President William Ruto has announced that all verified tax refund claims will be payable within six months.
To attract fresh ideas in Kenya, the President noted that the Government will exempt start-up firms from paying taxes on unrealised gains on employee-allocated shares starting in July.
Meanwhile, Dr Ruto told the Summit that a deal between Kenya and Moderna to build a Sh65 Billion mRNA vaccine facility in Nairobi had been finalised. “This is major; it will be the only such establishment in Africa.”
“Tax refunds remains a thorn in the flesh of many businesses. We are making a drastic policy shift on this issue,” he said. President Ruto was speaking on Thursday in Nairobi while addressing the American Chamber of Commerce Regional Business Summit.
The meeting, he said, reinforces “our relationship that stands firmly on the sound foundation of shared values, including commitment to liberty, democracy and free enterprise”. He noted that it is the commitment of the Government to have a tax regime that will spur commerce.