Kenya’s High Court exempts fintechs from VAT in landmark ruling

A Kenyan High Court has ruled that fintechs should be exempt from value-added tax (VAT) on payment services, overturning an earlier tribunal decision in a case pitting payments startup Pesapal against the Kenya Revenue Authority (KRA). Justice Rhoda Rutto found digital payment providers are “functionally equivalent” to banks, a blow to the tax authority. The

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