President Uhuru Kenyatta in talks with His Highness the Emir Sheikh Tamim Bin Hamad Al-Thani during an official reception at Emir Diwan, Doha, on Wednesday. Photo/PSCU
What you need to know:
The deal on avoidance of double taxation was signed in Doha on Wednesday by President Uhuru Kenyatta and his host, Emir Tamim Bin Hamad Al-Thani.
The deal will guarantee Kenyan and Qatari businesspeople of rights to their assets in the two countries.
Kenya has signed a double tax agreement with Qatar, clearing a major hurdle for investments in the energy sector worth billions of shillings.
The deal on avoidance of double taxation was signed in Doha on Wednesday by President Uhuru Kenyatta and his host, Emir Tamim Bin Hamad Al-Thani.
The pact will cushion investors from taxes on repatriated profits once they have paid similar levies in their country of investment.
Qatar becomes the third Arab state after Iran and United Arab Emirates to have expressed interest in keeping a double tax agreement (DTA) with Kenya.
The DTAs with Iran and UAE are still in draft form as officials are yet to conclude the negotiations started by officials in the Kibaki regime.
“Qatar is ready to work with Kenya as it implements its Vision 2030 flagship projects including the Lamu Port South Sudan-Ethiopia Transport Corridor,” Kenyatta’s press team quoted Emir Tamim as saying.
Apart from the DTA, the two leaders also signed a reciprocal agreement to promote and protect investments.
The deal will guarantee Kenyan and Qatari businesspeople of rights to their assets in the two countries.
The two deals are expected to embolden rich Qatari firms to pump billions of shillings into Kenya’s energy sector.
