Kenya tax demand reduced from INR 51.10 Cr to INR 26.50 Cr
SWSOLAR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.1 pts less than Nifty Microcap 250 and 0.4 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 Authorities have reduced the tax demand on the company's Kenya branch from around INR 51.10 Crore to around INR 26.50 Crore, covering calendar years 2020 to 2023. The reduction follows the company's appeal and is due to lower attribution of profits to the Kenya branch, which lowers both corporate tax and withholding tax exposure. VAT and PAYE portions of the demand remain unchanged. The company is evaluating the order and deciding on further action.
Positive relief as tax liability is nearly halved. Final outcome depends on company's further response to the order.