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President Ruto plans corporate tax cut to woo foreign investors
National Treasury and Economic Planning Cabinet Secretary Prof Njuguna Ndung’u (left) confers with State Department for Economic Planning Principal Secretary James Muhati on August 18, 2023. PHOTO | BONFACE BOGITA | NMG
Kenya plans to cut corporate income tax (CIT) on earnings by five percentage points in a bid to drive compliance and align with average international rates in a bruising global battle to attract foreign investors.
Treasury Cabinet Secretary Njuguna Ndung’u has disclosed the Ruto administration will be seeking to reduce the standard CIT rate for resident firms to 25 percent from the current 30 percent.
