VATupdate

Kenya proposes Tax Laws Amendments Bill, 2020

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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