Kenya Publishes Draft Bill for New Income Tax Act Including New Transfer Pricing Rules, New Tax Rates, and Other Changes

Kenya's National Treasury has published the draft Income Tax Bill 2018 for public comment, which includes numerous revisions based on a review of the current Income Tax Act to align it with the current business environment and international best practices. The draft Bill is intended to replace the current Income Tax Act, with certain transitional provisions. Some of the main aspects are summarized as follows:

Taxation of Cross-Border Transactions

A new schedule on taxation of cross-borde…