Business Daily | by Sam Kiplagat
Absa Bank has lost an eight-year battle with the Kenya Revenue Authority (KRA) over a share of billions of shillings paid to multinational credit card firms like Visa and MasterCard as royalties.
A bench of three Court of Appeal judges has ruled that the payments made by Absa to the credit card companies were royalty and subject to withholding tax.
The KRA and the bank were in dispute over whether the payments made to the multinationals were royalties, which meant…
