Finance Act 2023


Inside KRA’s tax penalties and interest amnesty program

Taxpayers in Kenya can avail themselves of a tax amnesty for outstanding tax penalties and interest that have accumulated until December 31, 2022. Professional services firm PwC offers guidance on how taxpayers, who have either settled their principal tax obligations or intend to do so by June 30, 2024, can take advantage of the tax penalties amnesty provided by the Kenya Revenue Authority (KRA). The provision for this amnesty stems from the government’s objective to boost tax compliance and generate tax revenues to meet the FY2023/24 budget. The plan was formally introduced through the Finance Act of 2023 and became effective on September 1, 2023….

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IMF Board to decide Kenya fate next week amidst Finance Act court case

The International Monetary Fund (IMF) will meet next week on Monday to review Kenya’s application for extending the programme, accessing additional funds and negotiating a new funding line, even as the country litigates the Fund’s sponsored tax laws. The meeting is also expected to review requests to waive application of some conditionalities and a clause to consult the fund on making monetary policy decisions. Kenya which is in dire need of IMF funds to plug budget holes due to inability to afford commercial loans is keen on accessing an extra $1.1 billion (Kes152 billion) and expand the Fund programme by another two years after reaching a staff…

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When taxes don’t make business sense

With a scheduled touchdown of 12 midnight at the Jomo Kenyatta International Airport in Nairobi, I knew I will have problems finding my way to Ndenderu, Kiambu County, in the dead of the night.  So upon getting that "Karibu nyumbani" alert from Safaricom, and going through the arrival immigration checks by tired-looking officers, I stepped out on the cold tarmac to get a taxi home. "Boss, unaelekea wapi?," a trio of taxi drivers, keen to secure a late-night deal, shove each other mobbing me at the arrivals section. Years of technological advances and the rise of digital ride hailing applications have done little to change...

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