THE NEW AMENDMENT TO THE VAT ACT, 2013 THAT TIGHTENED THE NOOSE ON THE VAT INPUT CLAIMS IN KENYA On 30th June 2020, President Uhuru Kenyatta approved the Finance Act, 2020. The changes will tremendously affect the business environment in Kenya especially […]
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New Regulations for Turnover Tax (TOT) President Uhuru Kenyatta assented the Tax (Amendment) Bill, 2020 bill into law with a view of cushioning Kenyans against the adverse effects of COVID-19. Turnover tax experienced major transformation especially by setting the new […]
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The Tax Laws (Amendment) Act, 2020 On Saturday 25th April 2020, President Uhuru Kenyatta signed into law the Tax (Amendment) Bill,2020 effectively cushioning Kenyans against the adverse effects of the COVID-19 Pandemic. This followed by a publication of the Kenya Gazette […]
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Meaning of Instalment Tax in Kenya? Instalment tax is estimated income tax paid to KRA periodically, to cover the total tax payable for the year of income. Installment tax is administered under the Income Tax Act Cap 470, laws of Kenya. Who is eligible for Instalment Tax? If the annual tax liability is projected […]
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ECONOMIC MEASURES TO CURB THE ADVERSE EFFECTS OF COVID-19 IN KENYA President Uhuru Kenyatta on Wednesday 25th March 2020 announced a raft of measures to help tackle the Covid-19 outbreak in Kenya. With the view of cushioning Kenyans against the […]
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The National Treasury Cabinet Secretary Henry Rotich unveiled a Three Trillion National Budget on Thursday 13th June 2019 for the financial year 2019/2020. He proposed a raft of measures and tax changes that will have a pronounced impact on both […]
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TAX HEAD TAX PAYMENT DEADLINES 1 Corporation Tax – Installment Taxes 1st Installment By 20th of 4th month in the current year 2nd Installment By 20th of 6th month in the current year 3rd Installment By 20th of 9th month […]
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VAA Auto Assessment tool is expected to curb claims of fictitious and/or unsupported input tax by VAT registered persons and thereby enhance compliance.Detect any inconsistencies between the VAT claimed from purchases invoices (claimed by a buyer) and VAT Sales […]
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KRA TO ACCESS AND MONITOR TAXPAYERS BANK ACCOUNTS IN KENYA For Tax purposes KRA now is able to monitor tax payers bank accounts. In a directive given by CBK, all banks have been directed to ask for Personal Identification Numbers […]
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TAX AMNESTY IN KENYA ON FOREIGN EARNED INCOME UPDATES Tax amnesty is the opportunity given to taxpayers to write off an existing tax liability (including interests and fines) by paying a defined amount. Such offers are usually presented as being exceptional and available for only […]
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