Interest on Government loans, etc. exempt from tax.
(1)
Notwithstanding anything in Part II, interest payable on the
securities specified in Part II of the First Schedule shall be exempt from tax to
the extent so specified. (2)
The Minister may, by notice in the Gazette, provide that the
interest payable on any loan charged on the Consolidated Fund or on the
revenues of any local authority, shall, in so far as that interest is income which
accrued in or was derived from Kenya, be exempt from tax, either generally or
only in respect of interest payable to persons who are not resident. ..........(*REF-Legal Notices on Exemptions-*)NB:
Part II of the First Schedule was repealed by TaxLAA-No1-2020 wef-25April2020