US Ambassador Meg Whitman: Why Finance Act Will Attract American Investors

United States Ambassador to Kenya Meg Whitman on Monday, June 3, lauded the Finance Act 2023 during a celebration to commemorate the 247th anniversary of the United States' independence at her residence along Kyuna Road. 

She noted that the Act contains numerous elements which assure potential investors of a healthy investment environment. She further noted that the Act will generate substantial growth in the Kenyan economy, a fact she claimed has been overlooked by many. The ambassador also discussed how the Act will ensure a transparent tax regime, providing a sense of security for those investing. 

“It ensures (the Finance Act) a tax regime that is transparent and consistent and will stay in place for some period of time and give Americans safety on investing in the country. One of the most important elements of the Finance Act that has been overlooked is the changes that this administration made to the investment climate,” Whitman stated. 

She highlighted the annulment of the one-third domestic equity requirement, which has for many years barred American companies such as Amazon Web Services from entering Kenya. Whitman also lauded the Act for eliminating the export service Tax. In response to a petition filed by Busia Senator Okiya Omtatah, High Court Judge Mugure Thande issued conservatory orders to halt the implementation of the Finance Act of 2023, which had been signed into law by President William Ruto. 

Whitman termed the removal of tax from unrealized gains as an attractive factor to draw in American investors. Kenyan officials present at the event included Immigration Principal Secretary Gerald Bitok, the Principal Secretary for Labour Geoffrey Kaituko, Prime Cabinet Secretary Musalia Mudavadi, and other Ambassadors from Nairobi.