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Karuturi Global wins reprieve in Kenyan tax claim

KRA had instituted $20 mn transfer pricing based tax claim on one of Kenyan subsidiary of the company

Karuturi Global, the Bangalore-based publicly held rose exporter, has won a reprieve in its ongoing dispute with Kenya Revenue Authority (KRA). Karuturi in a statement has said that KRA had instituted $20 million transfer pricing based tax claim on one of the Kenyan subsidiary of the company. "We have won a reprieve and will have to pay only $4 million in back taxes. Since this based on settlement with KRA, there shall no further appeals by the KRA," Karuturi said in a statement.    This reprieve, albeit small, comes as a breather to the embattled company which ...