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New digital tax mechanism promises Kenya windfall
President William Ruto, US Ambassador to Kenya Meg Whitman and Brenda Mbathi, the American Chamber of Commerce (AMCHAM) board President during the organisation's regional business summit in Nairobi. FILE PHOTO | PCS
Kenya could rake in over 10 times its current collection of digital services taxes from a new global taxing mechanism that is being championed by the Organisation for Economic Co-operation and Development (OECD).
Should the country ratify the new inclusive framework aimed at fighting tax avoidance by requiring large multinationals to re-allocate part of their profits to countries where they have operations, the Kenya Revenue Authority could collect between Sh3.3 billion ($25 million) and Sh5.3 billion ($40 million) in taxes, according to estimates by OECD, a club of rich countries.
