BSP shareholders disappointed with additional tax - Post Courier
BSP Financial Group Limited shareholders are disappointed with the impact of the government’s additional tax on the group’s net profit.
Nambawan Super Chief Investment Officer David Kitchnoge during the announcement of BSP’s first year results on Monday stated that they are disappointed with the impact of the tax on net profits for shareholders who have been asked to take K107million or less this year in the first half of the year with respect to the additional tax that the State has imposed on BSP.
Mr Kitchnoge said they strongly ask the State to have a rethink of its position because when the tax was imposed the State fixated that it might be an interim position whilst they look into repairing the National budget and so on.
“Seeing the Internal Revenue Commission (IRC) making public statement last month about recorded taxes it had collected and are remitted to the State and the State’s budget has been repaired so we strongly ask the State to rethink the additional tax it has imposed on BSP.
Also how is BSP addressing the current post implementation of Flexcube?
As shareholders we continue to see a lot of comments made about some of the issues that customers face.
As such when complaints are raised, they must be addressed, as this will take away profit from the bank and its shareholders,” Mr Kitchnoge said.
BSP Group Chief Executive Officer Mark Robinson when responding to these concerns raised by shareholders stated that Flexcube started six years ago and its expenditure is over K400million.
Mr Robinson said BSP has worked with leading global technology providers starting with Oracle and when they implemented over the Easter weekend back in April there were live parts of the bank that went well, branches went well, EFTPOS went well, ATMs worked extremely well but the issues was concentrated around payments.
BSP Group Chief Financial Officer Ronesh Dayal added that after the Go Live payments was the major area that BSP struggled with and fortunately with the assistance of their vendor (Oracle) they have resolved that issue.
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