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KENYAN VOLUNTARY DISCLOSURE BY TAXPAYERS, UNDER TAX AMNESTY PROGRAM: AVOID PENALTIES AND INTEREST ON FOREIGN INCOME

31-05-2018 |  By:  |  Comments

By Mogeni Gekara Samuel

Kenya recently introduced a tax amnesty program through an amendment to the Tax Procedures Act which is meant to provide an opportunity for Kenyans to declare their assets and income held abroad and to encourage their repatriation to Kenya for development of the country.

The tax amnesty program stops the tax authority from levying taxes, penalties, and interest on foreign income earned prior to 31 December 2016, if such income is voluntarily declared under the amnesty. The amnesty has its legal basis in section 37B of the Tax Procedures Act, 2015 which was an amendment introduced through the Finance Acts of 2016 and 2017.