The Bill proposes various changes to the Income Tax Act (ITA), the VAT Act, 2013 (VAT Act), Excise Duty Act, Tax Procedures Act, 2015 (TPA), and the Miscellaneous Fees and Levies Act among other non-tax statutes. All the proposed changes will be effective 1 July 2024 unless stated...
The move is aimed at expanding the tax base. Taxation of digital assets The Act introduces a 3% tax on income earned from the transfer or exchange of digital assets. The owner of the platform or the person facilitating the transfer or exchange of a digital asset must withhold the digital ...
Kenya enacts tax changes under Finance Act, 2023 EY Global Ernst & Young Global Ltd. 20 Jul 2023 Subject Tax Alerts Categories Individual Taxation, Corporate Tax Jurisdictions Kenya Facebook Twitter LinkedIn The changes will affect the imposition of income tax, value-added tax, excise tax...
KenyaCooperative societiesIncome Tax ActHistoryCase LawThe author discusses the taxation of cooperative societies under the Kenyan Income Tax Act, with particular focus on section 19A. The article traces the historySocial Science Electronic Publishing...
“The Third Schedule to the Income Tax Act is amended… by deleting the expression ‘one-point-five percent’ appearing in paragraph 12 (digital service tax rate) and substituting therefor the expression ‘three percent’,” Treasury Cabinet secretary Ukur Yatani wrote in the Finance Bill 2022....
Mr. Oray adds, “If you are a resident here, you are supposed to pay the taxes the normal way. If you are not a resident but you have an app that’s being used here, your tax representative (a requirement under Section 16 of Tax Procedures Act) must pay your VAT an...
This KRA tax return is applicable to all the resident individuals who are taxed on the whole income earned in respect of any employment or services rendered in Kenya or outside Kenya. This also include any other income that has accrued in or derived from Kenya. ...
For instance, the DST Regulations expanded the scope of DST to include non-digital marketplace services that were not anchored in the provisions of the Income Tax Act. Subsequently, the government has moved to introduce additional legislative provisions aimed at sanitising the...
income tax would be reduced from 30 to 25% and that the turnover tax rate would be reduced for Micro, Small, and medium enterprises from 3 to 1%. In addition, the plan included 100% tax relief for anyone in the low-income earner's category. In addition, the Ministry of Labour and ...
As one of the flagship projects under the economic pillar of Kenya's Vision 2030, the SEZ Act reaffirms to investors that Kenya is on the path towards achieving its industrial transformation agenda. The East African nation is on course to commence with the implementation of three SEZs in Momba...