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BUSINESS Multinational companies operating in Kenya will now have to provide the Kenya Revenue Authority (KRA) with income statements of their operations in the country and other jurisdictions.  This is according to proposed amendments to the Income Tax Act contained in the Finance Bill, 2021. The law change seeks to cut revenue losses due to transfer pricing, where multinationals shift their operating costs and profits to countries with lower tax rates.        “An ultimate parent entity of a multinational enterprise group shall submit to the commissioner a return describing the group’s financial activities in Kenya, where its gross turnover exceeds the prescribed threshold, and in all other jurisdictions where the group has taxable presence, not later than 12 months after the last day of the reporting financial year of the group,” proposes the amendment to Section 18 of the Income Tax Act. 

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