Introduction The Finance Act 2023 introduced a tax amnesty for interest and penalties on tax debt under Section 37E to the Tax Procedures Act, 2015. The amnesty is applicable to: A person or company with penalties and interest but no principal taxes owing for periods up to 31st Dec 2022 and A person who has principal tax accrued […]
Taxpayers are entitled for a refund of excess taxes paid on VAT by virtue of section 17(5) of the Value Added Tax Act, No. 35 of 2013. It is provided that where the amount of input tax that may be deducted by a registered person under subsection (1) in respect of a tax period exceeds […]
OBJECTS OF THE REGULATIONSThese regulations mainly seeks to streamline VAT collection in the digital platform where vatable goods and services are exchanged between business-business and business –consumer under cross-border business relations. BUSINESS TO BUSINESS TRANSACTIONS (B2B)means a transaction between a supplier from an export country to a tax registered or non-registered business entity in Kenya […]
These regulations are applicable to companies registered under VAT Act, 2013 – Section 34. The regulations are focused to digitize and track sales in real time using an electronic tax invoice. Transmitting to KRA’s system the tax invoice data and the end of day summary of the respective day’s data in the manner specified by […]
Deduction of investment allowance is granted where a person incurs capital expenditure in respect of items listed in the first column of the table below, an investment allowance may be deducted in computing the gains or profits of that person at the corresponding rate specified in the second column, for each year of income. The […]
