Kenya | |||||
Primarosa Flowers Limitedvs Commissioner for Domestic Taxes |
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id : 36-202100  cat : Business Tax   | |||||
(a) Whether there existed sales variances between the actual auction sales and sales declared by the Appellant; (b)Whether interest expense that relates to the borrowings should be restricted proportional to interest free advances to related party and interest-bearing borrowings; (c) Whether foreign exchange losses incurred through conversion of debt to equity is allowable; (d) Whether withholding tax is chargeable on deemed interest in respect to interest free advances; (e) Whether unreconciled sales between VAT3 returns and sales as per audited accounts are chargeable to VAT. |
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Asked by : Admin
DOF : 2015-07-08 |
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SubmissionsPDF |
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The Appellant objected to the assessment on the following grounds. - i) The Commissioner erred in fact and in law in finding that withholding tax is payable by the Appellant; ii) That Withholding tax demanded of Kshs.l0l,590,575/= inclusive of penalties and interest is excessive and erroneous; iii) The tax loss adjustment of Kshs.343,666,656 is estimated and erroneous. iv) The Commissioner' s assessment of VAT is not supported by existing VAT legislation v) The Commissioner confirmed the assessment based on the computations which were largely estimated. |
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Ruling |
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The tribunal having made the above findings dismisses the Appeal and Upholds the Confirmation of Assessment Notice dated 29th June 2015. Each party to bear its own costs. |
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posted by : Admin
DOR : 07/12/2016 |
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