It's Me Scumbag
Elder Lister
I know its none of my business and its your money.
But we want you to confirm that yours,the money that is,was and is part of the 2 Billion stolen daily... Read on..
"I just want to remind everyone that they must ensure that their tax affairs are in order. KRA have seriously ramped up their operations over the past couple of weeks.
The rules are simple.
1, If you have a PIN then you need to file a tax return even if you have no income.
2. If you had registered for VAT/PAYE and then stopped filing returns then please write to KRA to inform them to cancel the obligation from your PIN.
3. Interest income from banks, T bills, etc have no further tax liabilities after w/h taxes.
4. Rental income is taxed at 10% of the income. No need for receipts etc. Nice and simple.
5. If you only earn a salary then you must also submit a tax return.
6. Business income is taxed after expenses. The rates are graduated (personal) but maximum is 30%. For limited companies it is 30%. Yes KRA is your partner in the business.
7. Do not ignore any letters/emails from the KRA. You must respond or else they make their own estimates and raise an assessment. The battle becomes bigger.
8. There is no hiding anything now. Your bank and MPesa records are available to the KRA.
9. Many of us feel the pain of the corruption you see but then the taxes must still be paid.
10. Pay your taxes (not a penny more or a penny less) as that is the right thing to do. If we lived abroad then we would not dodge taxes.
11. KRA has introduced Alternative Minimum Tax which is 1% of your turnover even if you make a loss. This has commenced in Jan 2021.
12. Make sure that you have a at least 2 friends who are accountants
. Entertain them once in a while. It will be worth it!!
13. Capital Gains Tax is 5% on sales of property/shares etc."
Of course its not exhaustive but it should point you in the right direction if you do not already do not know where Times Towers is.
But we want you to confirm that yours,the money that is,was and is part of the 2 Billion stolen daily... Read on..
"I just want to remind everyone that they must ensure that their tax affairs are in order. KRA have seriously ramped up their operations over the past couple of weeks.
The rules are simple.
1, If you have a PIN then you need to file a tax return even if you have no income.
2. If you had registered for VAT/PAYE and then stopped filing returns then please write to KRA to inform them to cancel the obligation from your PIN.
3. Interest income from banks, T bills, etc have no further tax liabilities after w/h taxes.
4. Rental income is taxed at 10% of the income. No need for receipts etc. Nice and simple.
5. If you only earn a salary then you must also submit a tax return.
6. Business income is taxed after expenses. The rates are graduated (personal) but maximum is 30%. For limited companies it is 30%. Yes KRA is your partner in the business.
7. Do not ignore any letters/emails from the KRA. You must respond or else they make their own estimates and raise an assessment. The battle becomes bigger.
8. There is no hiding anything now. Your bank and MPesa records are available to the KRA.
9. Many of us feel the pain of the corruption you see but then the taxes must still be paid.
10. Pay your taxes (not a penny more or a penny less) as that is the right thing to do. If we lived abroad then we would not dodge taxes.
11. KRA has introduced Alternative Minimum Tax which is 1% of your turnover even if you make a loss. This has commenced in Jan 2021.
12. Make sure that you have a at least 2 friends who are accountants
. Entertain them once in a while. It will be worth it!!13. Capital Gains Tax is 5% on sales of property/shares etc."
Of course its not exhaustive but it should point you in the right direction if you do not already do not know where Times Towers is.
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