Gathenya
6.9K posts

Gathenya
@GATHENYA
DevOps Engineer. Data Scientist. Father of Teenagers. Pig Farmer. Kenyan Politics and History. Kikuyu Culture, Traditions, and History.
Beigetreten Aralık 2009
486 Folgt807 Follower

@ahmednasirlaw I thought he said he is not requesting the courts to reinstate him?
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If the High Court overturns the impeachment of Hon Rigathi Gachagua, then he will automatically resume his office and Prof Kithure Kindiki will by operation of law vacate office. Come 2027 and Gachagua will be H.E William Ruto's running mate 🤣🤣🤣...very interesting times ahead.
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Key Takeaways from TAT Appeal No. E1149 of 2024 – Premier Credit Limited vs Commissioner of Domestic Taxes with commentary from @fredkim2030 & @AmbokoJH:
—The Tribunal held that the principal element of loans issued by a microfinance institution constitutes a capital asset, not revenue, and therefore cannot qualify as an allowable bad debt deduction
—This means that only the revenue components of a loan, such as interest and related charges, may qualify as deductible bad debts if they satisfy the specific conditions under paragraph 2 of the Guidelines
—It affirmed that under IFRS 9 and Sections 15 and 16 of the Income Tax Act, only the interest and related revenue components of a loan can potentially qualify as deductible bad debts, not the principal
—This means lenders cannot claim tax relief on irrecoverable principal amounts, even though lending is their core business and the principal advanced forms the foundation of their operations
—The Tribunal ultimately upheld the Commissioner’s assessment on the disputed principal taxes, reinforcing a strict capital versus revenue distinction in bad debt claims
Extra Notes:
—Fred and Julians argue that the Tribunal’s ruling fundamentally shifts the tax treatment of bad debts by classifying loan principal as capital and non-deductible, effectively overturning the long-held view that such losses arise in the ordinary course of lending. They warn that this departs from international practice, increases the tax burden on lenders, and could lead banks to reprice risk and raise the cost of credit in Kenya.



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@MwangoCapital @fredkim2030 @AmbokoJH If assets, are they subject to depreciation just like other assets?
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Gathenya retweetet

@Dr_AustinOmondi The implementation was pending the regulations. Were they issued?
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Again, the sign language interpreters on @citizentvkenya are doing a great job.
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@CAF_Media what is this nonsense we are getting when we try to buy the Kenya Vs Morocco tickets? You mean you are as incompetent as your host Federation FKF? We have chased these tickets for weeks now only for you to pass dry jokes about it? #TotalEnergiesChan2024

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Jesus instructed His disciples to spread the Good News to the whole world starting with Jerusalem, their home city. #TharakaNithi
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OPINION: Raila has been a voice for the voiceless, nothing has changed
standardmedia.co.ke/opinion/articl…
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