- Finance Bill proposes to raise VAT registration threshold from Sh5 million to Sh8 million
- Businesses with annual turnovers between Sh5 million and Sh8 million may be relieved from collecting VAT
- VAT Act requires businesses with Sh5 million annual value to register as VAT taxpayers
- Failure to withhold and remit VAT to government results in penalties
- Proposal would exempt businesses with annual revenues below Sh8 million from VAT obligations
Source: businessdailyafrica.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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