Kenyan Wall Street | by Wandiri Gitogo
Consumers using a debit or credit card to make purchases may have to pay higher charges as the Court of Appeal gave leeway for taxation on interchange fees.
A three-judge bench at the Court of Appeal ruled that payments made by Absa to credit card companies were royalties thus subject to a 20 per cent withholding tax.
The Kenya Revenue Authority (KRA) and Absa have been embroiled in an eight-year legal tussle over taxation of royalties remitted from interchange fees…
