Category Archives: Diaspora

Kenya Tax Amnesty 2018

During a funding session for entrepreneurs last year it was revealed that Kenya has an amnesty for people to declare offshore wealth and repatriate this and that the country expected $3 billion in extra collections from this initiative in 2018. The Kenya government currently collects tax revenue of about $14 billion a year and there was a question on if the additional funding generated could become a source of competition for local private equity funds.

Tax amnesty

The actual notice was first published in July 2017 by the Commissioner of Domestic Taxes at the Kenya Revenue Authority (KRA) and read “The amnesty under Section 27B of the tax procedures act is meant to provide a one-off opportunity for Kenyan residents to declare assets and income and voluntarily repatriate the foreign-held assets to Kenya and invest in development of the country”

Applications, filings, and returns are to be made on the online KRA “itax” system before June 30, 2018. If funds are not brought in by that date, there is a five-year window (up to June 2023) to bring the funds back, but with an additional 10% of the amount repatriated as a penalty.

Married couples may file for the amnesty jointly, while assets and income that are in the name of minors can be declared by their parents or guardians. But anyone who had been assessed by KRA or was under investigation or audit over their income and assets prior to the amnesty is not eligible.

Prepare for 2007

The Electoral Commission of Kenya (ECK) is conducting a voter registration in preparation for the constitutional referendum. Unfortunately (for most of you who read this site), Kenyans in the Diaspora have not been considered. Still you can ask the ECK why at eck@nbnet.co.ke. Or you can take an early summer holiday, as the deadline to register is May 30th.

Good to be Kenyan

One reasons employers in the US like Kenyan [and other (il)legal African] workers is that they have the basis “soft skills” to functions as employees, something that many Americans lack – e.g. punctuality, a willingness to accept supervision, ability to work in a group, reading and math skills and speaking & listening habits.

Overseas Kenyan’s want to, but can’t, bank in Kenya

Local financial institutions are missing out on a billion dollar business due to their failure to cater for the needs of the Kenyan community abroad, a recent survey of the banking sector indicates.

The survey, however, noted that banks such as Commercial Bank of Africa and National Industrial Credit (NIC) Bank have launched products that target Kenyans living abroad.

A lot of Kenyan’s abroad have asked me about how they can open, and operate, bank accounts in Kenya from overseas. It’s not an easy thing to do, as most Banks’ open account following face-to-face meetings where you draw signatures in their presence and they inspect you ID and other documents. So it’s best to open an account when you visit Kenya.