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Kenya
Overview
Last reviewed - 03 March 2023Kenya is located along the Indian Ocean on the East coast of Africa and is bordered by Tanzania to the south, Uganda to the west, South Sudan to the northwest, Ethiopia to the north, and Somalia to the northeast. The capital city of Kenya is Nairobi, and the official languages are Swahili and English. The official currency is the Kenya shilling (KES).
Kenya is the economic, financial, and transport hub of East Africa. In the last decade, the real gross domestic product (GDP) growth has averaged over 5%.
The Kenya Kwanza Government was elected in August 2022, replacing the previous Jubilee Government. Kenya Kwanza Government’s Economic Recovery Agenda is anchored on a bottom-up approach. The agenda is geared towards economic turnaround and inclusive growth. Special focus will be placed on increased employment, more equitable distribution of income, social security while also expanding the tax revenue base, and increased foreign exchange earnings.
The new Government intends to implement policies and structural reforms and promote investment in five core thematic areas that are expected to have the highest impact at the bottom of the income earnings. These are: Agriculture Productivity; Micro, Small and Medium Enterprise (MSME) Economy; Housing and Settlement; Healthcare; and Digital Superhighway and Creative Economy.
As outlined in the Government Budget Policy Statement 2023, the Kenyan economy continued to expand in 2022, albeit at a slower pace than the 7.5 percent recorded in 2021. The economy is projected to rebound to 6.1 percent in 2023
Kenya participates in several regional initiatives and is a member of the East African Community (EAC), Common Market for Eastern and Southern Africa (COMESA), Intergovernmental Authority on Development (IGAD), and the African Continental Free Trade Area (AfCFTA), amongst others.
PwC in Kenya provides integrated audit, tax, and advisory services across all industries. Our Tax Services division provides our clients with a broad range of tax services, including transfer pricing, value-added tax (VAT), customs and excise, corporate tax planning and compliance, personal tax advisory and compliance, reward and remuneration, dispute resolution, legal business solutions, and immigration services.
Quick rates and dates
| Corporate income tax (CIT) rates | |
|---|---|
| Headline CIT rate (%) |
Resident corp.: 30; Foreign corp.: 37.5 |
| Corporate income tax (CIT) due dates | |
|---|---|
| CIT return due date |
Within six months following a company’s financial year end. |
| CIT final payment due date |
Within four months of the company’s financial year end. |
| CIT estimated payment due dates |
Instalment tax payments of 25% each must be made during the year on the 20th day of the 4th, 6th, 9th, and 12th month of the company’s financial year. |
| Personal income tax (PIT) rates | |
|---|---|
| Headline PIT rate (%) |
30 |
| Personal income tax (PIT) due dates | |
|---|---|
| PIT return due date |
30 June |
| PIT final payment due date |
30 April |
| PIT estimated payment due dates |
Four instalments of 25% each (by 20 April, 20 June, 20 September, and 20 December). |
| Value-added tax (VAT) rates | |
|---|---|
| Standard VAT rate (%) |
16 (8% for petroleum products) |
| Withholding tax (WHT) rates | |
|---|---|
| WHT rates (%) (Dividends/Interest/Royalties) |
Resident: 5 / 10 to 25 / 5; Non-resident: 15 / 15 to 25 / 20 |
| Capital gains tax (CGT) rates | |
|---|---|
| Headline corporate capital gains tax rate (%) |
15 |
| Headline individual capital gains tax rate (%) |
15 |
| Net wealth/worth tax rates | |
|---|---|
| Headline net wealth/worth tax rate (%) |
NP |
| Inheritance and gift tax rates | |
|---|---|
| Headline inheritance tax rate (%) |
NP |
| Headline gift tax rate (%) |
NP |
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