There will be more tax burden for Kenyans after finance bill 2020 was passed in parliament. The bill proposes several changes to the tax act. We shall discuss the changes that have been made to the income tax act, vat act of 2013, and excise act of 2015 in detail in due course. The introduction of Minimum Tax, TOT, DST, lowering the tax bracket for income tax, exemptions in the income tax will now be taxable, exemptions in the VAT act of 2013 will now be taxable and some of the ZERO RATED supplies will be subject to a higher tax rate. This means that Kenyans will have to dig deeper in their pockets to sustain the taxes imposed.
In case of any questions and clarifications call us or visit our offices. Don’t get caught unawares, failure to file taxes collectly and on time attracts a penalty.