Withholding tax on rental income
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This document discusses Kenya's withholding tax on rental income. It states that appointed agents must deduct and remit 10% tax on gross rent paid to resident landlords. It provides details on the qualifications and process for appointing withholding tax agents, the rate and due date for remitting the tax, and that the tax is not final but can be used as a tax credit. It also outlines the payment process and exemptions.
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Step 1: Application for Reconsideration.
Step 2: Tax Disputes Resolution Committee(s) (TDRC)
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The taxpayer starts by submitting an ‘Application for Reconsideration’ directly to the FTA.
For this to be valid:
The submission has to be made within 20 business days of the FTA’s decision (shown on the FTA’s decision notification)
Legitimate reasons why the decision should be reconsidered must be provided by the taxpayer. Legislative references should also accompany these reasons.
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- The 1% EWT applies to the gross payment made by the buyer/withholding agent to the seller for the purchase of corn.
- Let's say the gross payment made for a purchase of corn is Php100,000.
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NCDOR: The basics of NC tax law compliance | Registering your Business | Employee Withholding | Sales and Use Tax Requirements | Programs for Businesses that have fallen behind
GST Model in India_2016
A brief understanding of proposed provisions of Goods & Service Tax, 2016. It includes Dual Structure of GST, Input Credit of GST, Returns or Payments in GST, TDS/TCS in GST.
Presentation gst.pptx
The document discusses input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. It defines key terms related to ITC such as input, capital goods, input services, and input tax. It explains that ITC allows businesses to offset output tax liability against taxes paid on inputs. It outlines eligible items for ITC claims and conditions that must be met to claim ITC such as possessing valid tax invoices and payment of tax. It also discusses proportionate credit rules and restrictions such as ineligible credits for certain goods like motor vehicles.
Startup Tax Strategies
This document summarizes key tax considerations for startups in Pakistan. It outlines the various tax filings and compliance requirements under income tax laws and sales tax laws, including entity registration, tax number acquisition, income tax returns, withholding requirements, tax rates, and penalties. Specifically, it notes that startups must first register their legal entity with tax authorities, understand applicable tax obligations based on entity type, and ensure compliance with monthly, annual, and other tax filing deadlines.
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Filing FAQs
The document provides answers to frequently asked questions about filing annual income tax returns in Kenya. It addresses questions about who must file, penalties for late filing, the purpose of filing even without income, and technological options available for online filing given pandemic restrictions. KRA confirms that all individuals and entities with income must file by June 30th, that failure to file can impact future compliance and access to services, and that they are providing online support and training to help taxpayers file remotely this year.
Filing of individual returns
All individuals, partnerships and companies with year ending 31st December who have income tax are required to file returns before 30th June
Tax Incentives for Individuals
The document outlines various tax incentives for individuals in Kenya, including a personal relief amount of 28,800 Kenyan shillings per year for residents. It provides tax relief of up to 60,000 shillings per year for life, education, and health insurance premiums. Employee contributions to pension funds are also tax deductible up to 20,000 shillings per month. Mortgage interest of up to 300,000 shillings per year and gratuity payments of up to 240,000 shillings per year into pension schemes are exempt. Retirement amounts of up to 600,000 shillings are also tax free. Failure to file returns or pay taxes on time results in penalties and interest charges.
Pre Arrival Processing
Pre-arrival processing (PAP) allows for the submission and processing of import documentation before goods arrive to expedite their release. It involves the electronic submission and processing of documents like manifests and certificates. This facilitates risk assessment and clearance before arrival so goods can be released immediately. PAP benefits traders by reducing clearance times and costs while also facilitating trade and efficient border management.
PIN Requirements
A Personal Identification Number (PIN) is a unique identifier issued to taxpayers (individuals and non-individuals) to transact business with the Kenya Revenue Authority (KRA) and other government agencies. To apply for a PIN, taxpayers can access the online application on the KRA website or through mobile apps. The requirements for PIN registration vary depending on taxpayer type, including documents like passports, marriage certificates, and letters of introduction. A PIN is linked to specific tax obligations that a taxpayer must adhere to, such as due dates for filing and paying taxes.
Value added tax (1)
VAT is a tax on goods and services charged by registered taxpayers in Kenya. The main laws governing VAT include the VAT Act 2013 and Tax Procedures Act 2015. VAT returns must be filed monthly by the 20th of each month via the iTax system. Taxable supplies are subject to either a 16% standard rate, 8% rate for petroleum products, or 0% rate for exports and certain supplies. Registered businesses must maintain records and are subject to collection and enforcement measures if VAT obligations are not met.
Filing for Employment Income only
Log onto your i-Tax profile and select "File Return" for a "Resident Individual" tax obligation. Download the Excel template and provide details of employment income, PAYE deducted, mortgage interest or HOSP contributions. Validate the return and generate an upload file to submit via i-Tax. Business income should be declared separately.
iTax Online e-Services
The document describes several self-service options available on the iTax portal for taxpayers to conveniently access needed information. These include a PIN checker to verify PIN status and tax obligations registered under a PIN. A TCC/exemption certificate/excise licence checker verifies certificate/licence details. A withholding checker verifies withholding income tax, VAT, and rent certificates. An agent checker verifies appointed withholding agents.
