Kenyan court temporarily suspends 'Robin Hood' tax on bank transfers

Kenya's Cabinet Secretary of National Treasury Henry Rotich addresses delegates during the launch of the first mobile-phone-based government bond, called M-Akiba, at the Treasury building in Nairobi, Kenya March 23, 2017. REUTERS/Thomas Mukoya - Copyright Thomas Mukoya(Reuters)

By Reuters

Published on 19/07/2018 - 12:06•Updated 07/05/2024 - 18:07

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NAIROBI (Reuters) - Kenya's High Court has temporarily suspended a "Robin Hood" tax on bank transfers of over 500,000 shillings (£3,818), which was imposed at the beginning of this month, the Kenya Bankers Association said on Thursday.

Finance Minister Henry Rotich introduced the so called "Robin Hood" tax of 0.05 percent in his budget speech last month. It was introduced on July 1.