Stanbic Bank Kenya Ltd has suffered a blow, after a tribunal dismissed its appeal seeking to quash a demand of Sh88.4 million of withholding tax, arising from payments made to card companies as interchange fees.
A five-member tax appeals tribunal ruled that payments made by the lender to the card companies comprises royalty for use of their trademarks and logos and payments to access card payment systems to access clearing and settlement functions in the card.
