Kenya Revenue Authority (KRA) has been ordered to refund more than Sh54 million to household and electronics appliances supplier Hotpoint on account of bad debts arising from goods delivered to fallen retail giant Nakumatt. The Tax Appeals Tribunal faulted the Commissioner of Domestic Taxes for disallowing the VAT (value-added tax) refunds of Sh54.8 million as…
Some 1,392 businesses, institutions and organizations were declared bankrupt since January 1, an increase of about 47 percent over the same period in 2023. That was the highest total for the first four months of the year since January-April 2017. On a monthly basis, business bankruptcies rose by 6 percent. The figures include 167 sole…
Financial Services Commission Secretary-General Kwon Dae-young speaks during a press briefing on the government’s latest plan to induce a soft landing for project financing loans in the real estate sector at the government complex in central Seoul on Monday. [NEWS1] Koreas financial authorities will facilitate a restructuring of the cash-strapped real estate sector with a…
Kwon Dae-young, secretary-general of the Financial Services Commission (FSC), speaks during a press conference at the government complex in Seoul, May 13. Yonhap Korea’s financial authorities announced plans to minimize risks stemming from short-term real estate project financing (PF) loans Monday that include additional funds for strong, survivable projects but a speedy way out for…
A caravan builder based in Melbourne has collapsed into liquidation with estimated debts of up to $1 million. Highline Caravans Pty Ltd, located in the outer suburb of Campbellfield, went into voluntary liquidation this week according to a notice published on ASIC. The company went bust potentially owing between $700,000 and $1 million. Early reports…