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Tax refunds to tech giants locked to local bank accounts
National Treasury and Economic Planning Cabinet Secretary John Mbadi when he appeared before the National Assembly Public debt and Privatization Committee at the Continental House in Nairobi on November 28, 2024.
Giant global internet companies operating in Kenya will be required to hold accounts with local banks to qualify for refunds on overpaid digital service taxes when shutting down operations in the country.
National Treasury Cabinet Secretary John Mbadi said they will only issue refunds of the Significant Economic Presence (SEP) tax to foreign tech and ICT firms into accounts held with Kenyan-licensed banks.
