The Kenya Revenue Authority (KRA) has instructed Kenyans seeking to file notices of objection to do so through the iTax platform. In a statement dated Tuesday, March 5, the tax authority also directed aggrieved taxpayers to send documents that cannot be uploaded on the platform via mail.
The National Social Security Fund( NSSF) will commence with the deduction of new increased rates following the ruling issued by the Supreme Court early this week. In a notice issued on Friday, NSSF directed employers to effect the new rates in the February payslips.
The Kenya Revenue Authority (KRA) has announced new dates for the implementation of pre- filled value- added tax (VAT) returns. In a statement, the taxman stated that the new policy would be implemented from February 2024 and not January 2024, as earlier directed. Initially, KRA had announced that the VAT return would be pre- filled with tax information available to…
Registration for the new medical scheme replacing the National Health Insurance Fund (NHIF) will begin next month. All Kenyans over 18 will register biometrically with the Social Health Authority (SHA), using their national ID cards, while those under 18 will use birth certificates.
The Federation of Kenya Employers (FKE) has instructed its members to halt the deduction of the housing levy following a court order. This directive will remain in effect until the Court of Appeal hears and decides on the appeal against the High Court’s ruling
Which tax laws came into effect on January 1? 1. Annual advance tax rate for vehicles One of the taxes effected on January 1 was the advance tax rate applicable to vans, pick- ups, trucks, prime movers, trailers, and lorries The tax saw an increase from the existing rate of KSh 1, 500 per tonne of load capacity…
The finance Act of 2022 amended the Income Tax Act [ITA], by increasing the rate of capital gains tax [CGT] from 5% to 15%. The tax took effect from 1st January 2023. The capital Gains Tax [CGT] is a tax that applies to the sale or transfer of property located in Kenya that was acquired on or after January 2015.
Foreign traders who benefit from local-based derivative contracts will be subject to a 15% withholding tax starting in 2023. This will be imposed on any profits made from these contracts . A derives is a financial instrument that derives its value from an underlying asset, such as a currency, commodity, or security.
Multinational tech companies have also announced that they will begin applying a standard 16% Value Added Tax [VAT] on electronically supplied services such as streaming movies on Netflix or listening to music on Spotify , as the government looks to tap into the growing digital market in the country.
First among the taxes is the 20% Excise Tax on transactions between mobile wallets and banks. Banks have already started charging the tax in addition to the reintroduction of fees on mobile-to-bank transactions and vice versa.