Banks win against state in currency swaps tax battle

The Treasury, through Income Tax (Financial Derivatives) Regulations, 2023, required banks and Kenyans to pay KRA at least 15 per cent of each transaction. [File, Standard]

Kenyans banks have won a major tax battle against government after the High Court declared last year's law on financial derivatives null and void.

The Treasury, through Income Tax (Financial Derivatives) Regulations, 2023, required banks and Kenyans to pay Kenya Revenue Authority (KRA) at least 15 per cent of each transaction.