The K190m was a flat tax designed to be leveled at BSP. The flat tax nature irrespective of profits was clearly ridiculous.
BSP's management made the case to the PM that this flat tax would unfairly benefit their competitors (KSL, Westpac and ANZ) and the government subsequently scrapped the flat tax and increased the banking tax rate from 30%-45% so that all banks would be treated equally. The government was not thinking clearly when they came up with the flat tax idea given that they have a significant stake in BSP! So in my mind the refund of the original K190m tax was never really a contentious issue.
Competition, page-53
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