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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenya to enhance surveillance of illicit financial flows

NAIROBI (Xinhua) -- Kenya plans to enhance surveillance of illicit financial flows to curb revenues losses, a senior official said Thursday.

Henry Rotich, National Treasury Cabinet Secretary, told journalists in Nairobi that the government loses a significant amount of tax revenues through transfer pricing by multinational corporations.

“We are developing tools that will enable us to detect illicit financial flows out of Kenya in order to reduce revenues looses,” Rotich said during the launch of the Africa Growth Initiative (AGI) Flagship Report, Foresight Africa: Top Priorities for 2018.

Rotich said multinational corporations tend to over-invoice imports and under-invoice exports to reduce their tax liabilities.

He noted that the government is identifying mechanisms to boost revenues in order to reduce budget deficit.

According to the National Treasury, Kenya’s tax revenue to GDP stands at approximately 19.2 percent.

“We want to push the figure to 25 percent in the next four years in order to enhance domestic resource mobilization,” he added.

Rotich said that Kenya is seeking to expand government resources so as to fund a five-year economic agenda that will transform the country’s economy.

           

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