Treaty to shield Kenyans from double taxation as US law takes effect

Ambassador Robinson Githae addressing Kenyans in Dallas, Texas, at the Kenya Diaspora Home Expo on July 4, 2015. PHOTO | ANTHONY KARANJA | NATION MEDIA GROUP

What you need to know:

  • The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 but it was not effected until the 2014 tax filing season.
  • The provisions of the law also require that foreign banks report to the Internal Revenue Service (IRS) any financial assets held by a US citizen or permanent resident.
  • This law was aimed at preventing fat cats from cheating and transferring money overseas to avoid paying tax.

DALLAS, TEXAS

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