Two traders charged with Sh1.4bn tax evasion - Beaking Kenya News

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Saturday, 12 October 2019

Two traders charged with Sh1.4bn tax evasion

Directors of Olympus Computer Garage Limited
Two businessmen have been charged with evading tax amounting to more than Sh1.4 billion.
Appearing before Milimani Chief Magistrate Francis Andayi, Mr George Bhutto Obiga and Bernard Ochieng Okello, the directors of Olympus Computer Garage ltd, denied a total of ten fraud related charges.
On the first count, the court heard that between January 1, 2014 and December 31, 2014, they knowingly made incorrect statements through under-declaration of customs of value of goods, affecting the company’s tax liability and in the process reduced tax payable to Kenya Revenue Authority by Sh73,626,345.
REDUCED TAX
The second count stated that between January 1, 205 and December 31, 2015, they knowingly made incorrect statement by under-declaring value of goods and reduced tax payable by Sh332,003,569, for the said year.
They were also accused of under-declaring tax liability for the years 2016 by Sh123,190,381 and claiming tax relief using fictitious invoices against sales. This denied KRA Sh32,917,531.
They are further accused of failing to file returns with the Commissioner of Domestic Taxes, thereby failing to declare sales, which affected the company’s tax liability by Sh62,778,885. They failed to include details of income tax and gave misleading statement.
The two denied the charges and were directed to deposit Sh2 million each, to secure their release.
They were further ordered to deposit Sh1 million on behalf of the company. The case will be mentioned on October 21.

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