KRA to trace money held in offshore accounts in a new strategy
KRA to trace money held in offshore accounts in a new strategy
The Kenya Revenue Authority (KRA) has published a list of reportable jurisdictions whose financial account information will now be automatically shared with Kenya for tax compliance purposes, in a move aimed at tightening oversight on offshore income and assets.
In a public notice dated December 18, 2025, KRA stated that the list, published under the Tax Procedures (Common Reporting Standards) Regulations, 2023, will enable it to track offshore financial movements.
The list outlines countries whose tax authorities will exchange financial account data with Kenya under the Common Reporting Standard (CRS), a global framework designed to combat tax evasion and improve transparency in cross-border financial dealings.
Under the new framework, Kenyan banks and other reporting financial institutions will be required to submit information on accounts linked to individuals or entities with tax residency in the listed jurisdictions. The data will then be shared automatically between KRA and foreign tax authorities.
KRA stated that the new arrangement covers tax returns for periods starting January 1, 2025, meaning all accounts and financial transactions from that date will be subject to the enhanced reporting requirements.
”The Kenya Revenue Authority (KRA) has published the List of Reportable Jurisdictions in line with the Tax Procedures (Common Reporting Standards) Regulations, 2023. Reporting Financial Institutions are advised that the listed jurisdictions will apply for CRS information returns for periods beginning 1st January 2025,” the notice read in part.
For Kenyan individuals with bank accounts, investments, or other financial assets abroad, the move will likely reduce the ability to conceal income earned outside the country.
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Interest, dividends, and other returns that were previously undisclosed may now be flagged through international data exchanges.
Businesses operating across borders or holding foreign accounts will face increased oversight, with KRA likely using shared information to detect tax discrepancies, assess compliance, and recover unpaid taxes where applicable.
According to the KRA notice, the reportable jurisdictions are Albania, Argentina, Australia, Austria, Azerbaijan, Belgium, Brazil, Bulgaria, Chile, China, Colombia, Cook Islands, Costa Rica, Croatia, Curaçao, Czechia, Cyprus, Denmark, Ecuador, Estonia, Finland, France, Georgia, Germany, Ghana, Gibraltar, Greece, Guernsey, Hong Kong and Hungary.
Others include Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Kazakhstan, Korea, Liechtenstein, Lithuania, Luxembourg, Malaysia, Maldives, Malta, Mauritius, Mexico, Moldova, Monaco, Netherlands, New Zealand, Norway, Panama, Peru, Poland, Portugal, Russia, Rwanda, Saint Kitts and Nevis, Saint Lucia, San Marino, Saudi Arabia, Seychelles, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Türkiye, Uganda, Ukraine, United Kingdom, and Uruguay.
The list will be used for purposes of the Common Reporting Standard, meaning financial account information linked to tax residents of these jurisdictions will be subject to automatic exchange between Kenya and the respective foreign tax authorities for tax compliance and enforcement.
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