December 5, 2018 IBOMLLC Team

Kenya Government sends Taxman aggressively after Small Businesses as China Loans’ noose hangs tighter

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

Starting January 2019, all small businesses in Kenya, going to renew their business permit or trade license, or apply for the first time, will be required to pay a new Presumptive Tax. This tax was non-existent in the previous years and was just recently introduced with the enactment of the Finance Act 2018. The bill for which was passed under very weird voting in parliament; those who voted against it were clearly many than those who voted for it, so it is not clear how it sailed through.

The Kenya Revenue Authority (KRA) wants millions of small businesses in the country to start paying the Presumptive Tax from January 1st, 2019. The tax will be a prerequisite to getting their business permit or trade license renewed or issued for the first time. The said tax will be 15% of the cost of the business permit or trade license.

In accordance with Finance Act, 2018, the Presumptive Tax shall become payable from January 1, 2019. All eligible taxpayers are advised to pay for the presumptive tax at the time of payment for business permit fee or trade license,” …read more

Read more here:: Kenya Government sends Taxman aggressively after Small Businesses as China Loans’ noose hangs tighter

      

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