In this episode of the Untangling Tax series, Alex Kanyi, Partner in the Tax & Exchange Control practice, is joined by Josephine Mugure from the Policy & Tax Advisory Department at the Kenya Revenue Authority and Christine Maina, Chief Executive Officer – East Africa Venture Capital Association, to discuss the reforms and what they mean beyond the text of the law.
The discussion looks at Kenya’s attractiveness to investors, with Christine noting that Kenya remains a strong market for venture capital and private equity, supported by its deep capital markets, good talent and professional advisory firms. However, changes in tax policy can cause investors to pause or reconsider closing deals, highlighting the importance of certainty and predictability in the tax environment.
Josephine also highlights some of the opportunities created by the Finance Act 2026, including the tax amnesty, incentives for Real Estate Investment Trusts (REITs), and the removal of PIN requirements for non-residents opening investment bank accounts. Christine also acknowledges the Government’s willingness to listen to tax proposals and respond to feedback from investors and the wider public.
Finally, Alex highlights the importance of early and meaningful engagement with KRA and the National Treasury. Josephine encourages businesses and investors to put forward practical proposals, supported by data and numbers, to help inform tax policy development.
Looking ahead, the speakers consider Kenya’s tax policy over the next three to five years, including the expected implementation of a further Medium-Term Revenue Strategy, with the aim of strengthening predictability and certainty in Kenya’s tax environment.
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