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Why KRA is seeking Sh1.8bn from Naivas stake sale
Naivas Supermarket Chief Commercial Officer Willy Kimani before the ICT Committee at Parliament building on August 8, 2023. PHOTO | DENNIS ONSONGO | NMG
The 31.5 percent stake that Naivas shareholders sold in 2020 was held specifically for trading, prompting the Kenya Revenue Authority (KRA) to demand corporation income tax from the Sh5.2 billion transaction.
Disposal of unquoted shares would ordinarily have attracted the five percent capital gains tax— which has since been tripled to 15 percent.
