A prominent businessman has won a Sh417 million tax dispute against the taxman over the sale of shares, offering hope to other high-net-worth investors facing hefty capital gains tax (CGT) demands after recent law changes.
The High Court overturned a Tax Appeals Tribunal decision that had allowed the Kenya Revenue Authority (KRA) to collect the additional amount from Rupen Mulchand Haria after he sold his stake in pharmaceutical distributor Harleys Limited nearly three years ago.
