PHOTO CREDITS: People Daily
By
Lewis Njoka
Kenya lost an estimated Sh62.2 billion ($565.8 million) in tax revenue loss annually due to illicit financial flows, East Africa Tax and Governance Network (EATGN) has said.
The tax network equates the loss to 36.02 per cent of the country’s entire public health expenditure, or the annual salary of 240,781 nurses.
International financial flows refers to all cross-border financial transfers which contravene national and international laws including proceeds of corruption, extortion, tax evasion, tax avoidance, money laundering and hiding wealth offshore among others.
