Nairobi, Oct. 12 -- Wealthy Kenyans and firms lost Sh118.79 billion benefits as a result of progressive removal of tax incentives offered to companies and traders in four years through 2020, the Treasury has disclosed.
The billions of shillings were previously not collected by the Kenya Revenue Authority (KRA) because the earnings were subject to tax reliefs, exemptions and deductions.
The tax benefits dropped to Sh318.32 billion last year from Sh350.86 billion in 2019 and Sh437.12 billion in 2017, reflecting a drop of 27.18 percent, says the inaugural annual report on tax expenditures.
The Treasury and the KRA have in recent years been clawing back some of the preferential rates of tax, investment deductions, tax reliefs, zero-rating fo...