The Kenyan government has announced that it is in the process of eliminating double taxation with the Republic of Belarus....CONTINUE READING THE FULL ARTICLE>>>
The Double Taxation Agreement (DTA) with respect to taxes on income will be spearheaded by the National Treasury on behalf of President William Ruto’s administration.
“As part of the process of engaging the public and stakeholders on this important Agreement, we wish to invite comments from stakeholders. The Draft Agreement may be obtained from the National Treasury, 12th Floor, Room 1234 all working days from 9.00 am to 4.00 pm,” the National Treasury spoke of the DTA.
This development comes at a time when select Belarus businesses have forged deals with Kenya to supply plant machinery and invest in Special Economic Zones, highlighting the growing economic ties between the two countries.
Tycoons behind the deals are expected to earn over Ksh70 billion in the array of deals which are supported by governments of both nations.
With the DTA in force, it will mean the Belarus tycoons will be exempted from paying income tax as they would have already paid in their home country.
Notably, the DTA is being processed at a time when there is controversy surrounding a Ksh31 billion machinery deal between Kenya and Belarus.
On March 2023, Kenya announced it would be importing tractors, high-speed propelled forage harvesters, centre pivots and tipping lorries.
The project is expected to be financed by the Ministry of Agriculture through the Agricultural Finance Corporation (AFC).
Kenya has shown its willingness to continue dealing with the Belarus government despite the European country receiving condemnation from the West.
Apart from the tractor deal, Kenya has also signed a Ksh39 billion deal with a company from Belarus to invest in Dongo Kundu Special Economic Zone.
The company is expected to set up a fertiliser plant in the coast-based economic zone..CONTINUE READING>>
