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    Suzuki unveils latest entrant into the Kenyan market

    Suzuki unveils latest entrant into the Kenyan market

    LG launches social impact challenge for innovative community projects

    LG launches social impact challenge for innovative community projects

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Kenya Railways Slashes SGR Cargo Transportation Costs

    Kenya Railways Slashes SGR Cargo Transportation Costs

    KRA lures Kenyans with this new tax reprieve

    KRA begins drive to convince Kenyans to pay taxes

    Interview: Meet Jivu the Afro Fusion Kenyan Artists

    Interview: Meet Jivu the Afro Fusion Kenyan Artists

    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Uhuru: My desire is to provide jobs for the many unemployed youth

    Uhuru charms youths with Sh1.3 billion kitty

  • Markets
    Suzuki unveils latest entrant into the Kenyan market

    Suzuki unveils latest entrant into the Kenyan market

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

    Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

    Opera launch its new Chat App to rival WhatsApp

    Opera launch its new Chat App to rival WhatsApp

    CBK reveals Kenyans abroad sent Ksh30.5B in remittances in January

    CBK reveals Kenyans abroad sent Ksh30.5B in remittances in January

    Delight for Bailey’s Drinkers despite Ravages of Pandemic

    Delight for Bailey’s Drinkers despite Ravages of Pandemic

    BAT’s PR agency in trouble for trying to bribe a reporter

    BAT’s PR agency in trouble for trying to bribe a reporter

    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

  • Real Estate
    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

    Developing Countries Set To Lose Sh22 Trillion Due to COVID-19

    Commercial office rents fall 13pc in quarter 3 & 4 of 2020

    New Construction Technology to help NHC deliver affordable homes

    New Construction Technology to help NHC deliver affordable homes

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    New Ksh350Million Commercial centre to be constructed in Athi River

    New Ksh350Million Commercial centre to be constructed in Athi River

    Greenpark Estate injects Ksh15M to its development

    Greenpark Estate injects Ksh15M to its development

    LG’s OLED Honoured at the Technology and Engineering Awards

    LG’s OLED Honoured at the Technology and Engineering Awards

    Kenya’s position as a Digital Media Hub gaining momentum

    Kenya’s position as a Digital Media Hub gaining momentum

  • Tech
    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    2 Kenyans selected to create African Inspired stickers for New Chat App

    2 Kenyans selected to create African Inspired stickers for New Chat App

    Mobile Phones contribute to the realisation of UN SDGs – 2020 GSMA report says

    realme awards fans to Valentines through DaretoLove Campaign

    realme awards fans to Valentines through DaretoLove Campaign

    Opera launch its new Chat App to rival WhatsApp

    Opera launch its new Chat App to rival WhatsApp

    IoT predictions for 2021: Smarter tech will make better business

    IoT predictions for 2021: Smarter tech will make better business

    Nokia to launch its low cost smartphones in Kenya

    Nokia to launch its low cost smartphones in Kenya

    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

    Housing Finance launches new money transfer service

    Housing Finance launches new money transfer service

  • World Business
    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    World Engineering Day to Be Celebrated in Kenya

    World Engineering Day to Be Celebrated in Kenya

    How NASA Technology Can Help Save The World’s Largest Shark

    How NASA Technology Can Help Save The World’s Largest Shark

    After fight with US Authorities Huawei CEO now want talks with Biden

    After fight with US Authorities Huawei CEO now want talks with Biden

    Ford Vehicles to be powered by Android and Google apps in new deal

    Ford Vehicles to be powered by Android and Google apps in new deal

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    DHL Express Named Best Employer in The World

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    Meet the founder of Safari Doctors Umra Omar

    Kenya to receive Ksh 1 billion from Google for economic recovery

    Kenya to receive Ksh 1 billion from Google for economic recovery

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    Suzuki unveils latest entrant into the Kenyan market

