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A new ruling was released by the Federal Supreme Court on April 5, 2023, addressing the payment of 10% tax on undistributed profit that is utilized to pay up the shareholder’s subscribed capital.Please download our Newsletter which provides more information.
The Finance Act 2023 introduced the AHL with effect from 01 July 2023 and Kenya Revenue Authority has been appointed as the collecting Agent. In its first month of implementation there has been lack of clarity on what constitutes gross pay for the purpose of computing the levy.Please download our...
The Finance Act 2023 brought several amendments to laws relating to various taxes and levies. Some of the changes affect the employment taxes, posing a challenge especially to employers who had already remitted the PAYE for the Month of July 2023.We have highlighted how to navigate these changes...
On July 28, 2023, a three-judge bench of the Court of Appeal in Kenya lifted the injunctions suspending the implementation of the Finance Act 2023. The initial conservatory orders issued on June 30, 2023, staying the Act's enforcement was overturned.Our newsletter highlights key changes effective...
The Finance Act 2023 (“the Act”) was assented by the President on the 26 June 2023. The Act affects various tax and fiscal laws, including Income Tax, Value Added Tax, Excise Duty, and more.This newsletter outlines upcoming changes taking effect on various dates, in line with the Public...
The Finance Bill, 2023 (“the Bill”) was presented before parliament on 04 May 2023. In compliance with the Standing Order No. 241 of the National Assembly and Section 40 of the Public Finance Management Act, 2012, the Cabinet secretary for the National Treasury made a public pronouncement of the...
This document provides a comprehensive analysis of the proposed tax changes and their potential impact to the economy. We strongly advise that you carefully review the document to understand how these proposed changes may affect your tax strategy and compliance requirements.The proposed changes...
The Finance Bill, 2023 (“the Bill”) was presented before the parliament on 04 May 2023. The Bill proposes for amendments to the country’s tax laws which includes Income Tax Act, Value Added Tax Act, Excise Duty Act, Tax Procedures Act and Miscellaneous Fees & Levies Act. The Bill also proposes...
On 28th February 2023, KRA announced that they had suspended processing and/or payment of reliefs to review the procedures. This is a culmination of an ongoing debate as to the impact of the reliefs on the tax base and the credibility of the beneficiaries.Reliefs, refunds, exemptions, and...