Sharp Daily
No Result
View All Result
Sunday, August 31, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

KRA secures landmark KES 1billion VAT fraud victory against Chinese Contractor

Huldah Matara by Huldah Matara
August 14, 2024
in News
Reading Time: 1 min read

The Kenya Revenue Authority (KRA) has won a significant legal battle against China Communications Construction Company Limited (CCCC), securing a KES 1 billion judgment in a high-profile Value Added Tax (VAT) fraud case. The ruling, delivered on August 9, 2024, by the Tax Appeals Tribunal, marks a crucial victory in KRA’s ongoing efforts to clamp down on tax evasion schemes involving multinational corporations.

The case revolved around an intricate missing trader fraud scheme, a method frequently employed by organized crime groups to siphon off VAT from government coffers. Investigations by the KRA revealed that CCCC had been engaging in systematic tax fraud by filing fictitious invoices and inflating input VAT claims through a network of shell companies.

The fraudulent activities first came to light in November 2023, when KRA issued VAT assessment orders and debit adjustments to CCCC, disallowing nearly KES1 billion in input VAT claims. The Chinese firm contested these assessments at the Tax Appeals Tribunal, arguing that the audit was both factually and legally flawed.

However, the tribunal ruled in favor of the KRA, stating, “The upshot of the foregoing analysis is that the appeal lacks merit, and the tribunal accordingly proceeds to make orders that the appeal be and is hereby dismissed.” This ruling not only validated KRA’s findings but also underscored the seriousness of the fraudulent activities.

RELATEDPOSTS

KRA’s VAT collection hits record high of KES 34.552 Billion in January 2025

February 18, 2025

KRA records 4.5% growth in revenue collection for 2024

January 29, 2025

Evidence presented during the tribunal hearings detailed how CCCC had orchestrated its tax evasion scheme. The company was found to have claimed input VAT from six fraudulently registered shell companies. The illicitly obtained funds were then funneled into accounts in China, further complicating the investigation and recovery of the stolen VAT.

Previous Post

Triumphant team Kenya returns from Paris, set to meet President Ruto

Next Post

Nairobi county’s KES 313.8 million street lighting tender under scrutiny by EACC

Huldah Matara

Huldah Matara

Versatile multimedia journalist with a keen interest in compelling stories that resonate with my audience. Reach out on huldahmatara12@gmail.com

Related Posts

News

Kick financial goals: Invest with CMMF this football season

August 22, 2025
commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025

LATEST STORIES

The Importance of Including Pension Plans in Corporate Benefits Packages

August 29, 2025

The informal labor market and classical unemployment in the Kenyan context

August 28, 2025

Kenya’s Eurobond yields ease after S&P rating upgrade

August 28, 2025

Kenya’s strategic debt pivot: Smoothing, Strengthening, Sustaining

August 27, 2025

Bank on your paycheck: Invest smart with CMMF

August 26, 2025

Finding Balance: My Journey with Internet Self-Care

August 22, 2025

Why Young Kenyans Cannot Afford to Ignore Private Pensions

August 22, 2025

Strategies for Nairobi to emerge as Africa’s financial hub

August 22, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024