{"id":21640,"date":"2021-01-28T21:23:21","date_gmt":"2021-01-28T21:23:21","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=21640"},"modified":"2021-01-28T21:23:21","modified_gmt":"2021-01-28T21:23:21","slug":"kra-gives-accounting-guidelines-for-corporate-tax-rates","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/kra-gives-accounting-guidelines-for-corporate-tax-rates","title":{"rendered":"KRA gives accounting guidelines for Corporate Tax rates"},"content":{"rendered":"

AfricaPress-Kenya<\/strong>: The Kenya Revenue Authority\u00a0(KRA) has released guidelines outlining the applicable Corporate Tax rates for the years of income 2020-2021.<\/p>\n

The lower rate of 25 per cent was introduced in April 2020 as a tax relief to counter the negative effects of COVID 19 on business and employment incomes.<\/p>\n

Resident corporates with accounting periods ending on or before March 30, 2020 have been advised to apply the 30 per cent rate.<\/p>\n

\u201cTaxpayers whose accounting period ends after January 1, 2021, shall determine the income for the accounting period and apportion the same between the two periods and charge the applicable rates,\u201d said\u00a0KRA\u00a0Commissioner for Domestic Taxes, Rispah Simiyu, in a Statement.<\/p>\n

\u201cThe process of enhancement of the iTax System is already underway to incorporate this interpretation,\u201d she added.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

She advised taxpayers to prepare their accounts, submit returns through the current iTax system and pay the correct amount of tax in the intervening period.<\/p>\n

\u201cAny erroneous penalties or interest that may arise\u2019 in the intervening period shall be corrected when the system is fully deployed,\u201d said Simiyu.<\/p>\n

\u00a0<\/strong><\/figcaption><\/figure>\n

The corporation tax rates shall apply as follows:<\/strong><\/p>\n

1. 30 per cent on income of a person whose accounting period ended on or before March 30, 2020.<\/p>\n

2. 25 per cent on income of a person whose accounting period ended between April 1, 2020 and December 31, 2020.<\/p>\n

3. For persons whose accounting period ends after 1st January, 2021, the Corporation Tax rate shall be applied as follows; 25 per cent for income earned in the period prior to January 1, 2021.\u00a0 30 per cent for income earned in the period on or after January 1, 2021.<\/p>\n

In December 2020, Corporation\u00a0Tax<\/a>\u00a0recorded a performance rate of 93.5 per cent against the target. The performance was negatively affected by a decline in instalment remittance from banks by 25.3 per cent which reflects the impact of COVID on business performance<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Kenya: The Kenya Revenue Authority\u00a0(KRA) has released guidelines outlining the applicable Corporate Tax rates for the years of income 2020-2021. The lower rate of 25 per cent was introduced in April 2020 as a tax relief to counter the negative effects of COVID 19 on business and employment incomes. Resident corporates with accounting periods ending […]<\/p>\n","protected":false},"author":84,"featured_media":21644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[7247,411,412],"class_list":["post-21640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-corporate-tax","tag-kenya-revenue-authority","tag-kra"],"yoast_head":"\nKRA gives accounting guidelines for Corporate Tax rates - kenya<\/title>\n<meta name=\"description\" content=\"The Kenya Revenue Authority\u00a0(KRA) has released guidelines outlining the applicable Corporate Tax rates for the years of income 2020-2021\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/kra-gives-accounting-guidelines-for-corporate-tax-rates\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KRA gives accounting guidelines for Corporate Tax rates\" \/>\n<meta property=\"og:description\" content=\"The Kenya Revenue Authority\u00a0(KRA) has released guidelines outlining the applicable Corporate Tax rates for the years of income 2020-2021\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/kra-gives-accounting-guidelines-for-corporate-tax-rates\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-28T21:23:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/01\/kras_accounting_g60128c1ac15e6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"707\" \/>\n\t<meta property=\"og:image:height\" content=\"448\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kra-gives-accounting-guidelines-for-corporate-tax-rates#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kra-gives-accounting-guidelines-for-corporate-tax-rates\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"KRA gives accounting guidelines for Corporate Tax rates\",\"datePublished\":\"2021-01-28T21:23:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kra-gives-accounting-guidelines-for-corporate-tax-rates\"},\"wordCount\":296,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kra-gives-accounting-guidelines-for-corporate-tax-rates#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/01\/kras_accounting_g60128c1ac15e6.jpg\",\"keywords\":[\"Corporate Tax\",\"Kenya Revenue Authority\",\"KRA\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/kra-gives-accounting-guidelines-for-corporate-tax-rates#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kra-gives-accounting-guidelines-for-corporate-tax-rates\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kra-gives-accounting-guidelines-for-corporate-tax-rates\",\"name\":\"KRA gives accounting guidelines for Corporate Tax rates - 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