The Kenya Revenue Authority (KRA) has issued a release clarifying the application of the new 1% minimum tax introduced with effect from 1 January 2021 by the Finance Act 2020 and adjusted by the Tax Laws (Amendment) No. 2 Act 2020. The KRA has also published separate Guidelines on Minimum Tax with further details.
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All You Need to Know About Minimum Tax
The Finance Act 2020 of 30th June 2020 introduced Minimum tax (MT), chargeable at the rate of one percent of the gross turnover. MT i…