Stanbic Bank Kenya has won a Sh450.27 million tax fight with the Kenya Revenue Authority (KRA) over excise duty charges on money transfer commissions and advisory and custodial services in markets abroad.
High Court Judge Josephine Mongare said the taxman erred in applying excise duty on rebates received from international banks, custodial services, and money transfer commissions and rejected a decision by the Tax Appeal Tribunal (TAT) that sided with KRA.
