EYEY

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

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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 i…

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