GNLD’s Bank Accounts Freezed by KRA in Tax Demand

GNLD, one of the most popular global food and nutrition companies in Kenya has had its bank accounts frozen on allegations of tax evasion by the Kenya Revenue Authority (KRA). The Standard has reported.

According to the news item published by the Standard on Sunday morning, KRA accuses Neolife International Limited, the makers of popular GNLD health brands, of under-declaring its stocks portfolio, which resulted in it paying far less taxes than what it ought to have paid.

“In exercise of the powers conferred upon me by Section 131 of the East African Community Customs Management Act, I hereby declare you to be agent of the above mentioned taxpayer for the amount specified in this notice and require you to pay the Commissioner Customs Services Department the sum of Sh131,371,095 being duties due by the above taxpayer,” reads a letter from KRA Debt Enforcement Manager Asha Salim to a local bank.
“Please note that in case of partial payment, this notice shall remain in force until the amount specified herein is fully recovered.” read the letter.

As reported by the local daily, KRA also copied the letter to Neolife’s managing director. Neolife describes itself as a 50-year-old world’s leading nutritional company that originally set out to build a community of people who care about living well.