Mwalimu Tax Consult

Mwalimu Tax Consult Tax consult

11/01/2020

Turnover Tax
In accordance with the Finance Act, 2019, the Turnover Tax (TOT) has been re-introduced and will be payable from 1st January 2020.

Who should pay TOT?
Turnover Tax (TOT) is payable by any resident person whose turnover from business does not exceed or is not expected to exceed Kshs 5,000,000 during any year of income.

TOT does not apply to:

Persons registered for VAT
Persons with business income of Kshs 5,000,000 and above,
Employment Income,
Rental Income,
Limited Liability Companies,
Management and Professional Services among others.


What is the rate for Turnover Tax (TOT)?
The tax rate for TOT is 3% on the gross sales/turnover and is a final tax.

Filing of TOT Returns
TOT will be filed and paid on a monthly basis. The due date is on or before 20th of the following month.

Note
TOT payers are also liable to pay Presumptive Tax at a rate of 15% of the Single Business Permit fee payable or licence payable. However, Presumptive Tax paid will be offset against the TOT payable.

11/01/2020

as a professional practitioner, i teach my clients how to avoid tax rather than evading, always comply with authorities!, fyi TOT is due on every 20th!

15/10/2018

Thanks to my prospects/clients 4 ur support. I only know/offer legal ways to avoid tax. in case your account is flagged or under investigation-see me for professional advice; if you want to reduce the tax burden on PAYE, VAT, CORPORATE, CUSTOMS & Investments, come you will thank me later!

05/10/2018

WHAT YOU NEED TO KNOW - RESIDENTIAL RENTAL INCOME TAX MRI
Finance Act 2015 introduced Residential Rental Income Tax, payable by any resident person from income which accrued in or derived from Kenya for the use or occupation of residential property at 10% rate on gross rental income which does not exceed Kshs. 10 million per annum.
If you earn a gross rent of more than Kshs. 144,000 per annum (Kshs. 12,000 per month) and not exceeding Kshs. 10 million per annum (Kshs. 833,333 per month) you are required to file the monthly Residential Rental Income Tax returns. However, landlords with rental income below Kshs. 12,000 per month shall be required to file annual income tax return and declare this rental income together with income from other sources.
Landlords are required to file and make correct declaration through a simplified tax return via iTax System and pay the tax due on or before the 20th day of the month immediately following the month which the rent was received.
Failure to file the residential rental income tax return by the due date of 20th day of the month immediately following the month which the rent was received attracts a penalty of Kshs. 20,000 or 5% of the principal amount due, whichever is higher. In addition, any tax not paid by the due date shall attract a penalty at 20% of the tax payable and interest of 1% per month.
Please note Compliance is easy and cost-effective.

26/09/2018

http://www.kra.go.ke/notices/pdf2018/VALUE%20ADDED%20TAX%20ON%20PETROLEUM%20PRODUCTS_alt.pdf

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