Court backs KRA’s push to tax unexplained bank deposits

Times Tower in Nairobi, the headquarters of the Kenya Revenue Authority (KRA).

Photo credit: File | Nation Media Group

The Kenya Revenue Authority (KRA) has received backing from the Tax Appeals Tribunal to tax unexplained bank deposits in the fight against tax evasion.

The tribunal ruled that money flowing into bank accounts is presumed to be income unless the savers can prove with documents that the cash is not profits.

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