TAX AUDIT TRIGGERS| TAX PROMPTS IN KENYA A tax audit is examination, investigation, looking over or evaluating of books and records of accounts for taxation purposes. A tax audit is when the revenue authority decides to examine your tax return […]
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TAXATION OF MONTHLY RESIDENTIAL RENTAL INCOME (MRI) IN KENYA The Finance Act 2015 introduced a new Section 6A in the Income Tax Act Cap 470 Laws of Kenya, which provides for a simplified tax regime on taxation of rental income. […]
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EMPLOYEE VS CONSULTANTS CONTRACTS IN KENYA An employee is an individual who was hired by an employer to do a specific job. The employee is hired by the employer after an application and interview process results in his or her […]
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Tax obligation is an amount of tax one is required to pay at a particular period . In Kenya different tax obligations have different deadlines. Below is a list of different tax heads and their deadlines. tax obligation
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THE FINANCE ACT 2018 IN KENYA The Finance bill 2018 was passed by the National Assembly on the 30th August 2018, and was presented to the president for assent on the 13th September 2018, which he refused to assent and […]
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10/07/2017 – Today, the OECD releases the 2017 edition of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. The OECD Transfer Pricing Guidelines provide guidance on the application of the “arm’s length principle”, which represents the international consensus on the […]
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This 2017 edition of the OECD Transfer Pricing Guidelines incorporates the substantial revisions made in 2016 to reflect the clarifications and revisions agreed in the 2015 BEPS Reports on Actions 8-10 Aligning Transfer pricing Outcomes with Value Creation and on Action 13 Transfer Pricing Documentation […]
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Typical Challenges for SMEs Failure to keep books of accounts & records such as sale invoices, purchase invoices, credit & debit notes, customs entries, audited accounts, ledgers, cash books, bank statements, monthly Z returns, pay-in-slips and a summary of VAT […]
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NHIF Rates – Effective 1st April 2015, Gross Income (Kshs) premium 0-5,999 150 6,000 – 7,999 300 8000 – 11,999 400 12,000 – 14,999 500 15,000 – 19,999 600 20,000 – 24,999 750 […]
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The summary of the taxes applicable in Kenya are as follows; 1. Corporation Tax {Paid as Installment Taxes} 30%, (25% in year 2020) 37.5% (Non-Resident Entities) 2. Withholding Tax Rates {3%, 5%, 10%, 20%, 30%} 3. Pay As You Earn […]
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