Kenya issues draft tax regulations on common reporting standard

The Kenyan government on December 14 published common reporting standard draft regulations under the Tax Procedures Act relating to the exchange of information in tax matters.

The regulations set out rules for the implementation of agreements signed by Kenya on the automatic exchange of information on financial accounts in accordance with the OECD common reporting standard and the multilateral competent authority agreement.

The draft regulations, which describe reporting obligations and due diligence requirements, state that the rules will come into operation on January 1, 2022.

The Kenya Revenue Authority is accepting comments on the draft regulations until January 4, 2022.