The Appellant seeks an order of stay of execution of the judgment of the Tax Appeals Tribunal. The parties are unable to agree on the nature of security to be offered. Having heard the parties on amount proposed by each party and the taxes due and bearing in mind that the Appellant is still in business, I allow the application dated 08.02.2023 on the following terms:
(a) A stay of the judgment or collection of taxes pending the hearing and determination of this appeal is issued on terms that the Appellant shall deposit Kshs. 2million in a joint account agreed on by the parties and issue or a bank guarantee form a reputable bank in favour of the Respondent for Kshs. 2 million within 21 days from the date hereof.
(b) In default of such compliance, the stay shall lapse automatically.
(c) In the event of compliance, the stay shall remain in force for a period of 12 months unless extended by this court.
(d) The appeal shall be mentioned on 18.05.2023 for directions and further orders.
DATED and DELIVERED at NAIROBI this 29th day of MARCH 2023
D. S. MAJANJA
JUDGE