National Treasury Cabinet Secretary Ukur Yatani (Pictured below) said that Japanese companies with projects valued at Ksh 328 billion will not pay income tax. The move will likely cause an uproar from Kenyan investors.
Kenyans with the same valuation of projects are liable to pay income tax. This raises questions why the government took preferential treatment on Japanese companies. Kenyan tax laws dictates that all income accrued by an individual whether resident or non resident is subject to taxation.
With increased fuel prices, cost of production has gone up. The government has also rolled back tax holidays that were announced March and April last year. With Kenyans paying more tax on the background of tougher economic times, given multinational corporations tax relief seems absurd.
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