Kenya said it has started introducing tax incentives for foreign investors who set up factories worth more than 10 billion shillings (or about $65.5 million).
Abubakar Hassan, the principal secretary of the Ministry of Investment, Trade and Industry, told a trade forum in Nairobi, quoted by the press, that the customized incentives will apply to companies undertaking manufacturing activities in the country: “We are launching incentives performance-based taxes to expand our industrial base,” Hassan said.
Companies that qualify for this tax regime will enjoy reduced tax rates on excise duties, import duties and value added taxes subject to approval by the Treasury. Hassan added that investors will also be exempt from paying taxes on services imported or purchased locally. [Da Redazione InfoAfrica]
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