The Finance Act 2016 declared a tax amnesty whose operation is under the provisions of Section 37B of the Tax Procedures Act (2015) The tax amnesty is for all income earned from foreign investments by people whose tax base is Kenya.
The income was not declared in Kenya. The tax amnesty covers all income earned for any year of income that ended on or before 31st December 2016. Taxpayers are expected to:
- Apply for tax amnesty – this is done through i-Tax platform.
- File tax returns – this is done through the i-Tax platform.
- Transfer the declared funds for re-investments in Kenya.
The Cabinet Secretary (CS) to The National Treasury during his March 2017 budget speech extended the period for filing the tax returns and transfer of the declared funds to Kenya for re-investments from 31st December 2017 to 30th June 2018.
The reason for this extension was enable the taxpayers to transfer the money and reinvest it in Kenya. Please note that the amnesty period was not extended.
Feel free to send us questions or topics on tax and investments in Kenya that you would wish to be covered in this Website.
Disclaimer
This post is for general overview and guidance and does not in any way amount to professional advice. Consequently, www.taxkenya.com, it’s owner or associates do not take any responsibility for results of any action taken on the basis of the information in this post or for any errors or omissions. Kenyan taxpayers must always rely on the most current information from KRA. Tax industry in Kenya is very dynamic.
©Wakaguyu Wa Kiburi
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