*Big Fish, Bigger Breaks?* The Finance Bill 2025 proposes to exempt dividends from income tax—but only for companies certified by the Nairobi International Financial Centre (NIFC) and investing at least KES 250 million locally. It’s meant to attract major investors—but it risks creating a two-tier tax system where multinationals get the breaks, while local businesses and Small and Medium Enterprises (SMEs) are left behind. At a time when the government is cutting spending and expanding the tax base, this kind of preferential treatment raises serious questions about fairness, equity, and transparency.