Kenya is set to stop new investments in its Export Processing Zones before the end of this year after years of official frustration that their operations have failed to add value to the economy despite numerous tax incentives.
Faced with revenue collection target of Ksh1.3 trillion ($12.13 billion) to finance the government’s ballooning expenditure requirements in the 2015/2016 financial year, the Kenya Revenue Authority is looking for means to seal loopholes for revenue leakages while at the same time enforcing tax compliance.
The EastAfrican has established that the EPZ will be replaced by Special Economic Zones (SEZs), which have been created to attract foreign direct investments in the country’s key urban centres.
The latest follows the signing into law of the Special Economic Zones (SEZs) Bill. Read more. Source | The East African