Uproar as Kenyatta family dodge paying 350M tax

Photo; President Uhuru Kenyatta during the past innovative conference/courtesy

CBA bank which is owned by President Uhuru Kenyatta’s family has been exempted from paying share transfer tax estimated at ksh. 350 Million.

The huge share transfer tax accumulated following its merger with NIC bank which is owned by the first African and longest serving Governor of The Central Bank of Kenya, Philip Ndegwa.

In the merger deal between the two richest families in Kenya, Kenyatta’s family takes home a giant share owning to almost 53% of the total share swap, while NIC taking the remaining 47%.

According to financial analysts, the stamp duty charge is  more than Sh350 million basing on the first details of the merger report.

This information has been whistle-blown by activist Boniface Mwangi.

According to the former Starehe MP aspirant, the move by Treasury to exempt the CBA-NIC merger from paying share transfer tax is nothing but corruption of the highest order.

“So NIC Bank owned by Duncan Ndegwa the first African and longest serving Governor of Central Bank of Kenya and CBA Group owned by President Kenyatta’s family have been exempted from paying Sh350 million tax. That is corruption,” Boniface Mwangi tweeted.

This has elicited a lot of reaction from the online community. Most of the twitter users accusing the government of setting double standards in the fight against graft in the country.

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