Economy
IMF in new tax onslaught on rich Kenyans, large investors
Friday January 26 2024
Multiple tax incentives and exemptions handed out to the ultra-wealthy and large investors in the past decade are undermining Kenya’s ambition to grow revenues. CONCEPT | SHUTTERSTOCK
Multiple tax incentives and exemptions handed out to the ultra-wealthy and large investors in the past decade are undermining Kenya’s ambition to grow revenues, the International Monetary Fund (IMF) has said.
The IMF, in a new analysis of tax policy and administrative changes in the East African Community countries, says that Kenya’s tax-to-GDP ratio has been on a downward trajectory since peaking in 2014 after the country implemented policies that have ended up narrowing the tax base.
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