Global Finance Trust: Kenya loses big in import, export revenues

Kenya’s import and export returns of $907 million (Sh91.5 billion) could not be accounted for due to mispricing imports and exports in 2013. [Photo: Courtesy]

Kenya’s import and export returns of $907 million (Sh91.5 billion) could not be accounted for due to deceitful set of prices on imports and exports in 2013.

The report titled ‘’Potential Revenue Losses Associated with Trade Misinvoicing’’ released on Tuesday shows that importers and exporters devalued goods as well as engendering higher prices on imports and exports to evade taxes and get huge tax reimbursements from the government besides getting money back into their accounts in a foreign country.