Business Daily·3 min read·hard
KRA loses fight for tax deduction on bad bank loans
J
Joseph Wangui
✦AI Summary
The Tax Appeals Tribunal in Kenya has ruled in favor of Consolidated Bank of Kenya, allowing it to claim tax deductions for bad loans. The tribunal determined that loan losses are a standard business cost rather than capital expenditure.
The Kenya Revenue Authority (KRA) has lost its bid to deny Consolidated Bank of Kenya a Sh264.9 million bad debt tax deduction tied to unpaid loans by borrowers, marking a significant victory for the industry.
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