    Suzuki unveils latest entrant into the Kenyan market

    LG launches social impact challenge for innovative community projects

    LG launches social impact challenge for innovative community projects

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Kenya Railways Slashes SGR Cargo Transportation Costs

    Kenya Railways Slashes SGR Cargo Transportation Costs

    KRA lures Kenyans with this new tax reprieve

    KRA begins drive to convince Kenyans to pay taxes

    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    2 Kenyans selected to create African Inspired stickers for New Chat App

    2 Kenyans selected to create African Inspired stickers for New Chat App

    • Agribusiness
    • Banking
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      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      DTB Bank set to shut down 6 branches

      DTB Bank set to shut down 6 branches

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      Housing Finance launches new money transfer service

      Housing Finance launches new money transfer service

      Businesses to benefit from Ksh1.6 Billion in Aid from DTB

      Businesses to benefit from Ksh1.6 Billion in Aid from DTB

      Leak: 53 Kenyan banks, individuals Named in FinCEN Files For Illegal Sh6 Trillion Transactions

      Impending layoffs at Absa Bank Kenya Plc

      Family Bank opens its 92nd branch

      Family Bank opens its 92nd branch

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      73% of female journalists likely to experience Sexual Harassment at work

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    • Insurance
      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Pension Schemes Maintain Positive Performance in Q4 of 2020

      Pension Schemes Maintain Positive Performance in Q4 of 2020

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      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

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      ICEA Lion Life appoints a new CEO

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      Exposed: Insurance Company on The Spot for Fruatrating clients

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      Octagon feted in 2020 World Pension Summit Innovation Awards

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      What do you need to know before purchasing car insurance?

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      National Bank of Kenya Bags Global Recognition

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      DIB Awarded Best Islamic Bank in Kenya

    • Manufacturing
    • Opinion
      IoT predictions for 2021: Smarter tech will make better business

      IoT predictions for 2021: Smarter tech will make better business

      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

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      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

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      Why Digital Services Tax is a retrogressive policy

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      How Citizen TV Became The Most Watched in Kenya

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      Crisis as young Kenyans now embrace Crime as lifestyle

      Crisis as young Kenyans now embrace Crime as lifestyle

Kenyan Business Feed
  • Home
  • News
    Suzuki unveils latest entrant into the Kenyan market

    Suzuki unveils latest entrant into the Kenyan market

    LG launches social impact challenge for innovative community projects

    LG launches social impact challenge for innovative community projects

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Kenya Railways Slashes SGR Cargo Transportation Costs

    Kenya Railways Slashes SGR Cargo Transportation Costs

    KRA lures Kenyans with this new tax reprieve

    KRA begins drive to convince Kenyans to pay taxes

    Interview: Meet Jivu the Afro Fusion Kenyan Artists

    Interview: Meet Jivu the Afro Fusion Kenyan Artists

    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Uhuru: My desire is to provide jobs for the many unemployed youth

    Uhuru charms youths with Sh1.3 billion kitty

  • Markets
    Suzuki unveils latest entrant into the Kenyan market

    Suzuki unveils latest entrant into the Kenyan market

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

    Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

    Opera launch its new Chat App to rival WhatsApp

    Opera launch its new Chat App to rival WhatsApp

    CBK reveals Kenyans abroad sent Ksh30.5B in remittances in January

    CBK reveals Kenyans abroad sent Ksh30.5B in remittances in January

    Delight for Bailey’s Drinkers despite Ravages of Pandemic

    Delight for Bailey’s Drinkers despite Ravages of Pandemic

    BAT’s PR agency in trouble for trying to bribe a reporter

    BAT’s PR agency in trouble for trying to bribe a reporter

    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

  • Real Estate
    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

    Developing Countries Set To Lose Sh22 Trillion Due to COVID-19

    Commercial office rents fall 13pc in quarter 3 & 4 of 2020

    New Construction Technology to help NHC deliver affordable homes

    New Construction Technology to help NHC deliver affordable homes

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    New Ksh350Million Commercial centre to be constructed in Athi River

