Affluent Kenyans of Indian Descent Repatriate Sh13 Billion Stashed in Foreign Accounts

Kenyans of Indian descent have returned more than 13 billion shillings that was hidden in foreign accounts.

The affluent Kenyans are taking advantage of the tax amnesty on assets stashed abroad announced by Treasury Cabinet Secretary Henry Rotich last year and extended earlier this year.

The Times of India reports that the money is mainly being repatriated to Kenya from Takulas Bhuj and Mandvi in Gujarat, a state in the western region of India where most Kenyan-Indians hail from since last December.

Bank officials said the cash brought back into Kenya totals Rs1,000 crore, of which Rs430 crore was returned between April and June this year. 

Under the tax amnesty scheme, Kenyan taxpayers are required to return foreign-held assets and declare their foreign-earned income before the June 30th, 2019 deadline. After the pardon period expires, a 10% tax penalty will be imposed on these assets.

Those who repatriate their wealth will not be subjected to scrutiny on how they acquired the cash, National Treasury Cabinet Secretary Henry Rotich said in June this year.