Kenneth Njuguna | Partner | Anjarwalla & Khanna
Kenneth is a Partner with Anjarwalla & Khanna in the Tax department. He has specialist skills in Kenyan and cross border taxation.
Kenneth routinely advises clients on all tax aspects of mergers and acquisitions, disposals, joint ventures and corporate restructurings and on business and transaction structuring generally. He also assists clients in complex tax audits and disputes with the Kenya Revenue Authority. Prior to joining A&K, he worked in the tax practice at PwC in Kenya and the United Kingdom.
He works with a wide variety of multinational clients including power and utility firms, private equity funds, banking and insurance companies, real estate developers and public benefit organizations.
Kenneth is an Advocate of the High Court of Kenya, a Certified Public Accountant and a Certified Public Secretary.
Membership in Professional Societies
2014: Certified Public Secretary, (CPS) Graduate
2010: Postgraduate Diploma in Law, Kenya School of Law
2010: Certified Public Accountant, (CPA) Graduate
2009: Bachelor of Laws. LL.B, Second Class Honours (Upper Division), Moi University
JAN 2020- DATE: Partner, Anjarwalla & Khanna, Nairobi
2018: Secondee, Stephenson Harwood London and Pump Court Tax Chambers
JAN 2017 – OCT 2019: Senior Associate, Anjarwalla & Khanna, Nairobi
JUL 2015 – DEC 2016: Principal Associate, Anjarwalla & Khanna, Nairobi
AUG 2014 – JUN 2015: Associate, Anjarwalla & Khanna, Nairobi
2010 – 2014: Senior Tax Consultant, PricewaterhouseCoopers, Kenya
2012: Tax Associate, PricewaterhouseCoopers United Kingdom (London)
2008: Summer Pupil, Kaplan & Stratton Advocates
Areas of Expertise
- Corporate and Commercial
- Corporate M&A
- Energy, Natural and Renewable Resources
- Acting for the sponsors of the 300MW Turkana wind power project (the largest power generation project in Kenya, designed to provide at least 17% of the country’s power demand) including providing tax structuring advice on the equity structure for the project as well as various tax advice matters relating to various engineering, procurement and supply agreements (EPC) with Vestas (turbine supply), Siemens (electrical connection networks and substations), Civicon (210 km of road contruction), and Seco (village construction) as well as interface with the Ministry of Finance, Ministry of Energy and the Kenya Revenue Authority on VAT issues relating to the project. This transaction won the Project Finance International (PFI) African Renewable Deal of the Year Award 2014.
- Advising Cranemere Africa, a private investment company, in connection with the acquisition of shares and subscription for shares in Riara Group of Schools, including advising on the tax structure for the acquisition and negotiating tax indemnities and warranties relating to the transaction.
- Advising Vodacom Group in connection with the acquisition, together with Safaricom, of the M-PESA pan-African money payments system, including advising on various tax considerations relating to capital gains tax impact, transfer pricing considerations on royalty payments, stamp duty issues, applicability of double taxation treaties and various international tax issues relevant to this matter.
- Acted for Royal Dutch Shell in connection with Kenyan tax law matters in relation to its successful takeover bid for British Gas, which created the world’s biggest trader of liquefied natural gas (LNG).
- Acting for Helios Investment Partners, a leading Africa-focused private investment firm, in connection with the acquisition of 70% of the share capital of Telkom Kenya, a Kenyan telecommunications provider, from France Telecom, a French multinational telecommunications corporation, and in connection with the acquisition of a shareholder loan from France Telecom, including providing broad tax advice on various aspects of the transaction aimed at creating tax efficiencies on the acquisition.
- Acting for Helios Investment Partners, a leading Africa-focused private equity fund, in its entry into a joint venture with Acorn Group Africa, a property development and project management firm, for the identification, acquisition, construction and development of real estate properties in Kenya, involving the unwinding of a pre-existing joint venture between British American Asset Management by Acorn and simultaneous entry into the joint venture with Helios, including providing tax advice on the overall structure for the project.
- Acting for WS Atkins International, a subsidiary of WS Atkins, a company listed on the London Stock Exchange and one of the leading design, engineering and project management consultancy services firms in the world, in connection with Atkins’ acquisition of 100% of Howard Humphreys East Africa, an engineering consulting firm based in Kenya, and its wholly-owned subsidiary in Tanzania, including negotiating tax warranties and indemnities and providing tax advice on various aspects of the transaction.
- Acting for ADC Financial Services & Corporate Development (a subsidiary of ADC African Development Corporation AG), a Mauritian entity, on its disposal of a 38.74% stake in Resolution Health East Africa (RHEAL) (a Kenyan entity) to Leapfrog Investments, including advising on the most tax efficient structure to exit its investment in RHEAL.
- Advising on an acquisition by HNZ Group, of certain Tazk Aviation subsidiaries and assets consisting of aircraft situated in Kenya and Tanzania on various tax issues including the most suitable holding company jurisdiction, various VAT, excise duty and corporation taxes from a Tanzanian and Kenyan tax perspective.
- Acting for a global public relations focused group listed on the London Stock Exchange on the setting up of operations in Kenya, including advising on the inbound tax structure, setting up the legal entity and advising on various aspects relating to taxation of employee emoluments, transfer pricing regulations and certain tax aspects relating to contractual arrangements with the Government of Kenya.
- Advising Regus Group, an international company involved in leasing virtual offices on the acquisition of the African business (situated in of Worldwide Landmark, including providing tax advice on the acquisition structure and negotiating tax warranties and indemnities in respect of the transaction.
- Acting in a transaction in the acquisition by a French listed company of three Kenyan companies with operations in Uganda and Tanzania, including providing tax structuring advice.
- Successfully representing Diamond Trust Bank in connection with an appeal at the Tax Appeals Tribunal in relation to a tax assessment by the KRA on withholding tax on fees charged on its overseas nostro The decision, which was not appealed to by the KRA, set a precedent on the applicability of withholding tax on fees charged on nostro accounts by foreign banks.
- Acting for an international private equity firm in Africa, in connection with a tax demand by the Kenya Revenue Authority in excess of USD 14 million in relation to Capital Gains Tax (CGT) due to an exit from an investment in Kenya, including advancing technical arguments and successfully defending the client against the tax demand, which resulted in a reduction of the quantum of tax demanded by almost 80% which was then settled by the Client. The matter was the first high profile tax dispute in Kenya since the reintroduction of CGT in January 2015.
- Providing tax and equity structuring advice to Kuramo Capital Management, an independent investment management firm, in connection with its proposed investment for 24.99% of the shares in Trans-century, a company listed on the Nairobi Securities Exchange.
- Acted for Omya (Schweiz) in connection with tax and shareholding structuring and other tax matters regarding their acquisition of ARM Cement’s non-cement business through a joint venture involving Omya and Pinner Heights Kenya.
- Advising Vivo Energy, Vivo Energy Holding B.V and Vivo Energy Kenya in connection with Vivo Energy’s admission of its shares to the premium listing segment of the Official List of the Financial Conduct Authority of the United Kingdom and admission of the shares to trading on London Stock Exchange’s main market for listed securities and admission of the Shares on a secondary inward listing basis on the Main Board of Johannesburg Stock Exchange.