The Kenya Revenue Authority (KRA) is demanding over Ksh1.35 billion in taxes from Tatu City directors and its sister company, Kofinaf.
In a letter dated October 22, KRA says that the Ksh1,359,678,000 entails tax arrears and accrued interest.
“Please note that this notice is to restrict further transactions on the said pieces of land. In case of partial payment, this notice shall remain in force until the amount specified herein in fully recovered,” reads the letter in part.
Consequently, the directors of the city and Kofinaf cannot resell the land until the amount is cleared.
Tatu City has been the centre of attention in the investment industry, with Kenyan investors accusing one foreign investor Stephen Jennings of swindling them.
Apart from swindling the investors, it is reported that Jennings could have swindled KRA more than Ksh6.5 billion in tax dues, as well as unsuspecting land buyers.
KRA is also investigating whether the directors of the city could have understated the property to evade tax.
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