Kenya Sets Market and Deemed Interest Rates for Fringe Benefit Tax and Non-Resident Loans

The Kenya Revenue Authority has issued a notice on the market interest rate for fringe benefit tax purposes and the deemed interest rate for certain non-resident loans for the months of October, November, and December 2023, which has been increased to 13% from the 11% rate for the previous three months. The notice also provides the prescribed interest rate for the low interest (loan) benefit, which is unchanged.

Fringe benefit tax is payable by employers in respect of a loan provided at an …