The Kenyan government has announced plans to eliminate double taxation with Belarus, signifying a significant step in enhancing economic ties between the two nations. Spearheaded by the National Treasury on behalf of President William Ruto’s administration, the Double Taxation Agreement (DTA) aims to avoid taxing the same income in both countries.
This development comes as Belarusian businesses engage in deals with Kenya, including supplying plant machinery and investing in Special Economic Zones. These deals are expected to generate over Ksh70 billion, highlighting the potential benefits of the growing economic partnership.
Under the DTA, Belarusian tycoons involved in these deals will be exempted from paying income tax in Kenya, as they would have already paid in their home country. This move is part of Kenya’s efforts to encourage foreign investment and strengthen economic cooperation with Belarus.
Despite controversy surrounding a Ksh31 billion machinery deal between the two countries, Kenya has shown its commitment to continue engaging with Belarus. Other agreements include a Ksh39 billion deal for a Belarusian company to invest in the Dongo Kundu Special Economic Zone, where they will set up a fertilizer plant.
The DTA is expected to further facilitate trade and investment between Kenya and Belarus, providing a favorable environment for businesses from both countries to collaborate and grow.
