Key measures proposed in Finance Bill 2023 and implications for non-residents and Digital Asset

• Kenya’s National Assembly has accepted for consideration The Finance Bill, 2023, which proposes significant measures affecting non-residents and digital assets.
• The bill introduces new taxation definitions and defers foreign exchange losses for up to three years.
• It also includes taxation of repatriated income from non-residents conducting business in Kenya and a 3% digital assets tax.
• Other provisions include deductions for loose tools and utensils, CbC reporting obligations, VAT registration for imported digital services, exemptions for exportation of taxable services and the transfer of business from VAT, and a tax amnesty regime.

Source GVC

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