Within six months, all validated tax refund claims will be paid.

According to President William Ruto, if the Kenya Revenue Authority (KRA) does not issue a refund within this time frame, it will be deducted from future tax obligations.

PHOTO | COURTESY Ruto orders that all tax refunds will be paid out within six months

According to him, KRA won't get any further applications for the balancing.

Tax refunds continue to be a pain in the neck for many companies. On this matter, we are drastically changing our policy, he remarked.

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President Ruto spoke at the American Chamber of Commerce Regional Business Summit on Thursday in Nairobi.

He claimed the encounter strengthens "our partnership, which is firmly grounded in shared values, including a commitment to liberty, democracy, and free enterprise."

The administration is devoted to, he said, having a tax structure that will promote business.

The President also declared in June's Budget Bill that the value-added tax on exported services would be eliminated.

PHOTO | COURTESY  Ruto orders that all tax refunds will be paid out within six months

"This fee not only makes us less competitive but also discourages investors from choosing Kenya as their regional base".

He declared that he was eager to complete new tax policy guidelines to increase the country's tax regime's openness.

President Ruto stated that Kenya had made a conscious effort to examine the Digital Services Tax system and bring it into compliance with the inclusive framework established by the Organization for Economic Cooperation and Development.

He continued that the framework will direct how digital commerce transactions are taxed.

He claimed that it was all a part of the strategy used to turn Kenya into one of the top business destinations in the world.

The President said that starting in July, the government will exclude startup companies from paying taxes on unrealized gains on employee-allocated shares to draw new business to Kenya.

In the meantime, Dr Ruto informed the Summit that an agreement had been reached between Kenya and Moderna to construct an Sh65 billion mRNA vaccination plant in Nairobi.

It is significant since it will be the only facility in Africa.