KENYA Law and Practice Contributed by: Anne Kinyanjui and Bonface Abuya, DLA Piper Africa, Kenya (IKM Advocates)
or in planting permanent or semi-permanent crops thereon. REITs also enjoy the following tax exemptions: • REITs and their investee companies which have been registered by the Commissioner of Domestic Taxes are exempted from income tax, pursuant to Sections 20 (1) (c) and (d) of the Income Tax Act except for the payment of withholding tax on interest income and dividends as a resident person. This exemp - tion does not extend to the unit holders and shareholders of REITs and investee compa - nies; and • the transfer of assets into REITs and related transactions are exempted from VAT, pursu - ant to paragraph 33 of Part II of the First Schedule to the VAT Act.
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