Kenya High Court declares Income Tax (Financial Derivatives) Regulations 2023 unconstitutional
|Tax Alerts, National/Federal Taxation, B ...|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 incurred in transactions with nonresident persons, which had no basis in the Income Tax Act.
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