Kenya President Signs 2023 Finance Bill

The Kenyan President June 26 signed the 2023 Finance Law. The law includes measures: 1) allowing the deferral of foreign exchange losses for up to three years from the date of the loss; 2) increasing the turnover tax rate to 3 percent from 1 percent, and including persons with turnover between 500,000 Kenyan shillings (US$3,559) and 15 million shillings (US$106,802); 3) taxing repatriated income of nonresidents conducting business in Kenya through a permanent establishment (PE); 4) establishing a 3 percent digital assets tax on income derived from the transfer or exchange of digital assets; 5) introducing various income tax exemptions ...