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Kenya Lower House Considers 2022 Finance Bill

April 15, 2022, 5:00 AM

The Kenyan lower house of Parliament (National Assembly) April 8 accepted for consideration Bill No. 22, The Finance Bill, 2022. The bill includes measures that would: 1) introduce new taxation definitions; 2) expand the scope of deductions allowed for donations made to charitable organizations; 3) introduce a tax on the gains accruing to nonresidents from transactions involving financial derivatives in Kenya; 4) exclude micro-finance institutions from the scope of thin capitalization; 5) amend reporting requirements under the rules on the automatic exchange of information (AEOI); 6) amend VAT exemptions for certain pharmaceutical and medical supplies and locally manufactured vehicles; 7) ...