Documents raise new queries on IPTL sale

The documents show how the IPTL price dramatically changed. In two weeks after Piperlink, a British Virgin Island offshore company bought the firm for just Sh6 million, only to sell it to Mr Sethi at $300,000(480million).  More questions also abound why IPTL sale tax revenue letters from TRA to Piperlink and Merchmar based in the British Virgin Island and Malaysia respectively, bore the same reference number and used the same address of C/O IPTL in Dar es Salaam. Signatures in both bank slips used to pay the taxes were by the same person.  Mechmar was assessed to pay Sh776,000 as taxes following the purported sale of its 70 per cent share at the price of Sh6million to Piperlink, while Piperlink  was also instructed by TRA to pay taxes amounting to Sh62 million after it allegedly sold its 70 per cent stakes to Mr Sethi. Both assessments were done and approved by Mr Kabunduguru, the regional manager, Ilala Tax region, without raising any concern 
By The Citizen investigation team

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