President Ruto says govt to implement tax policy to enhance transparency for investors » Capital News
NAIROBI, Kenya, Mar 30 – President William Ruto on Thursday announced that the government is in the process of implementing a new Tax guideline Policy that will highlight everything that local and international investors ought to know before they invest in the country.
Speaking during the closing ceremony of a two-day American Chamber of Commerce (AmCham) Summit in Nairobi, President Ruto said the policy will run for a minimum of three years and it will help investors in decision making.
“My government is finalizing new tax policy guidelines that have gone through various stakeholder consultations, including inputs from AmCham. This policy that will enhance transparency in our tax regime will take effect by June 2023 and will now be in place for a minimum of three years,” President Ruto said.
The Head of State further pointed out that the government will ensure that tax refunds will be disbursed to taxpayers on time in a bid to make Kenya one of the best places to do business devoid of tax complaints.
“The issue of tax refunds has remained a thorn in the flesh of many companies. The government of Kenya is making a policy shift on this matter and as a result, effective June this year, all verified tax refund claims will be payable within six months,” President Ruto said.
“If for whatever reason a refund is not made by the Kenya Revenue Authority (KRA) within this period, the taxpayer can offset their claim against future tax liability, without further application to KRA.”
The president also acknowledged that the one of the key challenges for business community has been the issue of Value Added Tax (VAT) on exported services pointing out that it not only renders Kenya uncompetitive, but it also inhibits investors seeking to make Kenya their regional or global services hub hence its removal from the 2023-2024 budget.
“Many companies are already operating out of Kenya and serving regional markets. Following consultations with stakeholders, VAT on exported services will now be removed in the Finance Bill, in the coming budget, in June this year,” he said amid applause.
President Ruto also said that startup companies will be exempted from paying taxes.
The ceremony was attended by US Ambassador to Kenya Meg Whitman, Prime Cabinet Secretary Musalia Mudavadi, his Trade Counterpart Moses Kuria among other dignitaries drawn from Kenya and the US.
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