VTDP
This document summarizes Kenya's Voluntary Tax Disclosure Program (VTDP). The VTDP allows taxpayers to voluntarily disclose previously undisclosed tax liabilities and qualify for partial or full relief from penalties and interest by paying the principal taxes owed. To qualify, taxpayers must disclose everything and pay all taxes due by June 2020. The VTDP provides 100% penalty and interest remission for disclosures made in 2021, 50% remission for 2022, and 25% remission for 2023. Taxpayers who use the VTDP will not face prosecution and cannot appeal the taxes and penalties paid under the program.
KRA overview
The Kenya Revenue Authority (KRA) was established in 1995 through an Act of Parliament to serve as the sole revenue collecting agency for the Kenyan government. Previously, various taxes were collected by separate departments within the Ministry of Finance, which led to high costs, duplication of roles, and difficulties with enforcement and audits. The KRA's mandate is to assess taxes, collect taxes, and account for all tax revenues. Its vision is to be a globally trusted revenue agency that facilitates tax and customs compliance.
Authorized Economic Operators(AEO)
AEO is a preferential customs clearing programme that allows trusted customs clients to enjoy preferential customs facilitation when clearing.
Importation of motor vehicles
1. The importer must hire a licensed clearing agent to process the import declaration and pay all duties and taxes on their behalf.
2. The clearing agent will file an import entry, present the required documents like the bill of lading, commercial invoice, and original logbook to customs for approval.
3. Key documents required include an original bill of lading, commercial invoice, import declaration form, and logbook less than 8 years old from the vehicle's country of origin. Duties include import duty, excise duty, VAT, and other government levies.
Turnover Tax Amendments
Following the presidential directive, The Tax Laws (Amendment) Act, 2020 amended the Turnover tax regime as follows:
Tax Debt
A Tax debt refers to any confirmed tax liability, penalties or interest thereon that remain unpaid after the due date.
Waiver Application
A waiver application is a request made by a taxpayer for consideration on penalties and interest to be remitted where they fail to pay their taxes or file returns by stipulated due dates to Commissioner Domestic Taxes.
Turnover
The document summarizes Kenya's turnover tax (TOT). It states that TOT is charged at 1% on gross sales between KES 1-50 million annually. It is due by the 20th of each month and expenses are not deductible. The document provides details on registration, filing returns, payments and penalties for non-compliance.
Refunds slide share for uploading
Employers failing to provide tax exemptions and reliefs to employees during payroll deductions can result in employees being owed tax refunds. When filing individual tax returns, if an employee's actual tax liability is less than taxes paid, they are due a refund. Common reasons for refunds include employers not granting disability exemptions, insurance reliefs, mortgage interest deductions, or monthly personal reliefs. To apply for a refund, individuals log into the iTax portal and submit a claim along with required documents like deduction cards or certificates. Refunds are then analyzed and paid out once approved.
Corporation Tax
This is a form of income tax that is levied on corporate bodies such as limited companies and trusts.
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Withholding tax on rental income
- 1. PUBLIC Withholding Tax on Rental Income
- 2. PUBLIC What is Rent? Rent means payments received from a right granted to another person for use or occupation of immovable property.
- 3. PUBLIC Effective date of WHT on rental income • The tax became effective date on 1st January 2017 • It applies to rent payable for both residential and commercial property. • Appointed WHT agents are required to deduct and remit 10% tax on gross rent paid to resident landlords.
- 4. PUBLIC Qualifications to be appointed as a WHT agent Kenya Revenue Authority has prioritised the following for appointment as WHT agents: • Private Institutions with high compliance status • Public Institutions
- 5. PUBLIC How appointments are done • Appointment of WHT agents is done by KRA via iTax. • Appointed agents are notified manually through letter and also via iTax. • Necessary capacity building for appointed WHT agents is done to facilitate compliance.
- 6. PUBLIC Rate and due date of withholding tax • Appointed agents withhold tax at a flat rate of 10% of gross rent paid (excluding VAT where applicable). • Tax withheld is paid via iTax system on or before the 20th day of the month following rent payment.
- 7. PUBLIC Is withholding tax a final tax? • WHT tax is not a final tax. This means that, when the tax due is paid, a WHT certificate is issued automatically to the landlord and this will be used to claim tax credits when filling annual returns.
- 8. PUBLIC Payment of WHT tax on rental income The payment process is as follows; • Log on to iTax.kra.go.ke • Click on ‘Payments’ menu • Select ‘Payment Registration’ • Select the ‘Tax Head’ (Income Tax), ‘Tax Sub Head’ (Income Tax – Rent Withholding).
- 9. PUBLIC Payment of WHT tax on rental income contd’ • Provide the required landlord, property and gross rent details. • Click on ‘submit’ to generate a unique Payment Registration Number - PRN (i.e. E-slip) • Make payment using the PRN at the bank or via Mpesa, pay bill number 572572 and account number as the PRN.
- 10. PUBLIC WHT on rental income exemptions • Only persons duly appointed by the Commissioner should withhold • Exempt persons shall not be subjected to withholding tax. • For non-resident landlords - tenants withhold at 30% of the gross rent payable to the landlord
- 11. PUBLIC The end