Leading Kenya in shaping investment climate, convening back-to-back high level dialogues with multinational corporations, advisory firms and government institution Investment, Trade and Industry Cabinet Secretary Lee Kinyanjui has remained focus in transferring pricing emerging as one of the leading sources of tax disputes involving multinational companies, with assessments in some instances exceeding company revenues or profits.
At Tamarind Tree Hotel, Kinyanjui held discussions with Del Monte Kenya, East African Breweries Limited, Flamingo Horticulture Kenya, Indra, Deloitte, PwC, the American Chamber of Commerce Kenya and the British Chamber of Commerce Kenya.
The discussion highlighted how to transfer pricing challenges, sometimes with tax assessments exceeding company revenues that will compliance strengthening Kenya’s investment climate.
This will create a transparent, predictable and competitive business environment for multinational companies already operating in Kenya and for those considering Kenya as their investment destination of choice.
The tax policy will attract investment, while supporting business expansion and enhance Kenya’s competitiveness as a regional investment hub, providing clarity and consistency for taxpayers, increasing compliance awhile fostering investor confidence.
The meeting drew senior officials including PS Investment Abubakar Hassan Abubakar and Invest Kenya CEO John Mwendwa alongside representative from the Kenya Revenue Authority and National Treasury. They assured they will work together in balancing, and sustaining solutions that will support both economic growth and revenue mobilization.
