Skip to main content
Home

Main navigation

  • Home
  • DIASPORA
  • IMMIGRATION
  • KENYA
  • BLOGS
  • REAL ESTATE
  • OBITUARIES
  • EVENTS
  • CLASSIFIEDS
  • OTHER
    • COMMUNITY MEETINGS
    • CONFERENCES/OTHER EVENTS
    • FUNDRAISINGS
    • PRE-WEDDINGS
  • CONTACT

Main navigation

  • Home
  • DIASPORA
  • IMMIGRATION
  • KENYA
  • BLOGS
  • REAL ESTATE
  • OBITUARIES
  • EVENTS
  • CLASSIFIEDS
  • OTHER
  • CONTACT
Enter the terms you wish to search for.
Certified Homes Inks Partnership Agreement with KWITU
Promotion to Glory of Mary Nyakio Karanja - Sister to Nahashon Muregi Karanja of Baltimore, Maryland
Previous Pause Next

Categories

  • KENYA NEWS
  • DIASPORA NEWS
  • IMMIGRATION NEWS
  • BUSINESS NEWS
  • REAL ESTATE NEWS
  • OBITUARIES
  • WORLD NEWS
  • SPORTS NEWS
  • EVENTS
  • CLASSIFIEDS
  • ENTERTAINMENT NEWS
  • LIFESTYLE NEWS
  • FUNDRAISINGS
  • MEETINGS
  • ‹
  • ›
13 /kenya-news.php KENYA NEWS

Report Shows Wealthy Kenyans Are Hiding Untaxed Sh457 Billion in Offshore Accounts

By John Wanjohi Tue, 11/24/2020 @ 09:15am 225 views 2 comments
Report Shows Wealthy Kenyans Are Hiding Untaxed Sh457 Billion in Offshore Accounts

Comment 2
  • Add new comment
  • 225 views

A newly released report indicates that wealthy Kenyans are hiding a whopping Sh457 billion in offshore accounts.

The funds, which are stashed in low tax territories, represent 4.8 percent of Kenya’s Gross Domestic Product (GDP), according to the State of Tax Justice 2020 report released by the Tax Justice Network and Global Alliance.

The report notes that this has denied the country $63.4 million (Sh6.9 billion) in tax revenues.

A World Bank report released in March this year revealed that Kenya’s political elites who served under Moi and Kibaki administrations looted over Sh327.89 billion and stashed the money in offshore accounts.

The elites plundered the cash directly from foreign aid or through kickbacks from State agencies that received donor funding, according to the report titled “Elite Capture of Foreign Aid: Evidence from Offshore Bank Accounts.”

Kenya ranks second in the amount of stolen donor funds hidden overseas, behind Jordan which had Sh350 billion stashed abroad. Ivory Coast came third with Sh128 billion followed by the Democratic Republic of Congo (Sh110 billion). 

The report indicates that most of the looted funds are hoarded in countries that have laws that guarantee secrecy and encourage tax evasion. They include Switzerland, Luxembourg, the Cayman Islands, and Singapore. 

Other funds are hidden non-havens including Germany, France, and Sweden, the report notes. 

Out of the Sh327 billion looted in Kenya, Sh136.2 billion is hidden in tax havens while Sh190.35 billion is deposited in regulated bank accounts.

 

Comments

Kora kanini

Wed, 11/25/2020 @ 04:57am

  • Reply

That's how the west protects corrupt African leaders because we let the west have their way.,stealing any natural resources they can lay their hands on,while the masses languish in poverty.
MAGUFULI please educate these Kenyan fools.

jasiri

Thu, 11/26/2020 @ 09:26am

  • Reply

It takes two to tango. The thieves get help from abroad. The poor masses that voted for them end up even poorer. Mega fool is a brutal and corrupt dictator who kills the opposition at will and built an airport at his own hood for show.

Add new comment

The content of this field is kept private and will not be shown publicly.
About text formats
Mwakilishi.com