THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Theme: Highlights of the Proposed Income Tax Bill 2018
Venue: Coast Branch Office, Jubilee Insurance Arcade, Moi Avenue- Mombasa
Date: 18th July, 2018
The current Income Tax Act in Kenya which has been in existence since 1974 is set to be overhauled by the proposed Income Tax Bill 2018, published in May 2018. The Income Tax Bill has been proposed with the goal of modernizing tax laws in Kenya and aligning them to development goals as well as match global standards. The Bill also seeks to simplify compliance to tax laws in Kenya. Tax collection will be improved and high income earners subjected to higher tax rates.
Among the proposed changes are: the abolishment of the tax-free limit on non-cash benefits and the introduction of presumptive tax of a 15% of single business permit fee to the County governments by sole proprietors. The Bill also introduces graduated tax scales for both resident and non-resident corporates while replacing tax holidays for Special Economic Zones and Export Processing Zones with a 10% rate for the first 10 years and 15% for the next 10 years.
Should it become law, this Bill stands to significantly alter the tax regime. It is therefore prudent for professionals and practitioners to familiarize themselves with the Bill to ensure ease of compliance and to be able to advise clients accordingly.
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