Kenyans Holding Assets Abroad Given until June, 2018 to Declare them

The Kenya Revenue Authority (KRA) has opened an amnesty period to Kenyans holding assets abroad and those who have income abroad to declare the them by one 30th, 2018 and file tax returns for the year ending 2016 and prior years.

Those holding offshore bank accounts will need to declared the funds in those accounts and transfer the money to Kenya penalty-free during the amnesty period. Those who take advantage of the amnesty will have their taxes, interest and penalties for those years waived.

The government estimates assets mainly consisting of offshore bank accounts and prime real estate worth Sh124 billion are currently held abroad by Kenyans, majority of which was acquired with funds looted from Kenyan taxpayers.