Two directors of IT firm Olympus arrested over alleged Ksh.1.4B tax evasion

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Two directors of a computer company have been arrested for tax evasion amounting to Ksh.1.4 billion.

According to the Kenya Revenue Authority (KRA), the two; George Bhutto Abiga and Berard Ochieng Okello are accused of deliberately failing to declare taxes due from sales made by the company.

“Both Directors of Olympus Computer Garage Limited are suspected to have deliberately failed to declare taxes due from sales they made to Mitsumi Computer Garage between September 2014 and August 2016,”read the statement.

The Commissioner, Investigation and Enforcement David Yego said the company equally failed to file Value Added Tax (VAT) for the year 2014 and instead filed NIL returns for the year 2015 and 2016 intentionally avoiding to declare sales of over Kshs. 1 billion

Further investigations by the revenue body also revealed that the two, under Olympus Computer Garage Limited, had imported various computer gadgets and accessories such as laptops, flash drives which attract zero duty but are charged 16% Value Added Tax (VAT).

They are also recorded to have charged the Railway Development Levy (RDL), which they also failed to declare.

The two will be arraigned in court on Friday October 11, 2019.

If found guilty, the suspects are likely to be fined an amount not exceeding Khs.10 million or double the tax evaded, whichever is higher or to imprisonment for a term not exceeding three (3) years.

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Source: citizentv