Kenya: Taxes to spread resource gains

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Kenya would impose capital gains and windfall taxes on oil, gas and mining companies within months to ensure it maximised benefits from its mineral resources, President Uhuru Kenyatta said on Saturday. “This is something that we are very clear about,” he said. “We want to ensure that we as a country also are able to benefit from both the windfall and capital gains tax.” Tullow Oil and partner Africa Oil have found oil reserves in northern Kenya, while BG is exploring for gas and Randgold Resources is studying the potential for gold production. Kenya wants to avoid a similar situation to that in Uganda, where Tullow is contesting in court the state revenue authority’s demand that it pay capital gains tax following its sale of assets. – Bloomberg

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