    New Ksh350Million Commercial centre to be constructed in Athi River

    Greenpark Estate injects Ksh15M to its development

    Greenpark Estate injects Ksh15M to its development

    LG’s OLED Honoured at the Technology and Engineering Awards

    LG’s OLED Honoured at the Technology and Engineering Awards

    Kenya’s position as a Digital Media Hub gaining momentum

    Kenya’s position as a Digital Media Hub gaining momentum

  • Tech
    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    2 Kenyans selected to create African Inspired stickers for New Chat App

    2 Kenyans selected to create African Inspired stickers for New Chat App

    Mobile Phones contribute to the realisation of UN SDGs – 2020 GSMA report says

    realme awards fans to Valentines through DaretoLove Campaign

    realme awards fans to Valentines through DaretoLove Campaign

    Opera launch its new Chat App to rival WhatsApp

    Opera launch its new Chat App to rival WhatsApp

    IoT predictions for 2021: Smarter tech will make better business

    IoT predictions for 2021: Smarter tech will make better business

    Nokia to launch its low cost smartphones in Kenya

    Nokia to launch its low cost smartphones in Kenya

    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

    Housing Finance launches new money transfer service

    Housing Finance launches new money transfer service

  • World Business
    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    World Engineering Day to Be Celebrated in Kenya

    World Engineering Day to Be Celebrated in Kenya

    How NASA Technology Can Help Save The World’s Largest Shark

    How NASA Technology Can Help Save The World’s Largest Shark

    After fight with US Authorities Huawei CEO now want talks with Biden

    After fight with US Authorities Huawei CEO now want talks with Biden

    Ford Vehicles to be powered by Android and Google apps in new deal

    Ford Vehicles to be powered by Android and Google apps in new deal

    Columbia Africa banks on primary and preventive healthcare to grow market share

    Columbia Africa banks on primary and preventive healthcare to grow market share

    DHL Express Named Best Employer in The World

    DHL Express Named Best Employer in The World

    Meet the founder of Safari Doctors Umra Omar

    Meet the founder of Safari Doctors Umra Omar

    Kenya to receive Ksh 1 billion from Google for economic recovery

    Kenya to receive Ksh 1 billion from Google for economic recovery

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Suzuki unveils latest entrant into the Kenyan market

    Suzuki unveils latest entrant into the Kenyan market

    LG launches social impact challenge for innovative community projects

    LG launches social impact challenge for innovative community projects

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Kenya Railways Slashes SGR Cargo Transportation Costs

    Kenya Railways Slashes SGR Cargo Transportation Costs

    KRA lures Kenyans with this new tax reprieve

    KRA begins drive to convince Kenyans to pay taxes

    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    2 Kenyans selected to create African Inspired stickers for New Chat App

    2 Kenyans selected to create African Inspired stickers for New Chat App

    • Agribusiness
    • Banking
      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      DTB Bank set to shut down 6 branches

      DTB Bank set to shut down 6 branches

      Secure your future by saving with Metropolitan National Sacco

      Housing Finance launches new money transfer service

      Housing Finance launches new money transfer service

      Businesses to benefit from Ksh1.6 Billion in Aid from DTB

      Businesses to benefit from Ksh1.6 Billion in Aid from DTB

      Leak: 53 Kenyan banks, individuals Named in FinCEN Files For Illegal Sh6 Trillion Transactions

      Impending layoffs at Absa Bank Kenya Plc

      Family Bank opens its 92nd branch

      Family Bank opens its 92nd branch

      Kenyan shilling dips to a 2-year low against the US dollar

      Formation of Sacco Fraud Investigation Unit timely

      73% of female journalists likely to experience Sexual Harassment at work

      Accountants and finance professionals less likely to be harrased at work says report

    • Insurance
      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Pension Schemes Maintain Positive Performance in Q4 of 2020

      Pension Schemes Maintain Positive Performance in Q4 of 2020

      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      ICEA Lion Life appoints a new CEO

      ICEA Lion Life appoints a new CEO

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Octagon feted in 2020 World Pension Summit Innovation Awards

      Octagon feted in 2020 World Pension Summit Innovation Awards

      What do you need to know before purchasing car insurance?

