Kenya has achieved a ‘Largely Compliant (LC)’ rating for its implementation of the international standard concerning transparency and exchange of information on request (EOIR) for tax purposes. This milestone was announced during the 46th Peer Review Group (PRG) meeting at the OECD Conference Centre in Paris, France.
The EOIR Peer Review report and LC rating for Kenya were subsequently approved and adopted by the Global Forum Plenary, which comprises 171 member jurisdictions. This rating highlights Kenya’s robust legal and administrative framework in tax transparency.
Mr. Humphrey Wattanga, Commissioner General of Kenya Revenue Authority (KRA), led the Kenyan delegation at the PRG meeting. The delegation included representatives from KRA, the Financial Reporting Centre, and the Central Bank of Kenya. These representatives were part of the Kenya EOIR Peer Review Committee, which consisted of technical representatives from various governmental bodies and agencies.
The EOIR peer review evaluated both the legal and regulatory framework and the implementation of the EOIR framework in practice, including enhanced obligations on the Beneficial Ownership (BO) regime.
The EOIR standard mandates Global Forum members to ensure the availability of accurate and up-to-date information on relevant legal entities and arrangements, facilitating tax administrations’ access to necessary information for assessing taxpayers’ activities globally.
All Global Forum members, including Kenya, commit to peer reviews against the EOIR standard to evaluate the effectiveness of their legal and regulatory frameworks. This rigorous monitoring process ensures effective implementation of information exchange standards across the 171 jurisdictions.
A positive EOIR rating indicates that Kenya has adequate laws and practices aligned with international standards, affirming its capability to utilize Exchange of Information (EOI) for domestic resource mobilization.
International cooperation based on transparency and effective exchange of information standards is crucial in addressing global tax challenges, including avoidance and evasion. Africa loses up to $60 billion annually in illicit financial flows, according to the Tax Transparency in Africa 2023 – Africa Initiative Progress Report.
As a member of the Global Forum, Kenya contributes to a multilateral framework emphasizing tax transparency and EOI, crucial in combating tax evasion, corruption, and money laundering. Kenya received eleven recommendations to enhance compliance with international standards, and KRA is collaborating with various agencies to implement them. Kenya is expected to update the Global Forum on progress by 2026.
For the full review report on Kenya, visit: https://www.oecd-ilibrary.org/taxation/global-forum-on-transparency-and-exchange-of-information-for-tax-purposes-kenya-2024-second-round-combined-review_348052b1-en
Source: Kenya Revenue Authority (KRA)
Matthews Ohotto is an Online Tutorials Blogger with over 10 years experience in Researching, Writing and Publishing the most comprehensive: Latest iTax Tutorials, Latest eTIMS Tutorials, Popular Blog Posts and Latest KRA Updates in Kenya at CYBER.CO.KE on a day to day basis, keeping you informed and engaged with insightful blog content. He is a holder of Bachelor of Business Information Technology (BBIT) Degree from Jomo Kenyatta University of Agriculture and Technology (JKUAT) with key interest in Digital Business Innovation. Need Help? Send an Email to: [email protected] today.
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