Kenya Revenue Authority (KRA) has won Sh672 million from a deal where a private equity firm Actis had sold land where Garden City Mall stands and separate property to Safaricom Plc #ticker:SCOM in 2015.
Tax Appeals Tribunal agreed with the taxman that Ruaraka Diversified Investments, which is associated with the London-based private equity fund, should remit the money to KRA because the company failed to pay tax from profits of about Sh1.4 billion earned in three transactions, after acquiring the land from East African Breweries Ltd (EABL) #ticker:EABL.
