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DSC 8722Kenya’s exports to Netherlands last year were worth Ksh40.6 billion against imports worth Ksh18.8n billion, thus representing a trade surplus of Ksh21.8 billion.
National Treasury Cabinet Secretary Mr. Henry Rotich said Kenya’s major exports to Netherlands include horticultural products while her major imports from Netherlands include petroleum oils.
Mr. Rotich added that inland investments from Netherlands in Kenya are in the air transport services, agriculture and horticulture.

The Cabinet Secretary made the remarks today in Treasury building, Nairobi while signing the agreement of double taxation with the ambassador of the Kingdom of Netherlands, Nairobi, Mr. T. A. Reintjes.

“Inspite of the challenges we are facing, the Kenyan economy remains one of the most diversified in African continent offering a wide range of lucrative investment opportunities,” he said. Mr. Rotich said that Kenya’s economy is ranked ninth in Africa with a growth domestic product of about 52 billion US dollars, adding that the country achieved an average growth rate of about 4.5 percent over the last five years.

“The growth is based on expansion in all leading sectors, which offer lucrative returns to investors, namely agriculture and livestock, tourism, manufacturing, wholesale and retail trade, building and construction, finance, communication and the service sector,” he noted.

Besides the wide range of investment opportunities available, Mr. Rotich said, investors in Kenya benefit immensely from well trained and skilled human resource-base and attractive tax incentives.

The Cabinet Secretary added that Kenya provides investors with an opportunity to access the East African community market with a population of 143.5 million people and a growth domestic product of 61 billion US dollars.

On the agreement on the avoidance of double taxation between the two countries, Mr. Rotich said its main objective is to eliminate double taxation of income or gains arising in one country and paid to residents of the country.

Mr. Rotich observed: “The Agreement on the Avoidance of Double Taxation (DTA) creates a conducive environment for investments and trade in goods and services between the countries by removing uncertainties on taxation occasioned by having two different jurisdictions at play.

Other benefits include facilitation in tax administration through sharing of information by tax authorities of the two countries thus checking tax evasion.”

He said the signing and implementation of the agreement will promote stronger bilateral economic ties, friendship, and greater flow of investments and trade between Kenya and the Kingdom of Netherlands.

The agreement was negotiated, concluded and initialed by technical officials from the two countries on October 8, 2010.

Kenya is also a member of the Common Market for Eastern and Southern Africa (COMESA), beneficiary of the African Growth and Opportunity Act (AGOA) legislation of the USA and the African Caribbean Pacific-European Union (ACP-EU) cooperation and various bilateral cooperation agreements.

Signing of Agreement on the Avoidance of Double Taxation on Wednesday 22nd July, 2015

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Cabinet Secretary, National Treasury, Mr Henry Rotich (Centre) and Kingdom of Netherlands Ambassador to Kenya Joost Reintjes (Right) today, Wednesday, July 22, 2015 signing an agreement on the Avoidance of Double Taxation at the National Treasury Building, Nairobi.



DSC 8722Cabinet Secretary, National Treasury, Mr Henry Rotich (Left) and Kingdom of Netherlands Ambassador to Kenya to Joost Reintjes exchange signed agreement documents on the Avoidance of Double Taxation today, Wednesday, July 22, 2015 at the National Treasury Building, Nairobi.



DSC 8750Cabinet Secretary, National Treasury, Mr Henry Rotich (Left) greets Kingdom of Netherlands Ambassador to Kenya Joost Reintjes today, Wednesday, July 22, 2015 when signed an agreement on the Avoidance of Double Taxation at the National Treasury Building, Nairobi.

Pictures by Kibet Cheptumo/KNA