City tycoon SK Mbuga has been cited in a mega fraud scandal. The tycoon reportedly tried to evade taxes when he imported his new ride recently.
According the tax regulating body, URA, Mbuga recently imported a Ferrari and fraudulently declared its model to evade the environmental levy.
They posted on their official Facebook page: “Mr. Mbuga Sulaiman imported a Ferrari car model 2011 and declared it as a 2012 model to avoid paying 35% environmental levy. The declaration of the Ferrari car white in color was made on the basis of a 2012 model quoting a lower value of a UK made vehicle yet it is an Italian made vehicle.
This would lead to under collection of government revenue. His declaration was rightfully highlighted by our teams at the National Targeting Center (NTC) and the client was tasked to explain the inconsistencies and to also avail the documentation to support his declaration.
Instead of availing the required information, Mr. SK Mbuga went ranting on Facebook without regard to following the appeals procedure.”
They further revealed that Mbuga has been previously in a similar scandal and is yet to settle the penalties. “It should also be noted that Mr. Mbuga has another outstanding of Ushs 118,428,061 from a past fraudulently cleared vehicle vide entry no. C3381. He is yet to settle the taxes and offences related to the case,” they added.
Meanwhile, Mbuga is said to have imported the posh ride for his wedding slated for late this month.
Staff Writer