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KPMG 2018 East Africa Budget Analysis

As has been the tradition, the East African Community (EAC) Finance Ministers presented their countries’ respective budgets modelled along the theme of industrialization for job creation and shared prosperity. The EAC countries registered impressive GDP growth rates in 2018 and the outlook is more promising. Against this backdrop, the countries presented their largest ever budgets. Inevitably, funding these ambitious projects called for pretty aggressive tax proposals to shore up revenues.

With Kenya re-jigging its presumptive tax regime, Uganda enhancing its excise duty take from financial services and introducing withholding VAT, Tanzania reviewing its gaming tax revenue and Rwanda introducing transfer pricing documentation requirements and capital gains on shares, it is very clear that revenue authorities across EAC compare notes on best practice in revenue mobilization.

We expect a raft of legislative Bills across the region to anchor the tax proposals in law and shall update you as and when these become available. In the interim, we have reviewed the budget speeches and we provide below a summary of the budget proposals and other tax measures across East Africa.

Please get in touch with us for discussions on how the budget measures will affect your business.

About Femi Oke

Relentless passion for creativity and digital acumen to help a professional services firm thrive in the digital space. Femi is an individual with a rich experience on regional African knowledge, its diverse business culture and he understands the continent’s economic drive. He thrives on selfless service and lasting mutually beneficial relationships with colleagues and especially clients encountered in the course of his duties. He is creative, practical and self-motivated with business judgement in corporate, brand and strategic communications, social, digital & traditional media and executive profiling. Roles in the firm include New Media, Digital Communication, Corporate Communication, executive profiling and Brand Management execution. Working on the multi-million dollar Africa high growth market project stands out for femi; besides this, managing all KPMG’s digital communication for the World Economic Forum on Africa is another project that gives him great delight. Femi holds a Masters Degree in Global Marketing from the University of Liverpool.

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