As the Finance Bill proposes to raise the threshold form those making sh5 million in annual turnover to those with annual sales under sh8 million, businesses could be exempt from having to register as value-added tax (VAT) agent. The proposed changes to Section 34 of the VAT Act, 2021, in the Finance Bill 2024, would relieve businesses with annual turnovers…
In a significant policy reversal, the Kenya Revenue Authority (KRA) has rescinded its previous decision to exempt businesses with an annual turnover of Ksh5 million and below from producing invoices through the electronic Tax Invoice Management System (eTIMS). The latest gazettement of Kenya Subsidiary Legislation 2024 eliminates these exemptions,
The Kenya Revenue Authority (KRA) is now targeting landlords who ‘have not’ raised their rent over the past couples of years. According to the KRA, the failure by these landlords to raise rent is suspicious and points to a deliberate attempt at cheating the taxman when filing returns.
The current regime has embarked on increasing the tax base to collect more revenue, as the government moves towards its vision of ensuring it relies on revenues raised instead of loans to finance its operations.