This archive report was first published on 10 May 2021.
On May 10, 2021, the Kenya Revenue Authority (KRA) lifted restrictions on warehousing of goods in Customs bonded warehouses, a move commended by PwC for enhancing Kenya's competitiveness as a global and regional logistics hub.
This policy change is expected to boost businesses that utilize Customs bonded warehouses to store goods, defer payment of duties, and engage in regional trade.
According to Indirect Taxes Associate Director at PwC Kenya, Maurice Mwaniki, the move will contribute to the State's agenda of reviving the economy in the wake of COVID-19, improve cash flow and stock management for businesses.
"We expect this will once again enhance the competitiveness of Kenya as a global and regional logistics hub and assist attract inward investment into Kenya," Mwaniki added.
PwC has called for consistency in tax law to support this policy change.
