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PWC on banking industry tax

Stakeholders in the banking industry are expressing concern over inadequate participation and consideration in the process of making changes to the tax framework.

A report released by Price Water House Coopers, on the total tax contribution of the Kenya banking industry shows that the banking industry is the most compliant in filing tax returns. The industry recorded a total tax contribution of two hundred seven point two billion kenya shillings over the period of 2017 and 2018, a factor that industry players say has exposed them to unfair tax policies.

Speaking to Metropol TV, Kenya Bankers Association CEO Dr. Habil Olaka says the mode of governance within the banking industry inevitably calls for openness and transparency, which has led to an unfair playing field compared to other industries and sectors in the country.

Titus Mukora, a partner at PWC adds that as much as the banks are open, the government should not target them as easy prey for what he termed as Robin Hood taxes.

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