Nairobi, Sept. 8 -- Nearly Sh900 billion that wealthy Kenyans declared that they had wired back into the country from offshore accounts after being offered an amnesty on tax and source declaration cannot be traced.
The latest Kenya Revenue Authority (KRA) records show 3,543 Kenyans repatriated Sh118 billion as at August 30.
This figure is low compared to the Sh1.014 trillion that the KRA declared on May 13, 2019 as cash wired back from offshore accounts by 16,000 Kenyans, leaving an unexplained balance of Sh896 billion.
The taxman has in the past said it was uncertain whether the repatriated money was used for the intended purpose of development or shipped back to offshore investments after receiving clearance from the State.
The applic...