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...
This is in addition to tax chargeable on the income of the branch. The Act provides a formula for computing this tax based on the branch’s net assets and profitability. Additionally, the Act reduces the corporate income tax rate for branches to 30% (from 37.5%) beginning with the 2024 ...
Kenya has, through the Tax Laws (Amendment) Act, 2024 (the Act), introduced a domestic minimum top-up tax to align with the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two. The law was assented to...
USD (DXY) 21 FEBRUARY 2024 The Bullish Case: + Tax cuts, deregulation to spur inflows, lift growth + Immigration curbs, tariffs to keep Fed hawkish The Bearish Case: –Lower real rate differentials –Correction of expensive valuationVideos...
Ruto's government used the 2023 law to double the value-added tax on fuel, introduce a housing tax and raise the top personal income tax rate. (Reporting by Hereward Holland; Editing by Alexander Winning and Conor Humphries) Copyright 2024 Thomson Reuters. Read More Galleries Americ...
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 ...
According to Ms Ongaki, a person operating short-term letting is generally required to file tax returns and pay income tax on the income earned. At the same time, under the Tourism Act, any commercial income from the use of property is subject to income tax at rates between 10 percent ...
The Price Control (Essential Goods) (Amendment) Bill 2024 was recently introduced to amend the 2011 Act. Specifically, the Bill seeks to empower the Cabinet Secretary to fix minimum and maximum retail and wholesale prices for essential goods such as maize, maize flour, ...
No, provision of a current tax-residency certificate is not sufficient for treaty access as Kenya has a limitation of benefits clause under its Income Tax Act, as detailed in question 2.6. 2.4 Has the advent of BEPS (the Base Erosion and Profit Shifting initiative of the OECD) had any effe...
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