Income tax act kenya 2014 pdf

Resident and nonresident companies are subject to income tax on income accrued or derived from kenya. However, if the rent collected exceeds ten million shillings during any. Chapter 470 income tax act arrangement of sections part i preliminary section 1. The rental income tax is the amount of tax one pays to the government for income that is derived from the use of residential property. The income tax guide availed by kra is a technical, 57page document, written in court lingo. Depreciation is the systematic allocation of the depreciable. Section 4 of the income tax act is amended deleting paragraph 0 and substituting therefor following new paragraph. Resident tax payers owning residential properties in kenya that generate income will be taxed at 10% reduced from 12% contained in the.

This booklet is a guide on the taxation regime in kenya. Previously, the cgt rate applicable on gains realized on the transfer of listed shares by an individual was 7. Kolkata 700001 edition based on provisions applicable for ay 201415 references 1. The pkf worldwide tax guide 20 wwtg is an annual publication that provides an overview of the taxation and business regulation regimes of the worlds most significant trading countries. Management and professional fees subject to normal wht rates. The income tax act cap 470 in exercise of the powers conferred by section 188 of the income tax act, the minister for finance makes the following rules the income tax transfer pricing rules, 2006 1. Income of certain non resident persons deemed derived from. This act may be cited as the income tax amendment act 2014, and commences on the pt day of july 2014. Different rates apply to resident and nonresident companies. Kenya revenue authority kratax administration aspect and has. The vat amendment act 2014 came into effect on 29th may 2014. Amendment of section 812 of principal act taxation of income deemed to. Income tax an act of parliament to make provision for the charge, assessment and collection of income tax.

Global mobility services taxation of international. These rules may be cited as the income tax transfer pricing. The finance act 2014 amended the eighth schedule of the income tax act ita and as a consequence, cgt was reintroduced with effect from 1 january 2015. The income tax act hereinafter referred to as the principal act is amended in section 2 cap. This act may be cited as the central bank of kenya act. Scribd is the worlds largest social reading and publishing site. Section 31 of the income tax act of kenya stipulates as follows. South african institute of chartered accountants integritax newsletter income tax and vat acts online the income tax act, 1962, valueadded tax act, 1991 and other tax acts may be accessed on the.

Tabelle 1 from taxable income to cumulative tax on income. So you are excused for finding it a bit on the confusing side than. The searchable database contains laws, reports, and other civil. Income tax act 58 of 1962 south african government. Ministries, exempt ngos income of county governments income of a registered pension and provident schemefund. The international center for notforprofit laws digital legal library holds nearly 4,000 resources from over 200 countries and territories. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and. Press release on the draft kenya sovereign wealth fund bill 2019 and draft kenya sovereign wealth fund policy. Cap 491 the central bank of kenya act 5 interpretation 2. An act of parliament to make provision for the charge, assessment and collection of income tax. Number 37 of 2014 finance act 2014 irish statute book. Income from businesses where foreign exchange loss or gain is realized.

Interest paid by the government and the central bank of kenya is taxexempt. An act to provide for the taxation of incomes and matters connected therewith. File income tax, get the income tax and benefit package, and check the status of your tax refund. Income tax is a tax levied on income and is charged for each year of income tax year upon. Legal alert kenya tax amnesty guidelines fail to provide clarity. Exempt income under 1st schedule of income tax act ita. This act may be cited as the income tax act, 1973 and shall, subject to the sixth schedule, come into operation on 1st january, 1974, and apply to assessments for the year of income 1974 and. Theincome tax act on total income, including taxes on gains. Residential income tax is payable by any resident person who accrues or derives income from the use or occupation of residential property in kenya. This act may be cited as the income tax act, 2004, and shall come into operation on the 1st july, 2004. Income tax was introduced in uganda in 1940 by a protectorate ordinance. This act shall apply to mainland tanzania as well as tanzania zanzibar. Income from dividends 28 7a dividend tax account 29 8. Provided further that in respect of any income chargeable to tax under section 115a, 115ab, 115ac, 115aca, 115ad, 115b, 115ba, 115bb, 115bba, 115bbc, 115bbd, 115bbda, 115bbf.