Kenya’s government, under President William Ruto’s leadership, is taking steps to scrap double taxation with Belarus. Spearheaded by the National Treasury, this initiative aims to streamline tax regulations, promoting a conducive environment for bilateral trade.
The Double Taxation Agreement (DTA) focuses on income taxes and is currently open for public input, reflecting the government’s commitment to transparency and stakeholder engagement.
This move coincides with significant economic engagements between the two nations. Belarusian businesses have secured lucrative deals in Kenya, spanning sectors like plant machinery supply and investments in Special Economic Zones, with projected earnings exceeding Ksh70 billion.
With the DTA, Belarusian investors stand to benefit from tax exemptions, having fulfilled their obligations in their home country. Despite controversies surrounding certain deals, Kenya remains steadfast in its commitment to bolstering economic ties with Belarus.
In addition to machinery agreements, Kenya has inked a substantial deal with a Belarusian company to invest in the Dongo Kundu Special Economic Zone, showcasing the diverse opportunities within their partnership.
As both nations navigate global trade dynamics, the elimination of double taxation signifies a mutual commitment to fostering economic growth and prosperity through cooperation and pragmatism.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
6th May, 2024
