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.
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.
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.
Implications of the measures taken by East Africa Community partner states
The Tax Laws (Amendment) Act, 2020 ( herein referred to as “Tax (Amendment) Act”) was assented into law by the president on 25th April 2020.
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.
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