Kenya Gazettes 2021 Finance Act

Daily tax report: International

July 23, 2021, 5:00 a.m.

The Kenyan Official Gazette published Law No. 8, the Finance Law, 2021, on July 6th. The law includes measures: 1] Introducing new definitions of beneficial ownership in companies, permanent establishments, digital markets and multinationals; 2] clarification of the definition of the applicable trusts; 3] clarification of VAT and excise tax rates for goods and services; 4] Update of beneficial owner registration requirements for trusts and trustees; 5] modification of the depreciation rules for qualified equipment; 6] change in individual income tax deductions; 7] Clarification of the circumstances for the input tax deduction; and 8] setting penalties for non-compliance. The law generally comes into force on January 1, 2022. [Kenya, Government Legal …

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