Kenya: Court Suspends 0.05% Tax on Bank Transactions Above Sh500,000

Nairobi — The High court has suspended the implementation of the 0.05 per cent tax on the transfer of money more than Sh500,000 through banks and financial institutions pending determination of a case lodged by Bankers Association.

Judge Wilfrida Okwany has said the new tax category is ambiguous adding that the excise of duty transferred is an important issue that cannot be left to the interpretation by the banks.

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