Kenya tax assessment of Rs 50.41 crore; company plans to appeal
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On the reaction day the stock moved 1.3 pts more than Nifty Microcap 250 and 1.8 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Kenya Revenue Authority issued tax assessment orders for 2020-2023, raising tax, interest and penalties of Rs 50.41 crore. It attributed more profit to the company's Kenya branch, did not accept filed returns or the transfer pricing study, and also assessed withholding tax, VAT on ineligible credits and employee pay tax on staff accommodation. The company plans to appeal.
The Rs 50.41 crore demand creates financial and stock-price risk. The planned appeal leaves the final amount and payment timing uncertain.