Accountants want tax delayed

By Joackim Bwana-The Standard

An accountants body wants the government to delay the rollout of the one percent minimum tax on gross income to be levied on businesses starting January 1, to facilitate economic recovery.

ICPAK Chief Executive Edwin Makori and Vice- Chair George Mokua said the introduction of a new tax based on turnover would have a negative impact on companies’ financial well-being creating cash flows constraints.

“The Institute would like to recommend that parliament and the president consider delaying the implementation of the tax set for January 1, to facilitate business and economic recovery through predictable and stable tax rate,” said Makori. (Joackim)

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