Amnesty will be given in respect to taxes, interest and penalties arising from taxable income earned from outside kenya for any year of income ending on or before 31 st december 2016 by a person who files the returns and accounts for the year 2016 on or before 31 st december 2017. Through analysis and comment on new law and judicial decisions of interest, they assist business executives to identify developments and trends in tax law and revenue practice that might impact their business. This alert provides a summary of the key provisions and effective dates. The tax measures proposed through the finance bill, 2015 the bill. Be it enacted by parliament in the seventyfirst year of the republic of india as follows. On 16 september 2016, the ministry of finance published a draft bill on amendments to the bulgarian vat act. The kenyan public finance management act 2012 faq frequently. This act may be cited as the finance act, 2016 and shall, subject to section 22, come into operation on such a date as the county executive committee member for finance may appoint and different dates may be appointed for different provisions. Selfassessment returns for the year of income 2016 and prior should be. Declaration of entities as county government entities. Section 7a of the income tax act is amended by amendment of s. The public audit act prescribes how the auditor general should operate and, among others, it provides for penalties for anyone who obstructs official audits. Imposition, revision of the taxes, fees, etc of the county, the finance bill 2016. Kenya finance act 2017 2018 update the finance act 2017 was assented to by the president on 21st june 2017 after being passed by the national assembly, with some amendments made to the finance bill 2017, which was tabled in the national assembly by the cs cabinet secretary for the national treasury in march 2017.
It was not immediately clear why the cbk withdrew the licence. This act may be cited as the microfinance act, 2006 and shall come into operation on such date a s the minister may, by notice in the gazette, appoint. The landlords falling under this category are required to pay residential rental income tax at a. The finance bill, 2020 a bill to give effect to the financial proposals of the central government for the financial year 20202021. The finance act contains several longawaited changes to the tax framework which seek to address issues of low tax revenue growth, such as an increase in the vat rate to 7. Act 3 public finance management act 2015 the public finance management act, 2015. Nongovernmental organisations act, 2016 uganda legal. A bill must pass and win the governors assent in order to become law act. The finance act 2015 has removed this proposal and thus the 150% incentive will continue to be applicable. The finance bill 2015 had provided that the 150% incentive will cease with effect from 1 january 2016 but that the normal 100% investment deduction will thereafter apply on the qualifying costs. It is intended to be used as a quick reference guide for the members of parliament, civil society organisations and other stakeholders to ease their applicability of the law in the day to day conduct of public finance monitoring and advocacy at both national and local government level. The draft movable property security rights bill, 2016.
Be it enacted by parliament in the sixtyseventh year of the republic of india as follows. Act 3 public finance management act 2015 the public finance. The finance bill, 2017 a bill to give effect to the financial proposals of the central government for the financial year 20172018. Public audit act, 2015 roggkenya reporting on good governance. The finance act, 2018 repealed section 7a of the income tax act ita requiring the maintenance of a. The act makes major amendments to the public finance management act of 2009. It does not go through the act line by line, however.
According to the ministry of finance, the changes aim to bring bulgarian vat legislation in line with the rules of the eu vat directive and the case law of the court of justice of the european union ecj, as well as to eliminate the discrepancies between the bulgarian vat. Understanding the public finance management act, 2015. The public procurement and asset disposal act, 2015 public. The mombasa county finance bill 20162017 a bill of the. The public finance management act, 2012 15 the public finance management act, 2012 arrangement of sections sections. The president signed the finance act 2019 the finance act the act into law on 7 november 2019. Kenya finance act 2016 update the finance act, 2016 was assented to by the president in september 2016 after being passed by the national assembly, with some amendments made to the finance bill, 2016, which was tabled in the national assembly by the cabinet secretary for the national treasury, henry rotich, in june 2016. The finance act 2017 was assented into law by the president on 21 june 2017. The alert also contains changes relating to the miscellaneous fees and levies act, 2016. An act of the county assembly is a form of legislation that is passed by the assembly intended to create a new law or change an existing law amendment.
