Domestic law PE developmentsKenya introduces branch profits taxOn 26 June 2023, Kenya's Finance Act 2023 received presidential assent. One key provision in the Finance Act 2023 introduces a branch profits tax. Under this new tax, a 15% rate will be applied to profits that Permanent Establishments (PEs) repatriate to their head offices. The amount subject to this tax will be determined using a formula. To calculate the repatriated profit, the net assets at the beginning of the year are added to the net profit earned during the year. Next, the tax payable and the net assets at the end of...