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New "Robin Hood" Excise Duty on Money Transfers in Kenya

Please note that effective 14 June 2018, the following excise duty on money transfers in Kenya became applicable pursuant to the Finance Bill 2018:
"Excise duty on money transferred by banks, money transfer agencies and other financial service providers shall be 0.05 per cent of the amount transferred in case of money transfer of five hundred thousand shillings or more."
Although the matter is pending litigation in the courts, we have been notified that Banks began collecting the above excise duty with effect from 1st July 2018 and will continue to do so unless and until the courts suspend the duty following a lawsuit filed by the Kenya Bankers Association challenging the new excise duty.