In simple terms, these tax amendments to address fiscal deficit by broadening the tax base, improving compliance, and aligning with international tax standards.
Businesses are taxed on their profits, and that option still exists provided the tax on profits is more than tax on gross receipts.
The new tax law, signed at State House Nairobi on 25th April, changes several statutes lowering various taxes.
The amendment to the Value-Added Act, 2013 will see taxpayers no longer wait for tax refunds from the Kenya Revenue Authority (KRA). The...