Kenyans engaging in transactions with foreigners to cushion them from volatility in financial markets will now be required to account for any profit realised by non-resident parties and remit tax on the same to the Kenya Revenue Authority (KRA).
This follows the gazettement of the Income Tax (Financial Derivatives) Regulations of 2023 on January 27, effectively bringing to life amendments to the Income Tax Act, which were initiated by the Finance Act 2022.
