Taxwise Consulting in News
We are honoured to receive mention in the Business Focus Magazine on PAGE 94 ISSUE 47, Highlighting our Tax business specialisation.
Proposed Taxation of Residential Rental Income
The Finance Bill 2015 made proposals that will be made in the taxation of rental income. This is a move to enhance compliance amongst tax payers undertaking in rental business. The move aims to streamline taxation of residential rental income. The changes are however proposals which will be implemented after the assenting of the Finance Bill 2015 to the Finance Act 2015.
Full Link:- Proposed Taxation of Residential Rental Income
Tax News 2015
New National Hospital Insurance Fund ("NHIF") Rates
Effective 1st April 2015, Kenya will have new NHIF rates. The new rates were introduced via Legal Notice No. 14, 2015
Full Article: Tax news 2015 - NHIF
Budget Analysis Kenya 2015/16
The budget speech for the financial year 2015/2016 was made on the 11th of June 2015 by the Cabinet Secretary for the National Treasury. During this financial year the government intends to raise revenues worth KSh.1.358 billion for the development of the various sectors. The fiscal deficit will be financed by external financing of KSh.340.5 billion and domestic financing of KSh.229.7 billion.
Treasury Announces Clearance of VAT Refund Backlog
Taxpayers can finally heave a sigh of relief after the Treasury, on February 27, 2015 released a press statement announcing its plans to clear the pending VAT refund claims. In the press release, the National Treasury indicated that together with the Kenya Revenue Authority (“KRA”), they had addressed the issue of VAT refund claims backlog through a verification exercise that will lead to payment of the pending amounts. However, refund claims submitted recently will have to wait as the verification was done for claims of upto 31st December, 2013.