• About Us
  • Archives
  • SWG Registration
Samrack Media
Mahiga Homes
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
Samrack Media
No Result
View All Result

Wealthy Kenyans return Sh118bn stashed abroad

samrack by samrack
September 1, 2019
in Africa, Business, Diaspora, Kenya, Kenya Diaspora News, News, People, Politics, U.S Diaspora
A A
0
Wealthy Kenyans return Sh118bn stashed abroad
Share this
FacebookTwitterPinterestEmailWhatsAppLinkedIn

Wealthy Kenyans return Sh118bn stashed abroad

Wealthy Kenyans filed to return Sh118 billion assets from foreign countries in the final year of a tax pardon, official data shows.

The value was declared for repatriation in the period ended June 2019 after the Treasury extended the amnesty process by a year.

The Kenya Revenue Authority (KRA) received 3,543 amnesty applications in the period, a report submitted to the National Assembly’s Committee on Finance and National Planning shows.

In extending the time for declaring and returning the riches stashed abroad, suspended Treasury secretary Henry Rotich had cited lack of clarity on whether the cash repatriated home should be subjected to provisions of Proceeds of Crime and Anti-Money Laundering Act.

That law requires persons transacting Sh1 million and more to declare the source of their wealth to the Financial Reporting Centre, the anti-money laundering agency.

“The amnesty was extended for a further year and assurance given that once the money is transferred, there will be no follow-up on the source of the funds,” KRA says in the report.

“The amendment was meant to allow more time for persons seeking amnesty and create favourable environment for repatriation of funds.”

The exemption, however, excluded people who accumulated riches abroad from crimes of terrorism, poaching and drug trafficking.

“That was supposed to be a sweetener, but practicability part of it is that it was not possible because if I bring the money, you may not tell the source,” said Mr Stephen Waweru, a senior tax services manager at KPMG. “They may not have fully succeeded because of a bit of mistrust around whether it was a way for KRA to net them after they declare and go for them in future,”

The income declared from wealth abroad, including homes, during the year-long extension appears to be lower than what had been disclosed between mid-2017 and 2018.

The KRA, in a statement to the Business Daily in May, said about Sh1 trillion had been declared by 16,000 applicants since the window opened.

The blanket amnesty was initially to end in December 2017, but was extended twice to June 2019 following a delay by the taxman to issue guidelines on repatriation of wealth stashed in offshore accounts.

The forgiveness on tax and accruing penalty and interest initially targeted foreign-earned income up to the period ended December 2016, but this was pushed forward to December 2017.

Tags: Wealthy Kenyans return Sh118bn stashed abroad
Previous Post

Dedication of Woman’s Guild at Ushindi Presbyterian Church, Sunday, August 25, 2019

Next Post

BREXIT – EXTRA CHARGES FOR HOLIDAYS ABROAD

Related Posts

Diaspora:How KEMEN  President, Anthony Kamnao “Cheated Death” after a gruesome accident
Diaspora

Diaspora:How KEMEN President, Anthony Kamnao “Cheated Death” after a gruesome accident

February 3, 2023
Death Announcement Of Eric Gakure of Worcester MA
Diaspora

Death Announcement Of Eric Gakure of Worcester MA

January 31, 2023
Ruto didn’t win August 2022 election, should resign – Raila
Kenya

Ruto didn’t win August 2022 election, should resign – Raila

January 28, 2023
Peter Francis Muhia Ndungu Of Brockton Massachusetts
Diaspora

Death Announcement of Peter Francis Muhia Ndungu Of Brockton Massachusetts

January 28, 2023
Diaspora

Canadian Embassy Wades into Kenyan-Canadian Nurse Lucy Njeri’s Alleged Murder Plot

January 26, 2023
US Man Involved in a $250 Million Fraud Scheme to Forfeit Properties He Acquired in Kenya
Business

US Man Involved in a $250 Million Fraud Scheme to Forfeit Properties He Acquired in Kenya

January 26, 2023
Next Post
BREXIT – EXTRA CHARGES FOR HOLIDAYS ABROAD

BREXIT - EXTRA CHARGES FOR HOLIDAYS ABROAD

Please login to join discussion
ADVERTISEMENT
ADVERTISEMENT
Royal Gardens Ngong Royal Gardens Ngong Royal Gardens Ngong
ADVERTISEMENT
KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680 KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680 KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680
ADVERTISEMENT

Latest News

Diaspora:How KEMEN President, Anthony Kamnao “Cheated Death” after a gruesome accident

Death Announcement Of Eric Gakure of Worcester MA

Ruto didn’t win August 2022 election, should resign – Raila

Death Announcement of Peter Francis Muhia Ndungu Of Brockton Massachusetts

Canadian Embassy Wades into Kenyan-Canadian Nurse Lucy Njeri’s Alleged Murder Plot

US Man Involved in a $250 Million Fraud Scheme to Forfeit Properties He Acquired in Kenya

Mizizi Africa Homes diversifies into land selling with ‘Buy, We Build’ Concept

Equity Bank’s Wings to Fly Scholarship selection process commences

Transition/Death Announcement of Christine Ntagengwa of Attleboro,Massachusetts

Women of Hope: Valentines Dinner: $70 P/Person 11 Feb 2023 Guest Speaker:Rev.Dr.G.G Gitahi Time 7PM EST

We are grateful for your monthly or one-off donations To Samrack Media: Cash App No: 781-888-8770 $SAMRACK001

Money

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

by samrack
November 19, 2021
0

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency This week sees the launch of a new initiative to equip...

A simple guide to Government Bonds investing in Kenya

A simple guide to Government Bonds investing in Kenya

by samrack
September 17, 2021
0

A simple guide to Government Bonds investing in Kenya A treasury bond (T-bond) is a medium term to long term...

Politics

Ruto didn’t win August 2022 election, should resign – Raila

Ruto didn’t win August 2022 election, should resign – Raila

by samrack
January 28, 2023
0

Ruto didn't win August 2022 election, should resign - Raila According to Raila, Ruto did not win the August 9...

NEW SCARY DEVELOPMENTS IN KENYA

NEW SCARY DEVELOPMENTS IN KENYA

by samrack
January 21, 2023
0

NEW SCARY DEVELOPMENTS IN KENYA Will Martha Karua's case at the East African Court of Appeal, the new Ruto's revelation...

  • About Us
  • Archives
  • SWG Registration

© 2023 SAMRACK - Diaspora News & Updates; design by: Samrack.

No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events

© 2023 SAMRACK - Diaspora News & Updates; design by: Samrack.

Page generated in 1.023 seconds. Stats plugin by www.blog.ca