The capital of Kenya, Nairobi, risks becoming a tax haven and a conduit for illicit financial flows if the recently-tabled Nairobi International Financial Centre (NIFC) Bill 2016 is enacted into law, civil society warns. In a review of the Bill titled Nairobi International Financial Centre or Nairobi Tax Haven? However, this will mean tax incentives offered to multinational corporations, thereby depleting rather than building up the country’s financial reserves. A 2016 report by TJN-A puts Kenya’s losses through tax incentives at USD 1.1 billion annually. Ghana’s weak has set up weak internal regulations for their international financial centre.

Source: News Business Ethiopia March 20, 2017 09:46 UTC