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@MuasaJohn2

I talk about tax sometimes. Views my Own (Obviously).

Katılım Mayıs 2020
1.7K Takip Edilen747 Takipçiler
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⚚Sage
⚚Sage@belikesagee·
WHEN YOUR BOSS ASKS FOR A STATUS UPDATE ON A TASK YOU FORGOT EXISTED
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️ ️ ️ ️
️ ️ ️ ️@StrenjaDenja·
being broke makes you a bitch nigga even if you're a solid mandem at heart you'll fall short in many situations simply cause you lack resources
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Bwire Olayo ⚖️
Bwire Olayo ⚖️@mush3rekha·
KSL twitter, what are the relevant documents/pleadings, to be drafted in question 2 (Bobby Kanja case)? Question 2, Civil Litigation Project work. #9Ps
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Muasa
Muasa@MuasaJohn2·
@Mukiteee @trekszn @CuchulainKE Creating substance off shore ndio watu humiss..plus the law has since changed to cover hizo off shore exits that relate to investments in Kenya.
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Mukite
Mukite@Mukiteee·
@trekszn @CuchulainKE Au contraire 😂. Walikuwa na heavyweights wote involved on the deal, kuna mtu hakupitia fine prints na they will suffer for it
Mukite tweet media
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Derizz
Derizz@trekszn·
I think wangekua na good team to do proper due dilligence in matters siege social and taxation all this could have been avoided. Kutuma mtu mauritius to seat would be way easier. I think pia they thought they could one-up the taxman quietly.
CPA Wachira Joseph@WashiraX

KRA is not playing with Naivas. You know Naivas. Hii tu moja. It was a fully family owned supermarket giant. When the time came to cash out, the owners weighed their options. If they sold the supermarket from Kenya, they would pay insane taxes. So they went shopping for low tax countries. And Mauritius presented itself. It was irresistible. - 0% tax on sale of the company. In 2015, the family registered a shell company in Mauritius. Called it NIL. Then transferred all their shares to this company. So Naivas was now 100% owned by a Mauritian company. To make it even tighter, they added another layer. They set up a second shell company. Called it GFI. And transferred all NIL shares to GFI. So now: • GFI owns NIL • NIL owns Naivas Kenya Proper entanglement. Achana na hiyo yako. As all this is happening, they are unaware of one dangerous sentence sitting quietly in Kenyan tax law. It reads: • Any company managed and controlled from Kenya is a Kenyan resident company. Then the family went looking for a buyer. In 2020: • They sold 30% of the supermarket for 5.2B • By selling 30% of NIL shares So: - Naivas is still owned by NIL - But NIL now has a new shareholder And everything happened in Mauritius quietly. Nothing has changed hands in Kenya trigger anything. • Deal is closed. 0 tax. Bahati mbaya, KRA caught wind that Naivas is gone. Immediately, KRA embarked on a fault finding mission. In 2022, KRA discovered that: - The family has always lived in Kenya. Not Mauritius. - They managed and controlled every single operation of the shell companies from Kenya They invoked the one dangerous sentence. You remember it? • Any company managed and controlled from Kenya, is a Kenyan resident company. KRA said: • These Mauritius shell companies are Kenyan • They must pay tax in Kenya Tax demanded: 30% of 5.2B. Plus penalties • Total Bill: 1.8B Naivas ran to court. The court looked at it, and sided with KRA. Family wakaabiwa walipe tax. Case closed! Lesson. • Structure your offshore company properly. • Or KRA will structure it for you.

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Muasa@MuasaJohn2·
@spicedliver @Mukiteee It's a common structure actually. Shida hukua Hapo Kwa kuestablish substance off shore. Plus SAA hii with the indirect disposal provisions almost everyone exiting a Kenyan investment off shore is caught.
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Palmwine Papi
Palmwine Papi@spicedliver·
Ni nani aliwafanyia hii structuring? Looks like a rookie mistake.
CPA Wachira Joseph@WashiraX

