Kenya: Will New Legislation Turn Kenya Into a Tax Haven?

analysis

A recently passed law could make it easier for companies to dodge tax in Kenya. This could increase the rate of illicit financial flows and, contrary to government's goals, undermine economic growth and development.

In July last year, President Uhuru Kenyatta signed the Nairobi International Financial Centre Act, 2017. The law aims to 'facilitate and support the development of an efficient and globally competitive financial services sector in Kenya'. It sets up the Nairobi International Financial Centre Authority (NIFCA), which will 'establish and maintain an efficient operating framework in order to attract and retain firms'.

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