Welcome, Guest: Join Kenyans247 Log In!

Stats: 282 Members, 13,158 topics and 65 posts Date:  Wednesday 23 September 2020 at 08:54 AM
Popular & Trending NewestFeatured Links ClassifiedDirectoryLivescoresLive Kenyan TVLive Kenyan Radio Follow Us Like Us

About Us Terms & Conditions Privacy Policy FAQ's Disclaimer Copyright Contact Us Advertise With Us Download K247 APP Marketplace Moderator Policy We Are Hiring Kenya Radio and TV Stations Listen and Watch Live Letter From the C.E.O Kenya Radio Stations Live Kenya TV Stations Live Kenya - Newspapers and News Sites and popular blog Forum Rules

How to Apply for a Corporate Profit Tax and Gains Tax in Kenya

Kenyans247 / Kenyans247 / General / Huduma Centre / How to Apply for a Corporate Profit Tax and Gains Tax in Kenya

92 people viewed

How To Renew Pharmacist License In Kenya How To Reverse A Wrong Mpesa Transaction 2019 How To Register A Twitter App In 8 Easy Steps How To Watch The 2019 Fifa Women’s World Cup Online (without Cable)
(Go Down) (» Reply topic)
How to Apply for a Corporate Profit Tax and Gains Tax in Kenya by Kenyans247(1): Sat Jan 2020 08:55am
Procedure
Companies must file their annual tax returns, together with all supporting schedules and the original financial statements, before 1 May each year or four months from the financial year end.

The tax return should be signed by the taxpayer. Taxpayers can file a request to extend the due date of filing the tax return provided they pay an estimated amount of tax. The request must be filed at least 15 days before the due date and the estimated tax due must also be paid before the due date.

The extended period can be up to 60 days.

An amended tax return can be filed within 30 days from the due date. Any tax due must be paid when the tax return is filed. A late penalty is applied at the rate of 2% plus the credit and discount rate issued by the Central Bank of Kenya as of January each year.

The law has set up appeals committees at two levels the Internal Committee and the Appeal Committee. The Appeal Committees decision is final and binding on the taxpayer and the tax department unless a case is appealed by either to the court within 30 days of receiving the decision, which is usually in the form of an assessment.

Otherwise the following are the procedure to follow in apply for a Corporate profit tax and Gains tax.

Go to the Office of General Directorate of Taxes at the Kenya Revenue Authority.
Bring the required documents.
Present the documents.
You will be asked to wait while your documents are being processed.
You will be called to the cashier to pay the application fee and necessary tax.
Pick up your corporate profit tax certificate.

Required Documents
The registration requirements are as follows:

A copy of certificate of incorporation.
List of staff and their annual salaries.
The Directors Tax Clearance Certificates (now Electronic Tax Clearance Certificate)
Letter of application for registration,

Office Locations & Contacts
Kenya Revenue Authority
Times Tower, 19th Floor, Haile Selassie Avenue

P.O. Box 30742 Tel. 310900, Fax 315987 Nairobi, Kenya.

Web site: http://www.kra.go.ke

Eligibility
All Kenyan corporations both private and government institution are entitled to corporate profit tax and gains tax.


Fees
Nature of tax Rate
Corporate income tax up to net profit 10,000,000 20%
Corporate income tax net profit over 10,000,000 25%
Capital gains tax 20%
Branch tax 20%
Withholding tax
Dividends 0%
Interest 20%(1)
Royalties from patents, know-how, etc. 20%(1)
Certain services provided from non-resident entities 20%(1)
Branch remittance tax 0%
Net operating losses (years)
Carry back 3 years
Losses incurred in long-term projects can be carried back within the same project with no limits.

Carry forward 5 years
Final tax imposed on gross payments. The rate may be reduced under a tax treaty.

Validity
valid for 1 year.

Processing Time
processing is 14 days

Instructions
The Kenyan corporation must register for a Corporate Tax on their Profits derived from Kenya, as well as be familiar with the rules relating to the filing of Corporate tax and How gains tax is calculated.



Required Information
Name of Taxpayer
Taxpayer Identification Number
Business Name or Trade Name of Taxpayer
Status
Bank Details
Name of Bank
Bank branch
Account Number
Type of Employment
Total Income Chargeable Income Total Tax Payable
Details of Salary paid and Person relief tax deducted from Employees

Need for the Document
Kenya corporations are subject to corporate profits tax on their profits derived from Kenya, as well as on profits derived from abroad, unless the foreign activities are performed through a permanent establishment located abroad. Foreign companies resident in Kenya are subject to tax only on their profits derived from Kenya. Oil prospecting and production companies are subject to tax on their profits at a rate of 30.%. The Insurance Companies in Kenya ,Kenya Petroleum Company (KPC)and Central Bank of Kenya are subject to tax on their profits at a rate of 30%.

External Links
http://www.revenue.go.ke/incometax/pdf/incometaxataglance.pdf

http://www.revenue.go.ke/incometax/faqincometax.html

Source https://www.wikiprocedure.com/index.php?title=Kenya_-_Apply_for_a_Corporate_Profit_Tax_and_Gains_Tax

0 Shares 0 Like •

(» Go Up)

You must Sign in or Sign Up to post content

For you to post content on this website you have to log in or register, it only take few minute to create account

Go Up

Recommended for you

How To Use Airdrop On Iphone, Ipad, And Mac How To Disable Location Services On Mac How To Send Money From Mpesa To Airtel Money How To Apply For Tea Manufacturing License In Kenya

Currently: 1 guest(s) reading this article

Sections: Environment, Business, Politics, World List Directory, Agriculture, Technology Market, Programing, Building/Architecture, Phones, Art, Graphics & Video, Fashion, Gossip, Gaming, Jokes Etc, Sports, Burundi Forum, Rwanda Forum, Somalia Forum, Tanzania Forum, South Sudan Forum,

About Us | Terms & Conditions | Privacy Policy | FAQ's | Disclaimer | Copyright | Contact Us | Advertise With Us | Download K247 APP | Marketplace | Moderator Policy | We Are Hiring | Kenya Radio and TV Stations Listen and Watch Live | Letter From the C.E.O | Kenya Radio Stations Live | Kenya TV Stations Live | Kenya - Newspapers and News Sites and popular blog | Forum Rules | Featured LinksFollow Us on TwitterLike Us on Facebook

Kenyans247 - Copyright © 2019 - 2020 Sande Kennedy. All rights reserved. See How To Advertise.
Disclaimer: Every Kenyans247 member is solely responsible for anything that he/she posts or uploads on Kenyans247.