High Court suspends 'Robin Hood' tax on bank transfers above Sh500,000

A court in Nairobi has suspended the implementation of the 0.05 per cent tax imposed on bank transfers for amounts above Sh500,000.FILE PHOTO | NMG

The High Court has suspended implementation of the 0.05 per cent "Robin Hood" tax on transactions worth Sh500,000 and above.

Justice Wilfrida Okwany observed that the implementation of excise duty on money transfer is an important issue that cannot be left to the guesswork of individual banks.

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