Page 26 - Profmark Africa Overview 2024

Kenya (GMT +3)

General:
▪ Capital City: Nairobi
▪ Official Language: English
▪ Currency: Kenyan Shilling (KES)
▪ Main Exports: Agricultural and horticultural products, tea, fish
▪ Surface Area: 580.4 sq. km (thousands)
▪ Population: 56,4 million (2024,est)
Key Economic Indicators:
▪ GDP: $107.44 billion (2023) / GDP Growth Rate: 5.4% (2023)
▪ CPI Inflation Rate (annual): 7.7% (2023)
▪ Sovereign Credit Rating: Standard and Poor’s: B-
▪ Indicator of Economic Freedom Score: 53.6/100
Exchange Controls:
▪ N/A
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Source
Tax Rates:
▪ Individuals: Progressive rates to 35% [the first KES 288,000 of taxable income -
taxed at 10%]
▪ Companies: 30%
▪ Inheritance and Donations Taxes: Information not provided
▪ VAT: 16%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): 15% (companies and individuals)
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Kenya Revenue Authority http://www.kra.go.ke
▪ Central Bank of Kenya https://centralbank.go.ke
▪ Kenya Investment Authority http://www.invest.go.ke
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