SBM Bank wins Sh176m tax dispute with taxman on bad loan charges

An SBM Bank Kenya branch in Nairobi CBD. The lender was fined Sh450,000 for data privacy violations.

Photo credit: File | Nation Media Group

SBM Bank has escaped a Sh176.44 million tax demand by the Kenya Revenue Authority (KRA) over charges on bad loans tapped by the lender’s customers for the five years between 2018 and 2023.

The Tax Appeals Tribunal ruled that the KRA erred by assessing excise duty on amounts not subject to excise duty as per the law.

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Note: The results are not exact but very close to the actual.