clarifications on qualifying withholding tax certificates

Clarifications on qualifying withholding tax certificates

KRA has issued the below clarifications on withholding tax certificates

 Please note that if you have a Withholding Tax Certificate for the following transactions: Dividends(Qualifying), Qualifying Interest(Bearer Instruments), Qualifying Interest(Housing Bonds), Pension/Retirement Annuity (Lumpsum Payment), then the Withholding Tax deducted is final and you are not required to declare the respective income and the corresponding Withholding Tax certificates in your Income Tax Return.

 However you will be required to declare in the Income Tax Return all the other incomes and other Withholding certificates for the other transactions liable to Withholding tax as the Withholding tax is not final tax on such incomes.

DO YOU NEED A TAX COMPLIANCE CERTIFICATE

Tax compliance certificates requirements

There are many reasons why one would want to get a Tax Compliance Certificate (TCC). Some of the major reasons include

·         You need to get government tender

·         You want to apply for a government job

·         You need a political position

·         You need to know your tax status

·         Any other

Whatever the reason you only need to ensure that the following requirements are met

1.      You have filed all tax returns for the registered tax obligations

2.       Have paid all the assessed taxes.

3.       Have declared the correct income.

Muiruri jeff and associates can assist you to get your tax compliance certificate for a minimal charge.

Please

Visit us at embassy house 1^st floor above Eatery restaurant

Call us on 0736244662

Email; muirurijeffandassociates@gmail.com

Web; muirurijeffandassociates.blogspot.co.ke 
 web.facebook.com/pg/muirurijeffandassociates2017

Are you starting a foreign limited company in Kenya?

Are you starting a foreign limited company in Kenya?

1.      Get a KRA pin for your directors

When starting a Foreign Limited Company in Kenya you need to be aware that you are required to have Kenya Revenue Authority (KRA) PIN for at least two (2) company directors. If you do not have two Kenyan citizens as directors, then you will need to make sure that at least two of the non-resident directors apply for KRA PIN individually.   

The requirements needed for non-resident to apply for KRA PIN can be found below;

1.           Original Passport / Alien ID

2.           Introduction Letter from Employer/Lawyer (if any)

3.           Work Permit – can be applied through the Ministry of Immigration

Acknowledgement Receipt (from KRA)

2.       2. Get a KRA PIN for the company

KRA PIN is very crucial document that allows your company to 

·                  Open bank account, 

·                  Make tax returns, 

·                  Apply for government tenders,

·                  Tax compliance purposes and many others.  

3.       Register your business at the registrar of companies

ü  Business name search  – approx. 2 days- pay search fees

ü  Business registration- approx.  1 week – pay registration fees

4        4. Register your business details on itax

               Non Kenyan Residents/ non residents

Ø  Profession.

Ø Passport Details.

Ø Principal Physical Address.

Ø Country of origin.

Ø Principal Contact Details.

Ø Alternative Address

Ø Bank Accounts for tax refunds only

Ø Declaration of being apartner, director or trustee in any other entity and details of that entity

Ø Declaration of a relationship with any other taxpayer

Ø Type of bond e.g  legal representative

Ø Sources of income such as employment, rental, business or any other

Ø Your tax agent or intermediary

Muiruri jeff and associates can assist you in setting up your company at company registrars and Kenya revenue authority at an affordable charge.

Please

Visit us at embassy house 1^st floor above Eatery restaurant

Call us on 0736244662

Email; muirurijeffandassociates@gmail.com

Web; muirurijeffandassociates.blogspot.co.ke 
 web.facebook.com/pg/muirurijeffandassociates2017