Kenya Introducing New Tax Rules for Repatriated Profits, a New Digital Assets Tax, Revised Interest Deduction Restriction Rules, and Other Changes

Kenya's Parliament has published the Finance Bill 2023, which contains various tax measures. Some of the main measures include:

• The revision of the rules limiting the deduction of foreign exchange losses from 1 July 2023, providing that foreign exchange losses shall be deferred (and not taken into account) and claimed over a period of not more than three years from the date the loss was realized by a company whose gross interest paid or payable to a non-resident person exceeds 30% of EBITDA…