Absa Bank #ticker:ABSA has lost a bid to challenge a decision of the Court of Appeal allowing the Kenya Revenue Authority (KRA) to collect a share of billions of shillings paid to multinational credit card firms such as Visa and MasterCard as royalties.
Last year, the lender lost an appeal after a bench of three judges ruled that the payments made by the bank to the credit card companies were royalty and, therefore, subject to withholding tax.
