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Kenya tax regime on focus as global firms exit
Multinationals operate in an environment characterised by unpredictable interpretation of tax laws, a dysfunctional tax appeals system, and an increasing normalisation of retroactive fiscal claims.
Afrexit is an acronym coined by policy wonks to describe the emerging trend of European multinationals retreating from Africa. Hot on the heels of the Safaricom block transaction, that has seen Vodafone of the UK exiting Kenya, Diageo of the UK has announced its exit from equity ownership in East African Breweries, selling its 65 percent controlling stake to Japan’s Asahi Group.
Some analysts have chosen to describe this latest development as Kenexit—the growing exits from our markets by Anglo-American multinationals.
