Tax Clearance Procedures
Money Remitted Overseas
Central Bank Requirement
Under the Central Bank requirements, an Authorised Dealer may not give authority for certain transactions without first considering the tax clearance obligations in accordance with the Income Tax Act 1959.
Certain transactions require tax clearance where funds to be remitted on those transactions would usually exceed a yearly threshold of K500,000. Amounts exceeding K500,000 can be remitted overseas provided that a tax clearance certificate has been obtained, certifying that no taxes are outstanding and all tax requirements to date have been met. The tax clearance certificate may be obtained from the Internal Revenue Commission (IRC).
Click here for additional information and an Application for a Tax Clearance Certificate.
For more information
Contact your Branch or Relationship Manager