Nairobi, Nov. 10 -- The Tax Appeals Tribunal has upheld the Kenya Revenue Authority (KRA)'s decision to impose Sh1.7 billion in withholding tax on fruit processor Del Monte Kenya over profits arising from transactions with foreign related companies.

The ruling confirms that KRA can treat additional profits arising from transactions between related companies as deemed dividends and tax them, even when no actual dividends have been paid to shareholders.

Published by HT Digital Content Services with permission from Business Daily....