Q1041. Tax Reporting of Foreign Income – Kenya Tax Amnesty Ends June 30, 2018

Question: hi how are you i am sending copy of faq on above matter indian living in kenya are worried about their money in indian bank what will happen to their money if indian gov. send detail of account under CRS agrement

Answer: Thank you for your email and effort to help Indians in Kenya who may hold assets abroad. For the benefit of other Kenya residents concerned about reporting of their foreign accounts in India or other countries, I am posting the Kenya Revenue Authority document for those interested. Tax Amnesty by Kenya Government for voluntary disclosure of foreign income offers no penalties of levying taxes or interest on foreign income earned prior to December 31, 2017. This amnesty gives an opportunity to Kenyans to declare assets or income they may hold abroad without penalties. The Amnesty ends June 30, 2018. In view of the new exchange of foreign accounts agreement between countries under CRS. This may be an opportunity for Kenya residents to avoid taxes and penalties by declaring their foreign assets in a timely manner. Readers are be reminded that the Kenya tax amnesty to declare foreign income/accounts etc. ends on June 30, 2018. For more detailed information I am posting a document issued by the Kenya Revenue Authority. To view document Click HERE.

Information by Virendar Chand