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I&M Bank customers face backdated 'Robin Hood' tax - 6 months ago, 10 Aug 06:42

By: Patrick Alushula

I&M Bank has alerted its customers that it will deduct from their accounts backdated taxes on money transfers between July 1 and July 18 if the bankers’ lobby loses the ongoing court battle on ‘Robin Hood’ tax.

The bank informs customers in an email that they will have to pay taxes on all the chargeable transactions for the 19 days that the law was in force before the High Court suspended it on July 19.

The Kenya Bankers Association (KBA) has filed a case seeking to stop implementation of a 0.05 per cent excise duty on cash transfers above Sh500,000.

“In this regard, please note that should the High Court determine that the excise duty should have been collected, we advise that we shall debit your account with the amount of excise duty chargeable on the applicable bank transfers initiated during this period and remit the same to the KRA (Kenya Revenue Authority),” ...
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