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While some stakeholders presented suggestions to scrap it out, others are of the opinion that the 2.5 per cent payment on the value of the car is based on the wrong premise.
Safaricom says once the split happens, the subsidiary company and those owned by other similar service providers will be at a competitive disadvantage with higher transaction costs.
Currently, courts determine whether the KRA’s demands for security are justifiable and then set the amount to be given either as a deposit or bank guarantee.
THE STANDARD By Awal Mohammed | March 17th 2021 at 10:05:41 GMT +0300 Small businesses run the risk of costly penalties from the taxman should they fail to acquaint themselves with the newly introduced tax initiatives by the State, audit firm PricewaterhouseCoopers (PWC) has warned. The businesses will be now be taxed a one per cent minimum tax on gross turn over - with the Finance Bill 2021 a few days shy of being assented to. Experts warn the new law is shrouded with numerous grey areas. PwC Senior Manager and Tax Policy Specialist Edna Gitachu said though the new laws may seem easy to im...
THE STANDARD By James Wanzala | March 15th 2021 at 13:51:56 GMT +0300 KRA Head Office in Nairobi (PHOTO: FILE) NAIROBI, KENYA: PwC Tax experts have appealed to Kenya businesses to acquaint themselves with recently introduced tax initiatives by the government to avoid costly penalties due to non-compliance. They said this during a virtual webcast on Thursday called, 'Demystifying Minimum Tax Provisions,' which discussed the practical aspects of the minimum tax provisions and how they would impact businesses. According to Edna Gitachu, Senior Manager and Tax Policy Specialist at PwC, at first...