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In this alert GT is sharing key highlights of the changes adopted from the proposed Finance Bill 2023 affecting different tax streams highlighted above.
In this issue, we review the key tax measures that have taken place in selected African countries from 2022 to date.
The Income Tax Company Return, should be submitted to the Kenya Revenue Authority on or before the 6 month after the end of the reporting period.
The prospects and potentiality of the United Kingdom (UK)- Kenya trade deals were eventually formalized into an Economic Partnership Agreement (EPA) that was signed by both parties on 8 December 2020.
The President directed the National Treasury to relook at the tax reliefs enacted earlier this year in a bid to cushion the public from the adverse effects of COVID-19.
What is the Voluntary Tax Disclosure Programme (VDP)? VDP is a programme introduced by the government to allow tax payers to disclose tax liabilities accrued within a period of five years prior to 1st July 2020 in confidence. In return taxpayers will be granted relief for penalties and interest.
VAT on the digital marketplace was introduced by the Finance Act 2019, which amended the Value Added Tax Act No. 35 of 2013
Section 67 of the Value Added Tax Act, 2013 (VAT Act) confers powers to the Cabinet Secretary(CS) for the National Treasury and Planning
Section 4 of the Finance Act 2020, introduces a minimum tax regime of 1%. There will be a minimum tax of 1% tax applicable on the gross revenue made by a business whose installment taxes for the year of income is less than that of minimum tax. The Minimum Tax shall also be applicable on gross incomes not specifically exempt under the First Schedule of the ITA.
Grant Thornton audits donor funded projects, Not for Profit entities and NGOs for statutory purposes and for Special Purpose. We also assists clients with regulatory compliance matters. Our professionals also perform expenditure verification, forensic audits and capacity audit for donors.
The Finance Bill, 2020 came in a week after the passing of The Tax Laws (Amendment) Act, 2020 on 25th April 2020. The Bill contains a few proposals similar to those introduced to the Tax Amendment Bill, 2020 and were rejected - which contravenes standing order 141(1) of the National assembly.
The Tax Laws (Amendment) Act, 2020 ( herein referred to as “Tax (Amendment) Act”) was assented into law by the president on 25th April 2020.
Implementation of the Unified Payroll Return and Payment of Stamp Duty and Capital Gains Tax
Kenya’s economy was forecast to grow at 5.9 per cent earlier this year. This has been brought down to 5.8 per cent due to the failed long rains. Kenya is an agricultural economy which is mainly rain-fed meaning any changes in rainfall patterns are definitely going to have an impact on the economy.
kenya, tax, amnesty, extension, kra, kenya revenue authority, income tax, returns, filing