      What do you need to know before purchasing car insurance?

      National Bank of Kenya Bags Global Recognition

      National Bank of Kenya Bags Global Recognition

      DIB Awarded Best Islamic Bank in Kenya

      DIB Awarded Best Islamic Bank in Kenya

    • Manufacturing
    • Opinion
      IoT predictions for 2021: Smarter tech will make better business

      IoT predictions for 2021: Smarter tech will make better business

      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      Why Digital Services Tax is a retrogressive policy

      Why Digital Services Tax is a retrogressive policy

      How Citizen TV Became The Most Watched in Kenya

      How Citizen TV Became The Most Watched in Kenya

      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

      After fuliza, Safaricom introduces another way to borrow money

      OPINION: Why Safaricom’s Fuliza is a rip off!

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      Crisis as young Kenyans now embrace Crime as lifestyle

      Crisis as young Kenyans now embrace Crime as lifestyle

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KRA issues accounting guidelines for 2020-2021 Corporate Tax rates

by Neymar
January 27, 2021
in KBF, News
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The Kenya Revenue Authority (KRA) has released guidelines outlining the applicable corporation tax rates for the years of income 2020 and 2021.

The guidelines will be used by corporations whose accounting periods ended in the Year of Income 2020 or are due to end in the Year of Income 2021. The lower rate of 25% was introduced in April 2020 as a tax relief to counter the negative effects of COVID 19 on business and employment incomes.

In a notice published by KRA Commissioner for Domestic Taxes, Mrs Rispah Simiyu, resident corporates with accounting periods ending on or before 30th March 2020 have been advised to apply the 30% rate.

However, such corporates will enjoy a reduced COVID relief rate of 25% for the income generated in the period 1st April 2020 and 31st December 2020. For income earned in the period on or after 1st January the applicable rate is 30%.

“Taxpayers whose accounting period ends after 1st January 2021, shall determine the income for the accounting period and apportion the same between the two periods and charge the applicable rates,” Mrs Simiyu said, adding that, “the process of enhancement of the iTax System is already underway to incorporate this interpretation.”

Mrs Simiyu advised taxpayers to prepare their accounts, submit returns through the current iTax system and pay the correct amount of tax in the intervening period. She further clarified that “any erroneous penalties or interest that may arise’ in the intervening period “shall be corrected when the system is fully deployed,”

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KRA’s guidelines are expected to clarify Corporation Tax rate changes introduced through the Tax Laws (Amendment) Act published on 25th April 2020 and the Tax Laws (Amendment) Act No. 2 of 2020 published on 24th December 2020, which provided for resident corporation tax rates of 25% and 30% respectively.

Last December, Corporation Tax recorded a performance rate of 93.5% against the target. The performance was negatively affected by a decline in instalment remittance from banks by 25.3% which reflects the impact of COVID on business performance.

The guidelines which are expected to clarify to taxpayers the treatment of corporation tax in the two years of income are expected to boost Corporation Tax performance this month through the submission of withheld declarations.

KRA is also forecasting a rebound from the ongoing implementation of the Post Covid-19 Economic Recovery Strategy 2020-2022, expected to accelerate revenue performance to achieve the forecast. Already, KRA has intensified compliance enforcement efforts by rolling out the implementation of the new tax measures including Digital Service Tax, Minimum Tax, Voluntary Tax Disclosure Programme. The programme is intended to provide relief through waiver of interest and penalties on disclosed tax liabilities that accrued in the period 2015 to 2020.

As part of its taxpayer support programme, KRA encourages constructive engagement with taxpayers and the public. Taxpayers are encouraged to use these avenues to seek any clarifications on matters relating to tax laws and procedures.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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