Kenya signs agreement to fight offshore tax evasion and avoidance
Kenya on February 8 signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, an agreement designed to combat offshore tax avoidance and evasion.
Kenya was the 94th signatory to the agreement and the 12th African nation to join, following Senegal’s signing four days earlier.
The multilateral convention was developed in 1988 and amended in 2010 by the OECD and the Council of Europe. It provides consistent standards for cooperation among tax authorities on matters such as recovery of foreign tax claims and exchange of information relating to taxpayers, including automatic exchange of information. The convention includes safeguards to protect of taxpayer rights.
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