Amendment of definition of value of supply of selected petroleum products
Additional criteria for issuance of a credit note
Definition of ordinary bread
Reduction in period within which to apply for VAT refunds arising from bad debts
Change to require all taxpayers to maintain records of their transactions
Amendment of status of various VAT supplies
The Bill proposes a number of changes to turnover tax, such as increase of annual turnover from KES5 million to KES50 million, turnover tax will also apply to incorporated companies, and the turnover tax rate has been reduced from 3% to 1%
Source: KPMG
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