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Ecobank Academy becomes the first corporate member of the Global Business School Network

Operating in all regions in sub-Saharan Africa, the Ecobank Academy is one of the largest corporate universities in Africa. Marking a seminal moment in the...

KCB Customers to Access Cash Simba Points

KCB Bank Customers will now be able to redeem cash for their Simba Points after the bank honored customers’ requests to redeem their points...

DIB BANK KENYA DONATES FOOD TO VULNERABLE FAMILIES 

Ramadhan is well known all over the world as a season of prayer and fasting for our Muslim brothers and sisters. It is also a...

Absa Appoints Charles Njenga Murito as Its Independent Non-Executive Director

ABSA Bank Kenya has appointed Charles Njenga Murito as its independent non-executive director. ABSA board chairperson Charles Munene announced in a statement that Murito will...

CBK extends its COVID-19 Emergency Measures on Mobile Money Transactions

Central Bank of Kenya has extended the time frame of the mobile money transactions emergency measures it effected in March this year to December...

Tala Launches Ksh 605 Million Rebuild Fund to help Kenyans cope with COVID-19 crisis

Tala today announced the launch of the Ksh 605Million COVID-19 Rebuild Fund to bolster Kenyan businesses and communities. The Fund, which Tala plans to grow...

KRA officially takes over revenue collection in Nairobi

The Kenya Revenue Authority has officially taken over revenue collection in Nairobi County as part of the deed signed on transfer of functions to...

Opinion: connectivity a bedrock for riding the fourth industrial revolution wave

By Adil Youssefi, CEO, Liquid Telecom, East Africa Region   While much is made of the potential of new technologies like cloud, IoT, AI and...

GAUGING THE ECONOMIC WAVES OF CORONAVIRUS ON KENYA

The Kenya Private Sector Alliance (KEPSA), the apex body of the private sector in Kenya, this morning resolved to engage all its members to...

Family Bank clienteles to befit from 100% vehicle cash deal

Family Bank has entered into a partnership with Simba Corporation Limited in a deal that will see customers receive up to 100% financing to...

women entrepreneurs in Kenya to benefit from KES10 billion kitty

Absa Bank Kenya PLC has today announced a KES10 billion fund to advance credit to women-owned small and medium enterprises over the next five...

 Turnover Tax Returns elapses

Payment of Turnover Tax (TOT)was due this Thursday 20th February 2020 and all Micro and Small Enterprises (MSEs) should have registered, file and pay the January 2020 tax returns for the Turnover Tax (TOT). The tax rate for TOT is 3% on the gross sales/turnover and is a final tax. TOT is filed and paid on a monthly basis on or before 20th of the following month. The Government of Kenya is committed to enhancing simplification of taxes to facilitate taxpayers to meet their obligations and TOT is part of this initiative. The TOT obligation is a simplified tax regime for Micro and Small Enterprises (MSEs). This obligation allows MSEs to pay taxes through simplified processes. Under this simplified regime, taxpayers are not required to prepare complex account records. The eligible taxpayers are only required to keep a daily gross sales record. KRA has been consulting with concerned stakeholders to facilitate them to register and pay the taxes due. KRA has also simplified the registration, filing and payment process of TOT on the iTax platform. The iTax system has always made it easy for taxpayers to access KRA services. This has led to notable success in filing returns, remitting payments, applying tax refunds, lodging tax objections, application of tax waivers and requesting tax compliance certificates. The TOT tax does not apply to persons; registered for VAT, with business income of Kshs 5,000,000 and above, Employment Income, Rental Income, Limited Liability Companies, Management and Professional Services among others. Eligible taxpayers are advised to log onto iTax, add the TOT obligation, file the monthly returns and make payment. TOT is part of KRA’s strategic initiatives to expand the tax base by ensuring that all Kenyans pay their fair share of taxes. KRA assures taxpayers of its support and facilitation to ensure that they register, file and pay their Turnover Tax before the set deadline. Taxpayers are also advised to visit the nearest KRA office for any assistance required or call the Call Centre on Tel: 020 4 999 999, 0711 099 999.

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