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by in Industry News, Tax News

KRA Embarks on Organizational Reforms to Enhance Efficiency and Customer-Centric Service

The Kenya Revenue Authority (KRA) has initiated a series of strategic organizational reforms aimed at improving operational efficiency, streamlining tax administration processes, and enhancing customer service. This transformation is part of KRA’s 9th Corporate Plan, which envisions a more agile tax and customs revenue agency that fosters voluntary compliance while becoming more responsive to taxpayer […]

by in Industry News, Tax News

Understanding the New Income Tax Rules for Charitable Organisations and Donations in Kenya

The Kenya Revenue Authority (KRA) recently issued a Public Notice regarding the implementation of the Income Tax (Charitable Organisations and Donations Exemption) Rules, 2024. These rules, which took effect on 18th June 2024, provide guidelines on income tax exemptions for charitable organizations and the conditions for the deductibility of donations under Kenya’s tax laws. In […]

by in Industry News, Tax News

Understanding the New PAYE Computation Rules Under the Tax Laws (Amendment) Act, 2024

The Kenya Revenue Authority (KRA) recently announced significant changes to the computation of Pay-As-You-Earn (PAYE) taxes, as introduced by the Tax Laws (Amendment) Act, 2024. Effective from 27th December 2024, these amendments will impact taxable employment income, tax reliefs, and benefits derived from employment. Here’s a summary of the key updates and what they mean […]

by in Industry News, Tax News

KRA Announces Tax Amnesty on Interest and Penalties for Tax Periods up to 31st December 2023

The Kenya Revenue Authority (KRA) has introduced a tax amnesty program as part of the Tax Procedures (Amendment) Act, 2024. This initiative aims to alleviate the burden of accumulated interest and penalties for taxpayers with outstanding tax debts up to 31st December 2023. The amnesty program officially begins on 27th December 2024 and will run […]

by in Industry News, Tax News

Understanding SHIF Contributions and Tax Relief in Kenya: What You Need to Know

As of October 1, 2024, Kenya has introduced a new system for healthcare contributions called the Social Health Insurance Fund (SHIF), which has replaced the former National Hospital Insurance Fund (NHIF). This change is part of the government’s broader commitment to enhancing healthcare access and ensuring affordability for all citizens. Below, we break down everything […]

by in Industry News, Market and Finance Reports, Technology

Kenya’s Shift to Accrual Basis Accounting: A Major Milestone in Public Financial Management

On October 3, 2024, Kenya’s National Treasury officially announced the commencement of the transition from cash-basis accounting to the International Public Sector Accounting Standards (IPSAS) accrual basis. This marks a significant move in reforming public financial management, aimed at enhancing transparency, accountability, and providing a clearer financial picture of the government’s position. Why the Transition? […]

by in Tax News

Understanding Fringe Benefit Tax, Deemed Interest Rate, and Low Interest Benefit: Key Updates for 2024

As we navigate through 2024, it’s crucial for businesses and individuals alike to stay informed about the latest updates in tax regulations. In this blog post, we’ll dive into three important areas of the Income Tax Act that are relevant for the coming months: Fringe Benefit Tax, Deemed Interest Rate, and Low Interest Benefit. Understanding […]

by in Industry News, Tax News

Tax Compliance Alert: FKE Seeks Clarification on July 2024 Tax Payments

On July 31st, 2024, the Court of Appeal delivered a landmark judgment in the case of Nairobi C.A No. E003 of 2023 – The National Assembly and Another vs. Okiya Omutata and 55 Others. The ruling declared the Finance Act 2023 unconstitutional, a decision with significant implications for taxpayers across Kenya. As businesses and individuals […]

by in Technology

KRA’s iTax System Migration: How This Change Impacts Your VAT and Income Tax Ledger

The Kenya Revenue Authority (KRA) has made significant strides in modernizing its tax administration system by migrating VAT and Income Tax Ledger balances from the Legacy System to the iTax System. This transition is part of KRA’s ongoing efforts to enhance efficiency and transparency in tax administration. Below, we provide a detailed overview of what […]

by in Industry News, Market and Finance Reports

Centum Investment Extends Share Buyback Programme Amidst Strong Financial Performance

Centum Investment Plc has announced an extension of its share buyback programme, which initially commenced on 6th February 2023. The programme, aimed at purchasing up to 10% of the company’s total issued and paid-up share capital, was originally set to conclude on 2nd August 2024. However, with approval from the Capital Markets Authority (CMA), the […]

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All posts by: Zalma8002

KRA Embarks on Organizational Reforms to Enhance Efficiency and Customer-Centric Service

Understanding the New Income Tax Rules for Charitable Organisations and Donations in Kenya

Understanding the New PAYE Computation Rules Under the Tax Laws (Amendment) Act, 2024

KRA Announces Tax Amnesty on Interest and Penalties for Tax Periods up to 31st December 2023

Understanding SHIF Contributions and Tax Relief in Kenya: What You Need to Know

Kenya’s Shift to Accrual Basis Accounting: A Major Milestone in Public Financial Management

Understanding Fringe Benefit Tax, Deemed Interest Rate, and Low Interest Benefit: Key Updates for 2024

Tax Compliance Alert: FKE Seeks Clarification on July 2024 Tax Payments

KRA’s iTax System Migration: How This Change Impacts Your VAT and Income Tax Ledger

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