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    KBL Celebrates 100 years of existence by Awarding Consumers.

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    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

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    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

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    Africa Avant-Garde explores the art of filmmaking on the continent

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Kenyan Business Feed
  • Home
  • News
    KBL Celebrates 100 years of existence by Awarding Consumers.

    KBL Celebrates 100 years of existence by Awarding Consumers.

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    IEBC begins enlisting voters in the diaspora

    IEBC picks Greek firm Lykos to print ballot papers

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Portugal settles on Kenya as its gateway for investments in Africa

    Portugal settles on Kenya as its gateway for investments in Africa

    Africa Avant-Garde explores the art of filmmaking on the continent

    Africa Avant-Garde explores the art of filmmaking on the continent

    Good news for Kenyans as fuel prices drop

    Hope for Cheap Fuel as Kenya Looks to the Middle East

    Epson Scanners Shine at the Seven Data Master Lab Awards

    Epson Scanners Shine at the Seven Data Master Lab Awards

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

  • Markets
    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Epson Scanners Shine at the Seven Data Master Lab Awards

    Epson Scanners Shine at the Seven Data Master Lab Awards

    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    IBL Group acquires Amethis stake in Naivas International

    IBL Group acquires Amethis stake in Naivas International

    Revealed: The number of Kenyans with over Sh100 million in their account

    The raging debate on Twitter over the lack of US dollar in Kenya and the downplaying of the issue by the Central Bank of Kenya

    Agricultural subsidies unfair – Kenya tells WTO

    Agricultural subsidies unfair – Kenya tells WTO

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

  • Real Estate
    National Construction Authority Suspends Licences of 18 Contractors

    National Construction Authority Suspends Licences of 18 Contractors

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    NEMA Re-Introduces Another Tax for Developers

    NEMA Re-Introduces Another Tax for Developers

    Centum Digitalizes Real Estate Sector

    Centum Digitalizes Real Estate Sector

    Superior Homes Launches Reward Program for Investors

    Superior Homes Launches Reward Program for Investors

    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

    Regional property summit kicks off in Nairobi

    Regional property summit kicks off in Nairobi

    Five Reasons Why Real Estate Increases in Value

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    Optiven Foundation Launches TVET Sponsorship Program

    Optiven Foundation Launches TVET Sponsorship Program

  • Tech
    Africa Avant-Garde explores the art of filmmaking on the continent

    Africa Avant-Garde explores the art of filmmaking on the continent

    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Nairobi Women to start offering online outpatient services

    mTek Secures Sh340m to Accelerate Paperless Insurance in Kenya

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    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

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    Why Mercedes Benz is Recalling Their Old Models

    Cold comfort awaits a springtime Davos

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    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    EA Sports End 29 Years of Video Game Partnership With FIFA

    EA Sports End 29 Years of Video Game Partnership With FIFA

    Central African Republic Adopts Bitcoin as an Official Currency

    Central African Republic Adopts Bitcoin as an Official Currency

    Netflix Stock Collapses After Losing 200,000 Subscribers

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    Putin spokesman refuses to rule out use of nuclear weapons if Russia faced an ‘existential threat’

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    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    CIC urges Kenyans to Invest in Last Expense Covers to Cushion From Financial Instability

    CIC urges Kenyans to Invest in Last Expense Covers to Cushion From Financial Instability

    Good news for Kenyans as fuel prices drop

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    NBK partners with Kodris Africa to enable easy payments for new coding programme

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    Johan ICT Kenya launched to offer data protection for firms

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    Winfall For Tea Farmers as Bonus Set to Increase

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    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

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    • Banking
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      NBK partners with Kodris Africa to enable easy payments for new coding programme

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      Procedure for funding your Metropolitan National Sacco account through MPESA

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Ministry wants lower tax rates for small companies

by Kenyan Business Feed
May 20, 2019
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Enterprise

Ministry wants lower tax rates for small companies

Monday, May 20, 2019 20:49


By CONSTANT MUNDA

A breakfast meeting by Invest in Africa in
A breakfast meeting by Invest in Africa in partnership with SME Advisory on creating linkages for MSMEs with the government’s Big Four Agenda at Radisson Blu Hotel in Nairobi last week. PHOTO | SALATON NJAU | NMG 

The trade ministry plans to initiate preliminary talks with the Treasury with a view to further easing the tax burden on micro-, small- and medium-sized enterprises (MSMEs) beyond income tax to free up cash to support growth and creation of new job opportunities.

Trade and Industry Cabinet Secretary Peter Munya said MSMEs should enjoy a lower tax regime than the standard rate applicable to general businesses.

The Treasury implemented a special income tax regime for smaller businesses with annual revenue of less than Sh5 million in January 2019 in a bid to increase tax compliance.

Businesses whose annual turnover falls in that bracket are obligated to pay a presumptive tax at the rate of 15 per cent of the annual single business permit fee issued by a county government.

This is considered friendlier and lower than the standard 30 percent tax that businesses pay on annual profits in quarterly installments.

“We are going to sit down with our technical people to see how we can reduce that tax burden by bringing a new regime for the SMEs,” Mr Munya said.

The proposal is geared at having the income tax incentive extended to import duty paid on raw materials.

The move, if accepted by the Treasury and implemented, will see MSMEs enjoy some rebates on importation of raw materials, closer to exports-focused firms under the Export Processing Zones (EPZ) which enjoy exemptions on inputs largely to sustain foreign exchange earnings.

“MSMEs need to be separated from mainstream (businesses). There’s need for a registrar of MSMEs and they also need to be trained on certification and standardisation,” Mr Munya said.

MSMEs, which account for an estimated 80 percent of jobs in Kenya and a third of the gross domestic product (GDP), are expected to play a major role in delivering under the manufacturing pillar of the Big Four plan between 2018 and 2022.

Under the ambitious socio-economic transformation plan, the government targets to facilitate setting up of additional 1,000 SME factories in such areas as agro-processing, leather, textiles and fish-processing to achieve the target of a million fresh decent jobs by 2022.

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Ms Wangechi Muriuki, the country director for Invest In Africa (IIA), said implementation of the 40 percent local content quota in public procurement will be key in supporting growth and expansion of the MSMEs, besides tax incentives.

“There should be a deliberate focus on local content quota across the sector which will then flow to the MSMEs,” Ms Muriuki said.

“We should understand the holistic direction of where this (local content quota) is going and see how we can create a snowball effect because you have to start with large players and then the benefits and expertise flows to the MSMEs.”

IIA, an online platform, was started in 2017 to link the MSMEs to opportunities in large firms and multinationals.

“In just two years, we have been able to register 2,250 MSMEs registered on our platform and recruit over 20 partners who have provided 67 tenders worth Sh270 million,” Ms Muriuki said.

“Additionally, over 200 MSMEs have been trained and over Sh300 million of financing unlocked through these partnerships.”

Mr Munya said most of the incentives for the MSMEs will be implemented through the National Investment Policy, which has been approved by the Cabinet and is now awaiting nod from legislators under the Statutory Instruments Act, 2013.

“The policy is general and the next level is to introduce specific interventions which we will implement to support the SMEs,” he said.

The draft policy empowers the proposed National Investment Council, which will be chaired by the president on enforcement, to recommend “activities where foreign investment is restricted to allow protection of national investors in sensitive areas.”

The list should be approved by the Cabinet and reviewed periodically, the draft states.

“There are certain sectors that we want to ring-fence for local businesses so that we will demand, even investors in those sectors to have joint ventures and partnerships with locals. This will support small businesses to grow,” Mr Munya said.

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