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Kenya scores big in bid to raise taxes on global firms
Some 135 countries have endorsed the tax pact aimed at ensuring the world’s largest companies pay their dues on profits made in jurisdictions where they have little or no physical presence, but derive substantial revenues. PHOTO | SHUTTERSTOCK
Kenya has reported a major breakthrough in ongoing talks to secure a favourable revenue-sharing deal with a club of rich countries over the contentious global minimum tax rate on multinationals ahead of the January 1, 2024 enforcement date.
A top official at the Kenya Revenue Authority told the Business Daily that there has been a “significant development” in the talks with the Paris-based Organisation for Economic Cooperation and Development (OECD) on rules to tax profits of the world’s largest global firms, but did not disclose specifics of the deal they have hammered two months to the deadline.
