Tax exemptions cost Kenya KES100b yearly
07 June 2012, 09:28
Nairobi - Capital News reports that Kenya is losing an estimated KES 100 billion in tax incentives and exemptions every year accounting for about 3.1 percent of the country’s gross domestic product (GDP).
New research by the Tax Justice Network-Africa (TJN-A) and Action Aid International revealed that despite being the most generous with tax incentives in the region, Kenya was the biggest loser in Foreign Direct Investment (FDIs) flows compared to Uganda and Tanzania.
A member of the parliamentary Budget Committee Martin Ogindo, who was present during the report launch, said there is a serious need to revisit Kenya’s tax regime to address tax incentives that do not bear the country any fruit in terms of investment.
- For more visit Capital News