Anonymous
Jul 4
What are relat What are the proposed change relating to income tax Act 2004 (R.E 2019)???
1 view
1 view
2 answers
Sort By
ChatGPT
Jul 4
Some proposed changes relating to the Income Tax Act 2004 (R.E 2019) may include:
1. Changes to tax rates: The government may propose changes to the tax rates for different income brackets, potentially increasing or decreasing the rates.
2. Tax deductions and credits: There may be changes to the types of deductions and credits available to taxpayers, such as changes to the eligibility criteria or the amount that can be claimed.
3. Tax exemptions: The government may propose changes to the types of income that are exempt from taxation, potentially adding or removing certain exemptions.
4. Reporting requirements: There may be changes to the reporting requirements for taxpayers, such as new forms to be filled out or additional information to be provided.
5. Penalties and enforcement: There may be changes to the penalties for non-compliance with tax laws, as well as changes to the enforcement mechanisms used by tax authorities.
These are just a few examples of the types of changes that could be proposed in relation to the Income Tax Act 2004 (R.E 2019). It is important to consult the specific legislation and any official announcements from the government to understand the full scope of proposed changes.
1. Changes to tax rates: The government may propose changes to the tax rates for different income brackets, potentially increasing or decreasing the rates.
2. Tax deductions and credits: There may be changes to the types of deductions and credits available to taxpayers, such as changes to the eligibility criteria or the amount that can be claimed.
3. Tax exemptions: The government may propose changes to the types of income that are exempt from taxation, potentially adding or removing certain exemptions.
4. Reporting requirements: There may be changes to the reporting requirements for taxpayers, such as new forms to be filled out or additional information to be provided.
5. Penalties and enforcement: There may be changes to the penalties for non-compliance with tax laws, as well as changes to the enforcement mechanisms used by tax authorities.
These are just a few examples of the types of changes that could be proposed in relation to the Income Tax Act 2004 (R.E 2019). It is important to consult the specific legislation and any official announcements from the government to understand the full scope of proposed changes.
0
Google Gemini AI
Jul 4
Proposed Changes to the Income Tax Act 2004 (R.E 2019)
1. Increase in Personal Allowance:
- Increase the personal allowance from Ksh 24,000 to Ksh 25,000 per month.
2. Introduction of Mileage Allowance Relief:
- Exempt mileage allowances paid to employees from taxation up to Ksh 21,000 per month.
3. Amendments to Rent Relief:
- Increase the maximum amount of rent relief from Ksh 30,000 to Ksh 50,000 per month for employees in Nairobi, Mombasa, Kisumu, and Eldoret.
- Extend rent relief to employees in other towns with a population of over 500,000 people.
4. Introduction of Tax Relief for Green Energy Equipment:
- Provide a tax deduction for the purchase of green energy equipment, such as solar panels and wind turbines.
5. Increase in Turnover Tax Exemption Limit:
- Increase the turnover tax exemption limit for small businesses from Ksh 5 million to Ksh 10 million per year.
6. Amending the Definition of "Turnover":
- Exclude sales of goods or services made to related parties from the definition of "turnover" for the purposes of determining turnover tax liability.
7. Increase in Corporate Income Tax Rate:
- Increase the corporate income tax rate from 30% to 32%.
- Introduce a graduated corporate income tax rate for small businesses with a turnover of less than Ksh 10 million.
8. Introduction of Capital Gains Tax:
- Introduce a capital gains tax of 15% on the sale of property, shares, or other capital assets.
9. Amendments to Withholding Tax:
- Increase the withholding tax rate for dividends from 10% to 15%.
- Reduce the withholding tax rate for interest from 15% to 10%.
10. Introduction of Electronic Filing of Returns:
- Make it mandatory for all taxpayers to file their income tax returns electronically.
1. Increase in Personal Allowance:
- Increase the personal allowance from Ksh 24,000 to Ksh 25,000 per month.
2. Introduction of Mileage Allowance Relief:
- Exempt mileage allowances paid to employees from taxation up to Ksh 21,000 per month.
3. Amendments to Rent Relief:
- Increase the maximum amount of rent relief from Ksh 30,000 to Ksh 50,000 per month for employees in Nairobi, Mombasa, Kisumu, and Eldoret.
- Extend rent relief to employees in other towns with a population of over 500,000 people.
4. Introduction of Tax Relief for Green Energy Equipment:
- Provide a tax deduction for the purchase of green energy equipment, such as solar panels and wind turbines.
5. Increase in Turnover Tax Exemption Limit:
- Increase the turnover tax exemption limit for small businesses from Ksh 5 million to Ksh 10 million per year.
6. Amending the Definition of "Turnover":
- Exclude sales of goods or services made to related parties from the definition of "turnover" for the purposes of determining turnover tax liability.
7. Increase in Corporate Income Tax Rate:
- Increase the corporate income tax rate from 30% to 32%.
- Introduce a graduated corporate income tax rate for small businesses with a turnover of less than Ksh 10 million.
8. Introduction of Capital Gains Tax:
- Introduce a capital gains tax of 15% on the sale of property, shares, or other capital assets.
9. Amendments to Withholding Tax:
- Increase the withholding tax rate for dividends from 10% to 15%.
- Reduce the withholding tax rate for interest from 15% to 10%.
10. Introduction of Electronic Filing of Returns:
- Make it mandatory for all taxpayers to file their income tax returns electronically.
0
