Safaricom maintains top tax payer position

BUSINESS

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Image: By BiztechAfrica
Safaricom maintains top tax payer position

By Semaj Itosni, Nairobi, Kenya

Safaricom has shrugged off the 2011/12 price wars to retain its position as Kenya’s top taxpayer for the fifth consecutive year.

Despite a Sh1 billion drop in pre-tax profit from Sh18.4 billion in 2010/11 to Sh17.4 billion in the last financial year, Safaricom still beat other blue chips and public sector institutions.

The company’s annual report shows that it paid Sh4.7 billion directly in income tax —lower than last year’s Sh5.2 billion.

However, most of the money it remits to government is in the form of excise duty, VAT, and withholding taxes which stood at Sh25 billion in the 2009/10 financial year.

“Indeed, the tax paid by the top ten taxpayers being appreciated today was about Sh115 billion, which is 17% of the total tax collected in the last financial year,” President Kibaki said when he presided over the ceremony to honour top tax payers.



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