We shall host the Kenya Revenue Authority (KRA) on Thursday October 1, as they discuss their recently announced tax amnesty on rental income.
The Kenya Revenue Authority (KRA) is the Authority charged with the responsibility of collecting revenue on behalf of the Government of Kenya.
The Kenyan real estate sector has witnessed tremendous growth in recent years. Despite this growth, tax revenue from this sector has not been commensurate with that growth, due to low compliance among landlords because of various challenges. One of the challenges affecting tax compliance is a huge backlog of taxes.
KRA commenced an aggressive tax compliance campaign targeting real estate sector in July 2012. The government therefore introduced amnesty (Finance Act,2015) for landlords with objective of reducing tax burden and cost of compliance As a result, it has realized additional revenue of Kshs. 8.5 billion.
KRA would like to sensitize all landlords of the benefits they will get from the waiver on taxes, penalties and interests on taxes for amounts earned before January 2014. However, landlords will have to declare and pay taxes on rental incomes earned since January 2014. This waiver is valid from 1st July 2015 up to 30th June 2016. Going forward, from 1st January 2016, landlords will be expected to pay a flat rate of 12% per month on rental incomes earned.
Join us as we and engage and interact with KRA and get all your rental tax related questions answered. You can register for this event here.
Date: 1st October 2015
Venue: Nailab, 4th Floor, Bishiop Magua Centre
Time: 5.00-8.00 pm