The Kenya Revenue Authority has waived Presumptive tax for new businesses for the first 24 months to simplify tax payments and ease business costs. A notice from the Authority shows that it will waive the Single Business Permit for businesses in Nairobi County. The changes on the presumptive tax charged on 15% value of a single business permit will affect businesses with turnover below Ksh 5 million.
Apart from the changes in presumptive tax, KRA will also simplify tax payments for businesses. Businesses will also be able to file for the National Social Security Fund (NSSF) deductions online.
Small and Medium Enterprises (SMEs) can now use mobile phones to settle pending tax arrears, as well as amend their tax returns online. The changes are set to attract informal businesses, mostly left out in taxes.
Last month, the Authority launched the KRA M-Service App, which makes it easier to access some of its services for the taxpayers, allowing Kenyans to access tax services on the go. The mobile app is connected to the Integrated Customs Management System (iCMS), allowing importers and exporters to fill out Customs Entry Declaration Status and Passenger Declaration Forms.
READ ALSO: Kenyans to Dig Deeper as KRA Revises Excise Duty Upwards
