AfDB says Kenya's tax regime lenient to the wealthy

African Development Bank report states that Kenya’s tax system suffers from significant governance challenges that limit revenue mobilisation. [Courtesy]

Less taxes levied on high-net-worth individuals (HNWI) and an underdeveloped property tax regime are among the resource mobilisation gaps that Kenya faces, with the financial gap projected to reach Sh1.6 trillion ($12.5 billion) annually by 2030.

As financial sector experts warn of this gap, a new report by the African Development Bank (AfDB) opines that Kenya is not taking the full pound of flesh from the wealthy and that the country does not have a clear tax framework.