Following passage by the parliament on 28 August 2014, Kenya's Finance Bill 2014 was signed into law by President Uhuru Kenyatta on 15 September. The new law introduces numerous changes to the administration of taxes in the country, including amendments to income tax, value added tax, and customs and excise taxes.
The main general changes include:
- Capital gains tax is re-introduced at a rate of 5% on gains from the transfer of immovable property
- The definition of a permanent establishment…