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COVID-19 Relief Measures.pdf

KPMG Tax Alert Government Interventions to Cushion Kenyans against COVID-19.pdf

🔗 Source: home.kpmg

📊 Size: 113 KB

👤 Author: richardmwangi

⬇️ Downloads: 210

Summary

100% Tax Relief for low-income earners (gross monthly income up to KES 24,000)
Reduction of highest PAYE band from 30% to 25%
Reduction of corporate tax from 30% to 25%
Reduction of Turnover tax from 3% to 1% for Micro, Small and Medium Enterprises (MSMEs)
Reduction of Value Added Tax (VAT) from 16% to 14%
Expedited payment of verified VAT refund claims (KES 10 Billion) within 3 weeks
Settlement of KES 13 Billion of verified pending bills within 3 weeks
Flexible provisioning requirements for banks
Appropriation of KES 10 Billion for cash transfers to vulnerable members of society
Temporary suspension of listing with credit reference bureaus for persons who default on loan obligations
Disbursement of KES 1 Billion for recruitment of additional medical personnel
Voluntary reduction of salaries for top public servants

Effective Date: Proposals to be implemented after approval from the National Assembly and assent by the President.

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Description

Kenyans earning up to KES 24,000 monthly get 100% tax relief. This aims to increase disposable income for low-income earners. The government introduced this measure to mitigate COVID-19's economic impact.

Technical Information

File Format: PDF
File Size: 113 KB
Pages: 3
Language: EN
Author: richardmwangi
Total Downloads: 210
Last Updated: 20 hours ago

Document Overview

This PDF document about COVID-19 Relief Measures provides comprehensive information and guidance. Whether you're a beginner or advanced user, this resource offers valuable insights into COVID-19 Relief Measures.