NCBA bank agrees to pay to pay Sh350 million
- Thread starter Meria
- Start date
Denis Young
Elder Lister
Watu walipe ushuru. They should also explain how the ended up becoming the largest creditor to KPLC. Did they also loan the power company the money for the subsidy as they waited for money to be released from government. Money that eventually wasn't released?
Meria
Elder Lister
and how they got their hands on K24
Kasaman
Elder Lister
Sikia haya ! All the dynasty companies must be put on spotlight !
Kasaman
Elder Lister
The must have coerced Rose Kimotho !
But she's picking up ,same artists have left kameme and joined her station
Meria
Elder Lister
Man Nyari amerushwa nje pia
Kasaman
Elder Lister
Kihenjo, ngoni , gathai and now you talk of man nyari !
Kameme fm kwisha
Hope they all join PM Njogu Njoroge
You like accusing others of misinformation but you do it without flinching. Largest kplc creditor is Kengen
Meria
Elder Lister
Who watches K24?
Kasaman
Elder Lister
They had bought both radio and TV stations for general elections campaigning !
Gatonye and kiengei kwisha !
State capture is being state captured
Meria
Elder Lister
we shall revisit in 11 yrs
Aviator
Elder Lister
True
He's set a precedent.
And it's said he who lives in a glass house should be careful not to start a stone throwing duel.
wrongturn
Elder Lister
@Meria you are misquoting what NCBA CEO said, hii mwaka tulisema ni kuambiana ukweli, we are truthful people.
"
Should the court find out that NCBA was not entitled to the tax waiver during the merger, the following day, NCBA will write a cheque of 350 million shillings to the Kenya Revenue Authority," he said during the interview on Thursday."
Speaking on KTN News on Thursday afternoon, Mr. Gachora said contrary to what is in the public domain, especially across social media platforms, the tax waiver that was given to NCBA during the merger was 350 million shillings which fell within the guidelines of a transaction of such magnitude.
Given that the matter of the waiver is currently in court, Gachora said that should the court rule that the waiver was not supported to have been awarded by KRA, the bank will pay the cash without any hesitation.
On 27 September 2019, the Central Bank of Kenya approved the merger between NIC Group Plc and the Commercial Bank of Africa and name changes, effective 1 October 2019. The merged non-banking holding company became NCBA Group Plc and the Kenyan subsidiary of the merged entity became NCBA Bank Kenya Plc.
At the time of the merger, the financial institutions that formed NCBA had a total of 26,000 shareholders. According to Mr. Gachora, the same year that the 350 million shillings waiver was awarded, the lender paid 4.4 billion shillings in taxes to the Kenya Revenue Authority.
In 2021, NCBA paid 6.7 billion shillings in taxes and for the 2022 financial year, the lender will be paying at least 14.3 billion shillings to the taxman.
"
Should the court find out that NCBA was not entitled to the tax waiver during the merger, the following day, NCBA will write a cheque of 350 million shillings to the Kenya Revenue Authority," he said during the interview on Thursday."
Speaking on KTN News on Thursday afternoon, Mr. Gachora said contrary to what is in the public domain, especially across social media platforms, the tax waiver that was given to NCBA during the merger was 350 million shillings which fell within the guidelines of a transaction of such magnitude.
Given that the matter of the waiver is currently in court, Gachora said that should the court rule that the waiver was not supported to have been awarded by KRA, the bank will pay the cash without any hesitation.
On 27 September 2019, the Central Bank of Kenya approved the merger between NIC Group Plc and the Commercial Bank of Africa and name changes, effective 1 October 2019. The merged non-banking holding company became NCBA Group Plc and the Kenyan subsidiary of the merged entity became NCBA Bank Kenya Plc.
At the time of the merger, the financial institutions that formed NCBA had a total of 26,000 shareholders. According to Mr. Gachora, the same year that the 350 million shillings waiver was awarded, the lender paid 4.4 billion shillings in taxes to the Kenya Revenue Authority.
In 2021, NCBA paid 6.7 billion shillings in taxes and for the 2022 financial year, the lender will be paying at least 14.3 billion shillings to the taxman.
Vile tiiga waana na mwalimu walisema, I disagree with JSKS they should not be asked to pay taxes, wanabiashara wananyanyaswa
Mwalimu-G
Elder Lister
Which one?
Kasaman
Elder Lister
Kayu FM 91.0
Mwalimu-G
Elder Lister
How original is that? She had to steal a name from Kameme's slogan?