Public finance management amendment act act 201606. See section 1 an act of parliament to amend the law relating to various taxes and duties and for matters incidental thereto enacted by the parliament of kenya, as follows part i preliminary 1. Further to the changes effected in the finance act 2016 effective 1st jan. Income tax act ita which has been in existence since 1974 by tabling an income tax bill in parliament in the next financial year commencing 1 july 2016. Finance act 2016 chapter 24 contents p art 1 income tax charge and principal rates etc 1 income tax charge and rates for 2016 17 2 basic rate limit for 201718 3 personal allowance for 201718 rate structure 4 savings allowance, and savings nil rate etc 5 rates of tax on dividend income, and abolition of dividend tax credits etc 6 structure of. The below analysis captures salient changes that have been effected to the income tax act, 2015, the tax procedures act, 2015, the value added tax act, 20 and the excise duty act, 2015 following the enactment of the finance bill, 2017. The purpose of this act is i to regulate tier 4 micro finance institutions by a facilitating the microfinance industry to promote social and economic development. Pfma public finance management act, 2015 roggkenya. Mpi july 2018 pdf public procurement regulatory authority ppra.
An act to impose and alter certain taxes, duties, levies, fees and to amend certain written laws relating to the collection and management of public revenues. External audit 84the auditorgeneral shall, within six months after the end of each financial year, examine and audit the public accounts submitted under this act in accordance with article 187 of the constitution and the audit service act, 2000 act 584. Kenya revenue authority to be a collector of national government revenue. This faq is intended as a guide through the public finance management act 2012. The act has introduced amendments to the following laws. Kenya subsidiary legislation, 2015 217 the public finance management act no. Kenyas cabinet secretary for finance gazetted the finance act, 2017 on 23 june 2017. This act may be cited as the finance act, 2016, short title and. Under section 81 of the public finance management act, 2015, act no. The finance act, 2017 amends laws relating to various taxes and duties. The new tax regime took effect on 1st january 2016. Bill an act to provide for the variation of certain duties and taxes and to introduce provisions of a fiscal nature and for related matters assented to 21st january, 2016 enacted by the parliament of trinidad and tobago as follows. Press release on the draft kenya sovereign wealth fund bill 2019 and draft kenya sovereign wealth fund policy.
The finance act is an important act in india and the central government, through this act, gives effect to financial proposals at the beginning of every financial year. Object and purpose of the act 1 the object and purpose of this act is to provide uniform procedures for. Finance bill, 2016 the finance bill and provided clari. Act, 2016 is amended by inserting the following definition 2016. Short title this act may be cited as the tax procedures act, 2015. Central bank of kenya cbk governor patrick njoroge in a gazette notice dated april 9, 2020 said kendy money transfer ltds licence was revoked on february 14, 2020. Interpretation a i ii b i iii corporate, whether alone or with his associates or with act no. Rates of tax on dividend income, and abolition of dividend tax credits etc. A currency point is equivalent to twenty thousand shillings. In exercise of the powers conferred upon the minister by section 81of the public finance management act, 2015, these regulations are made this 29th day of april, 2016. See section 1 an act of parliament to amend the law relating to various taxes and duties and for matters incidental thereto enacted by the parliament of kenya, as follows part ipreliminary 1. Arrangement of sections section part i preliminary. The act applies to all the states and union territories of india unless specified otherwise.
The objective of this act is to provide clear regulations on all procedural aspects and provisions relating to the income tax, valueadded tax vat, and excise duty, among other changes. The finance act is the first of its kind in over two decades and is intended to support the funding of the 2020 budget. Nairobi city county person with disabilities act, 2015. Kenya issues 20152016 budget executive summary on 11 june 2015, the kenyan government issued the budget policy and revenue raising measures for fiscal year 20152016. We provide a wealth of publications by pwc kenya providing informed commentary on current developments in the tax arena. Act 3 public finance management act 2015 the public. A new, modern income tax act is intended to complement the new tax legislation such as the excise duty act, the tax procedures act and the vat act, 20. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. The act now permits tax deductions for donations made to the kenya red cross. The new public financial management act, 2016 pfma act 921. Short title and commencement this act may be cited as the income tax act, 1973 and shall, subject to the sixth. Kenya finance act 2019 insights deloitte united states.784 335 498 137 851 297 755 264 767 847 909 148 546 11 707 378 1236 1077 841 556 894 462 939 93 169 82 862 1011 477 325 973 42 1375 1493