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Kenya’s 15% Infrastructure Bond Tax May Dent Foreign Demand

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Infrastructure Bonds News

Bloomberg,Withholding Tax,Kenya

(Bloomberg) -- The Kenyan government plans to start taxing interest from infrastructure bonds by as much as 15%, a move that could hurt foreign-currency...

-- The Kenya n government plans to start taxing interest from infrastructure bonds by as much as 15%, a move that could hurt foreign-currency inflows for the popular securities.China to Start $138 Billion Bond Sale on Friday to Boost Economy

“With no reduced rate being provided for non-residents, the applicable withholding tax rate will be 15%,” he said. The variance in tax could see the government accepting more foreign bids, according to Churchill Ogutu, an economist at IC Asset Managers. There could be public push-back if foreign investment is favored over local cash, he said.

“Infrastructure bonds have always been attractive to Kenyan investors due to the tax-free nature they have enjoyed in the past,” said Kamanjiri. “The effect of this proposal will remain to be seen.

Bloomberg Withholding Tax Kenya Domestic Investors International Monetary Fund

 

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