and what to expect from President Ruto’s State Visit to the United States…

[Secretary Antony Blinken @SecBlinken]

I welcome President Ruto’s engagements in Atlanta, thank @CityofAtlanta for their hospitality, and look forward to seeing the Kenyan President at the May 23 State Dinner.

[Martin Kimani @AmbMKimani]

Today, I end my term as Kenya's Permanent Representative after 1257 days. I was honored by H.E. Uhuru Kenyatta's appointment and retention by H.E. @WilliamsRuto. I am proud to have served Kenyans for 12 yrs in diplomacy, counter terrorism, regional security and mediation. I ❤️🇰🇪

[Emmanuel kiprono @Kiprono33]

@KibetOscar Do you sell directly?

[Lord Abraham Mutai @ItsMutai]

National emergency contact center. Call #FloodsAdvisoryKE

[NG’ENDO MURUGU @MRSMuruguu]

Kenya expects to produce over $1 billion (Ksh. 133 billion) in textile and apparel exports by 2027.

While commissioning the Nexgen Packaging factory at the Athi River EPZ yesterday, President @WilliamsRuto stated that a compound annual growth of 20 per cent is feasible, which would produce over $1 billion in exports and create 200,000 more jobs by 2027, further increase exports to $2 billion with 650,000 jobs by 2031, and reach over $3 billion of exports and more than 850,000 jobs by 2034.

He said Kenya’s EPZ network has expanded to 101 gazetted zones in 22 counties, accounting for Ksh.149 billion in cumulative investment and direct employment to over 75,000 people.

[Mwango Capital @MwangoCapital]

Dramatic shift in the Kenyan shilling

Jan 26: Third-worst performing currency globally in 2024
Mar 14: Best-performing currency globally in 2024

https://t.co/PDINZJD9lp

[Mwango Capital @MwangoCapital]

The shilling's recent rapid rise has raised eyebrows, with its 14-day relative strength index dropping to 11.97. This level is well below the threshold that signals a currency is overbought.

An overbought currency is usually considered to be at risk of a price correction, as traders might start selling off the currency to realize profits.

[Abiy Ahmed Ali 🇪🇹 @AbiyAhmedAli]

በኬንያ የነበረን ቆይታ
Visit to Kenya