KENYA - FINANCE ACT, 2021
09 July 2021
The Finance Act, 2021 (“the Act”) was enacted on 29th June 2021.
The Act amends various provisions of tax and fiscal laws including Income Tax Act, Value Added Tax Act, Excise Duty Act, Tax Procedures Act and Miscellaneous Fees and Levies Act. Furthermore, the Act stipulates changes to other Acts such as the Capital Market Act, Insurance Act, Kenya Revenue Authority Act, Retirement Benefits Act and Central Depositories Act.
In addition, this publication has addressed taxation provisions that were not in the Finance Bill, 2021. The Act has introduced new legislative provisions on Registered Trusts, Minimum Tax and additional investment allowances on capital investments.
Notably, the proposal in the Finance Bill, 2021 to extend time for record keeping from five years to seven years and abolishment of Group VAT registration did not make it through to the Act.
Please refer to the attached for more information.