Global crackdown on tax evasion signals the end of bank secrecy era

Unknown to many Kenyans, Parliament’s passing of Finance Bill, 2016 that granted amnesty to Kenyan residents who have offshore incomes and assets in foreign banks had a very global agenda.

The foreign income that is subject to amnesty is for the year ended December 31, 2016 and offers a waiver of penalties on any Kenyan who reports his or her foreign sourced income for that period.