Tax Rates : Third Schedule tax rates below have been included to cover installment tax and digital tax.* Tax upon gross turnover of a person whose income is chargeable to tax under section 12D shall be taxed in the rate specified in the third schedule = 1% of the Gross Turnover.* Tax upon the gross […]
The ACT has introduced a new tax to be known as digital Service tax. It is established under section 12(E)(1) of the Act. Income accruing or derived in Kenya from services provided in through a digital market place. digital marketplace means a platform that enables the direct interaction between buyers and sellers of goods and […]
The tax charged under business income on Turnover tax has been reduced to 1%. In addition, to qualify for the provisions of turnover tax, the resident person’s turnover from business is more than one million shillings but does not exceed or is not expected to exceed fifty million shillings during any year of income.A resident […]
The amendments have repealed the interpretation of qualifying-interest. Any interest receivable by a resident individual in any year of income is now qualifying interest provided that; (a) interest earned on an account held jointly by a husband and wife shall be deemed to be qualifying interest; and(b) in the case of housing bonds, the aggregate […]
Corporation tax rate for a resident company has been reduced to Ksh 5 for each KShs 20. The rate has been reduced to 25%. The rate is applicable for the year of income 2020 and each subsequent year of income. This rate is also applicable to a resident insurance company which relates to its life […]