KRA is not playing with Naivas. You know Naivas. Hii tu moja. It was a fully family owned supermarket giant. When the time came to cash out, the owners weighed their options. If they sold the supermarket from Kenya, they would pay insane taxes. So they went shopping for low tax countries. And Mauritius presented itself. It was irresistible. - 0% tax on sale of the company. In 2015, the family registered a shell company in Mauritius. Called it NIL. Then transferred all their shares to this company. So Naivas was now 100% owned by a Mauritian company. To make it even tighter, they added another layer. They set up a second shell company. Called it GFI. And transferred all NIL shares to GFI. So now: • GFI owns NIL • NIL owns Naivas Kenya Proper entanglement. Achana na hiyo yako. As all this is happening, they are unaware of one dangerous sentence sitting quietly in Kenyan tax law. It reads: • Any company managed and controlled from Kenya is a Kenyan resident company. Then the family went looking for a buyer. In 2020: • They sold 30% of the supermarket for 5.2B • By selling 30% of NIL shares So: - Naivas is still owned by NIL - But NIL now has a new shareholder And everything happened in Mauritius quietly. Nothing has changed hands in Kenya trigger anything. • Deal is closed. 0 tax. Bahati mbaya, KRA caught wind that Naivas is gone. Immediately, KRA embarked on a fault finding mission. In 2022, KRA discovered that: - The family has always lived in Kenya. Not Mauritius. - They managed and controlled every single operation of the shell companies from Kenya They invoked the one dangerous sentence. You remember it? • Any company managed and controlled from Kenya, is a Kenyan resident company. KRA said: • These Mauritius shell companies are Kenyan • They must pay tax in Kenya Tax demanded: 30% of 5.2B. Plus penalties • Total Bill: 1.8B Naivas ran to court. The court looked at it, and sided with KRA. Family wakaabiwa walipe tax. Case closed! Lesson. • Structure your offshore company properly. • Or KRA will structure it for you.

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Maréchal Rochereau 🪉
This is funny. The irony is that had the family spent even Kes 50M on proper substance, real directors, real governance, real paper trail, they'd have kept the full 5.2B deal tax-free. They tried to save on setup costs and ended up with a 1.8B + penalties bill. Lol
CPA Wachira Joseph@WashiraX

KRA is not playing with Naivas. You know Naivas. Hii tu moja. It was a fully family owned supermarket giant. When the time came to cash out, the owners weighed their options. If they sold the supermarket from Kenya, they would pay insane taxes. So they went shopping for low tax countries. And Mauritius presented itself. It was irresistible. - 0% tax on sale of the company. In 2015, the family registered a shell company in Mauritius. Called it NIL. Then transferred all their shares to this company. So Naivas was now 100% owned by a Mauritian company. To make it even tighter, they added another layer. They set up a second shell company. Called it GFI. And transferred all NIL shares to GFI. So now: • GFI owns NIL • NIL owns Naivas Kenya Proper entanglement. Achana na hiyo yako. As all this is happening, they are unaware of one dangerous sentence sitting quietly in Kenyan tax law. It reads: • Any company managed and controlled from Kenya is a Kenyan resident company. Then the family went looking for a buyer. In 2020: • They sold 30% of the supermarket for 5.2B • By selling 30% of NIL shares So: - Naivas is still owned by NIL - But NIL now has a new shareholder And everything happened in Mauritius quietly. Nothing has changed hands in Kenya trigger anything. • Deal is closed. 0 tax. Bahati mbaya, KRA caught wind that Naivas is gone. Immediately, KRA embarked on a fault finding mission. In 2022, KRA discovered that: - The family has always lived in Kenya. Not Mauritius. - They managed and controlled every single operation of the shell companies from Kenya They invoked the one dangerous sentence. You remember it? • Any company managed and controlled from Kenya, is a Kenyan resident company. KRA said: • These Mauritius shell companies are Kenyan • They must pay tax in Kenya Tax demanded: 30% of 5.2B. Plus penalties • Total Bill: 1.8B Naivas ran to court. The court looked at it, and sided with KRA. Family wakaabiwa walipe tax. Case closed! Lesson. • Structure your offshore company properly. • Or KRA will structure it for you.

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S. Williams
S. Williams@ShakWills·
To try. To attempt. To pursue. To work towards whatever it may be. To put hands around this life, and have it.
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little drama boy
little drama boy@ojimmycee·
So bado Kenyans wataenda hell au we've served our time? This is kinda giving purgatory.
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J
J@jwaweruh·
Hizo fares usikubali kukalia sambaza.
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Mubabaddie.
Mubabaddie.@MuchiriH·
Being in a failed state at your prime is truly devastating.
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Iran Consulate - Hyderabad
Iran Consulate - Hyderabad@IraninHyderabad·
The Strait of Hormuz isn’t social media. If someone blocks you, you can’t just block them back.
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Muasa
Muasa@MuasaJohn2·
@Nzula_m Pole Sana Karimi.
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KJ
KJ@Nzula_m·
One minute you’re packing your bags to travel to the village and make merry with family… next minute you’re packing again, but this time it’s black outfits because your uncle decided to sleep and sleep forever 😭💔 Life really has no warning signs.
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Atlanta Dream
Atlanta Dream@AtlantaDream·
WELCOME TO ATLANTA 🅰️ With the 13th pick, the Atlanta Dream selects Madina Okot from the University of South Carolina.
Atlanta Dream tweet media
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