Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
The Sh4.5 billion Swiss debt behind tripling of stamp tax
Food purchases piled pressure on Kenya’s reserve of foreign currencies, taking close to 17.1 percent of the country’s total import bill. FILE PHOTO | SHUTTERSTOCK
A Sh4.5 billion debt owed to a Swiss contractor by the Kenya Revenue Authority (KRA) pushed the National Treasury to propose the tripling of excise stamp charges.
The Business Daily has learnt that the debt to SISCPA, the Swiss company contracted to manufacture the stamps, is one of the main reasons that motivated the National Treasury to propose an increase in excise stamp taxes, that have jolted manufacturers who were expecting the cost of the stamps to drop by more than half, according to a new contract that KRA signed with the Swiss company.
