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Kenyans wire back Sh1trn in offshore bank accounts
The offshore investments continue to record an upward trend, partly attributed to the depreciation of the Kenya shilling against the dollar. FILE PHOTO | NMG
Wealthy Kenyans have wired back an estimated Sh1 trillion from offshore accounts in the past three years, taking advantage of a tax amnesty offered by the Treasury.
The Kenya Revenue Authority (KRA) in a response to Business Daily queries said the amount was repatriated by some 16,000 applicants who took advantage of the amnesty window during which they were not required to declare the source of their wealth or even account for previous years’ tax arrears.
