Treasury Cabinet secretary Henry Rotich in his 2016-17 budget directed the Kenya Revenue Authority to give an amnesty window for Kenyans generating income from investments abroad to boost tax collection. State incentives for Kenyans with offshore investments to invest money stashed abroad back home could fall flat as many are likely to shy away for fear of scrutiny. "Taxpayers who take up this amnesty shall have all principal taxes, interests and penalties for the year of income, 2016 and the prior years automatically remitted in total. In addition, the government shall not follow up on the sources of such income and assets declared," Rotich said in his budget speech last Thursday. Mwaura said the move will, however, boost plans by the Kenya Revenue Authority to expand its tax bracket, by encouraging business owners to invest their money back in Kenya instead of other countries and tax such investments.

Source: The Star June 14, 2016 02:37 UTC