Market News US tax cuts seen raising amount of money sent back to KenyaThe US diaspora accounts for more than half of the remittances sent to Kenya. FILE PHOTO | AFPWide-ranging tax cuts in the US could positively impact the amount of money that Kenyans living in the country send home, the Capital Markets Authority (CMA) says in a new report on financial markets. In the 11 months to November 2017, the US diaspora sent home Sh90 billion, out of total remittances of Sh177 billion. The changes will see the maximum US corporate tax rate come down to 21 per cent from 35 per cent, while the top individual tax rate falls to 37 per cent from 39.6 per cent. Opportunity“It is true that it gives them the opportunity to send more money home, especially for those with projects back here.

Source: The North Africa Journal February 08, 2018 06:22 UTC