KRA gets new power to set limit on tax haven returns
Treasury Cabinet secretary Ukur Yatani has said the gains and profits from tax haven dealings would be gauged against conventional performance expectations.
Rules to apply to offshore markets that do not tax incomes or earnings at a rate less than 20 per cent.
Multinationals with group revenues of Sh95b will be required to provide details of their financial dealings.
The Kenya Revenue Authority (KRA) will get powers to determine the gains and profits expected from local businesses and individuals with ties in offshore tax havens if Parliament approves proposed changes to the law.
As part of a strategy to tighten the noose on tax cheats, Treasury Cabinet secretary Ukur Yatani said the gains and profits from tax haven dealings would be gauged against conventional performance expectations and taxes charged appropriately.
