The Cabinet Secretary for the National Treasury &
Planning recently published the Common Reporting Standards
Regulations (the Regulations). Common Reporting Standards (CRS)
refer to reporting and due diligence international standards for
the automatic exchange of financial account information prescribed
by the OECD and the Global Forum on Transparency and Exchange of
Information for Tax Purposes (Global Forum).
The Regulations were issued to give effect to Section 6B of the
Tax Procedures Act (introduced by the Finance Act 2021), and are
intended to provide designated financial institutions with the due
diligence procedures and record-keeping requirements required to
ensure Kenya is able to meet the international standards for
automatic exchange of information with other jurisdictions.
