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Kenya High Court declares Income Tax (Financial Derivatives) Regulations 2023 unconstitutional

|Tax Alerts, National/Federal Taxation, Banking & Capital Markets, Global|Kenya
Kenya
  • The National Treasury sought to impose taxes on gains from financial derivatives earned by nonresident persons.
  • The Income Tax (Financial Derivatives) Regulations, 2023 were issued to guide the implementation of the primary legislation.
  • The High Court held that the regulations were not anchored in law because they attempted to impose a withholding tax obligation on resident persons based on losses incurred in transactions with nonresident persons, which had no basis in the Income Tax Act.
 

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