Withholding of a 5% tax on insurance premiums in Kenya

The Kenyan government is intent on applying a 5% withholding tax on insurance premiums. According to consultancy firm PricewaterhouseCoopers (PwC), this measure is designed to increase insurance rates.

Apart from the activity of local insurance, some foreign active players in the reinsurance, marine transport and aviation classes of business would equally be affected by this new law.

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