Sharp Daily
No Result
View All Result
Saturday, June 28, 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

Private vs Public Pension Funds in Kenya

June 27, 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
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025

LATEST STORIES

Private vs Public Pension Funds in Kenya

June 27, 2025

The mechanics of currency manipulation

June 27, 2025

Understanding how to access your pension savings in Kenya.

June 27, 2025

What happened to president Ruto’s economic dream?

June 27, 2025

Opinion: Populism feeds votes, not growth

June 27, 2025

Competitive advantages of small businesses

June 26, 2025

Opinion: Invest in sports for national prosperity

June 26, 2025

Ethiopia’s access to Eritrean ports is a game-changer for trade

June 26, 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