The long awaited Income Tax Bill, 2018 has been released for public participation. The Bill proposes to overhaul the Income Tax Act, (CAP.470) (the ITA) and makes significant changes to the current regime.
The National Treasury has indicated that it is in the process of reviewing the ITA with the aim of simplifying compliance and aligning it to international best practice within the Kenyan business context. The National Treasury has also indicated that the review of the ITA is in line with the Government’s Big Four Agenda to enhance the growth of the economy.
The National Treasury has welcomed contributions from stakeholders and members of the public on or before 24 May 2018.
The Bill is still under review and will no doubt be amended in the coming weeks and months following the public participation and parliamentary processes.
Click here to read a more comprehensive overview of the key highlights of the 2018 Income Tax Bill.
The draft Income Tax Bill can also be accessed here.
Should you have any queries or need any clarifications with respect to the above, please do not hesitate to contact Daniel Ngumy.
The content of this alert is intended to be of general use only and should not be relied upon without seeking specific legal advice on any matter.