Kenya President Announces Signing of Income Tax, Special Economic Zones (Amendment) Laws

The Kenyan President’s Office May 11 announced the signing of the Income Tax Law, and the Special Economic Zones (Amendment) Law. The laws include measures: 1) amending the rules for capital gains taxation to align with international standards; 2) exempting capital gains tax on property transfers undertaken as part of internal corporate reorganizations where there is no actual economic gain realized and no third-party transactions; 3) expanding the scope of special economic zones (SEZs) to include oil and gas zones and various strategic sectors of the economy, such as manufacturing, mining, advanced technology-driven production, and petroleum operations; 4) setting a ...