Standard Entertainment - Entertainment News in Kenya
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Standard Entertainment - Entertainment News in Kenya
standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.
Kenya fails to back Biden s global taxation plan
Wednesday July 21 2021
US President Joe Biden speaks during climate change virtual summit from the East Room of the White House campus April 22, 2021, in Washington, DC. PHOTO | AFP
By BRIAN NGUGI
Summary
Kenya has withheld backing for US President Joe Biden administration’s push for a global minimum rate of tax on multinational companies.
The Paris-based Organisation for Economic Cooperation and Development (OECD), which hosted the talks on the overhaul of taxation rules, revealed that Kenya was missing from the list of 132 countries that have backed the agreement.
Kenya is said to be especially uncomfortable with clauses in the agreement that will force it to drop the digital services tax of 1.5 percent of sales by US tech giants such as Google, Facebook and Amazon.