Category: Business

Rental Income Taxation Under Annual Regime Rent is charged on actual amount received Expense incurred to generate rent is allowed under section 15 of the Income Tax Act. Tax is calculated under individual graduated scale or corporate rate of 30% In addition, rent on non-residential buildings (Commercial) is taxable under the VAT Act(No. 35 of 2013) – Laws of Kenya. How to determine Taxable Income Gross Rent income for the year: Property A – 5 unitsKshs. 20,00012months                           …

Individual Income Tax Individual Income Tax is charged for each year of income on all the income of a person, whether resident or non-resident, which accrued in or was derived from Kenya. Individual Tax Bands and Rates With effect from 1st January, 2021  Tax Bands Annual  Monthly  Rates On the first Shs. 288,000 Shs. 24,000 10% On the next Shs. 100,000 Shs. 8,333 25% On all income in excess of Shs. 388,000 Shs. 32,333 30% Personal Relief of Kshs. 28,800 per annum (Kshs. 2,400 per month). for the year 2022 Taxation for Non- Resident’s Employment Income…

A PIN is a Personal Identification Number used while doing business with Kenya Revenue Authority, other Government agencies and service providers. Personal includes both individuals and artificial persons (i.e. company, club, Trust, etc.) A sole proprietorship will use the proprietor?s individual PIN for all transactions. Who should have a PIN? You are required to have a PIN if you; Are employed Are in business Have rental income Wish to apply for a HELB Loan Want to perform any of the transactions listed below When can I use the KRA PIN? The most…