The taxman is willing to “negotiate and strike a balance” with multinationals being audited for transfer pricing misconduct, a drive it says has a potential to realise over Sh30 billion. The Kenya Revenue Authority told a workshop organised by the Association of Chartered Certified Accountants in Nairobi that this will… – Continue reading
NAIROBI, Oct. 7 (Xinhua) — Kenya and Finland are set to sign a double taxation agreement in order to promote trade and investment relations, a Finnish envoy has said. Finland’s Ambassador to Kenya Sofie From-Emmesberger told Xinhua that a draft agreement has already been prepared and is waiting approval from… – Continue reading
The taxman has doubled collections from property developers and landlords in the fiscal year ended June 30, as efforts targeting the sector’s tax avoidance yield result. The Kenya Revenue Authority yesterday said it has collected Sh2.1 billion from the sector from Sh1 billion in the previous year. KRA had accused… – Continue reading
KENYA Revenue Authority is currently recovering Sh25 billion outstanding tax from international companies that a recent audit showed were involved in transfer pricing, it announced on Friday. Commissioner general John Njiraini said the authority has recently conducted transfer pricing audits involving over 50 cases which have so far yielded tax… – Continue reading
African countries are losing up to 12.7% of their national GDP due to shady practices in international trade. Global Financial Integrity, a Washington DC-based think-tank, reports that $542bn (£321bn) worth of capital was lost from Africa in illicit capital flows and estimates that almost 80% of this coming through “trade… – Continue reading
• Partnership creates end-to-end solution for enabling and ensuring FATCA compliance, including: data consolidation, indicia identification, additional KYC data/document capture, alerts/notifications and dashboards to monitor compliance, withholding calculations and remittance, and tax reporting. Banking analytics, risk and compliance pioneer, iCreate, today announced a strategic partnership with tax information reporting leader,… – Continue reading
They have big money and experienced staff, and operate with effortless sophistication. These are some of the features of multinational companies that use complex instruments to avoid paying taxes especially in developing countries. Mindful of this, Uganda Revenue Authority is keeping on guard. The tax body has joined a global… – Continue reading
NAIROBI, KENYA: Seychelles Foreign Affairs Minister Jean Paul Adam has commended President Uhuru Kenyatta for his transformational leadership, terming it an ‘inspiration’ to the whole region. Mr. Adam said Seychelles was looking forward to working more closely with the Jubilee administration for the benefit of the people of the two… – Continue reading
NAIROBI (Xinhua) — The Kenyan government on Monday signed an agreement with the Seychelles to phase out double taxation on companies from the two countries. Kenya’s Cabinet Secretary for Treasury Henry Rotich said the elimination of double taxation will promote flow of investments, trade and labor between the two countries. “ Kenya has… – Continue reading
The quest of African countries to carry out economic stability and transformation is threatened by illicit financial outflows through tax evasion and avoidance, a UN expert observed here on Thursday. He said the draining of tax revenues and scarce foreign exchange resources stifled growth and socio-economic development and weakened governance…. – Continue reading
The chickens are quietly coming home to roost. In Europe, that is. For a long time, multinational companies have created shell companies – those offices where, beyond furniture and a teapot, there is hardly any business going on – to mainly pay lower tax and move illicit funds. These opaque… – Continue reading
