Has your income been subjected to withholding tax? You must declare it
It’s common for service providers and investors to receive from their clients payments slightly less than the invoiced amount. The reason is, the client is required by law to withholding tax and remit the tax so withheld to the government….
What is Tax Planning?
Tax planning can be defining as organizing the financial affairs of a person in the most tax efficient manner possible. Tax planning thus allows the other elements of a financial plan to interact more effectively by minimizing tax liability…
Stability in Kenya’s Tax policy
Every Second Thursday in the Month of June is a special day in Kenya’s fiscal calendar. This is the day everyone waits in awe, for surprises and reliefs, for the hits and misses, for the goodies and losses, all contained in that treasured…
Taxation of SACCOs in Kenya
AA Sacco is a mutual organization (organizations that generate income by trading with their own members). A person is deemed not to have generated income by trading with himself, thus interest income of a SACCO (derived from members) is exem …
Motor Vehicle Advance Tax in Kenya
Equity bank established an employee share ownership scheme in 2005 for purposes of encouraging their employees to acquire shares in the company. In a compliance audit carried out by KRA in 2016 on PAYE remittances, it was established that…
Tax Self audit Checks
Equity bank established an employee share ownership scheme in 2005 for purposes of encouraging their employees to acquire shares in the company. In a compliance audit carried out by KRA in 2016 on PAYE remittances, it was established that…
VAT in Kenya
Equity bank established an employee share ownership scheme in 2005 for purposes of encouraging their employees to acquire shares in the company. In a compliance audit carried out by KRA in 2016 on PAYE remittances, it was established that…
Filing Nil Returns in Kenya
Equity bank established an employee share ownership scheme in 2005 for purposes of encouraging their employees to acquire shares in the company. In a compliance audit carried out by KRA in 2016 on PAYE remittances, it was established that…
Taxing The Digital Economy In Kenya
Equity bank established an employee share ownership scheme in 2005 for purposes of encouraging their employees to acquire shares in the company. In a compliance audit carried out by KRA in 2016 on PAYE remittances, it was established that…
Withholding VAT in Kenya
KRA appoints certain persons to be VAT withholding agents. The agents withhold VAT at 2% of the total amount payable. Thus if you sold an item at Sh. 116 (inclusive of VAT) to withholding agent, he will withhold Sh.2 thus pay Sh. 114…