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KRA’s Sh1.3 billion bid on Bidco Oil Refineries Ltd

Bidco Oil Refineries Ltd is a manufacturer, marketer and exporter of edible oils, cooking fat, margarine, baking powder and laundry products. Bidco oil refineries limited was established in 1991 as a manufacturing organization. It has over the years grown in leaps and bounds and established a strong presence both locally and within East and Central Africa.

It has developed strong marketing and technologically advanced manufacturing and distribution systems. Under the focused leadership of its CEO, Mr. Vimal Shah, who is renowned as one of the best leaders in the region, Bidco Oil Refineries Ltd has attained success. Bidco Oil Refineries limiteds products are marketed in 13 African countries in the COMESA and COMESA and SADC markets.

Currently, it is challenging taxman’s decision to levy distress against its property over disputed import duty. The taxman has been stopped by a court from demanding Sh1.3 billion tax arrears from the consumer goods manufacturing company. He was issued with an order restraining him from attaching property and bank accounts of Bidco Oil Refineries Ltd. This was after Bidco moved to court to challenge a decision by the Kenya Revenue Authority (KRA) to levy distress against the company’s property. The taxman is demanding the amount as import duty, and with interests and penalties.

On 27TH April KRA issued agency notices that were seeking to attach Bidco’s bank accounts and property. Bidco is also disputing the amount.

“The action by KRA would disable the operations of the company,” said the Bidco lawyer in court.

The lawyer said that it could result in the shutdown of the company, huge job losses for its employees and elimination of its substantial contribution to the national revenue through taxes paid.

He said unless the court intervened, there was the danger of the company losing property and liberty.

The court was urged by the lawyer to issue interim orders stopping the demand by the taxman so that Bidco oil refineries Ltd could continue to run its business and to safeguard the livelihood of its employees and investment of its shareholders.

Bidco said the demand by the taxman had no legal basis because the amount is disputed and has not been judicially determined.

High Court judge issued temporary orders restraining the taxman from taking further action against Bidco. He directed that the suit papers be served on KRA for hearing.

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