Facilities management involves the professional oversight and coordination of various activities related to buildings, infrastructure, and services to ensure their efficient and effective operation. The field has experienced significant growth in recent years due to the expansion of commercial buildings, industrial parks, residential complexes, and other infrastructure projects across the country.
Leasing property (whether residential or commercial) is a common practice in Kenya. However, understanding unregistered and unexecuted leases can be a challenge for both landlords and tenants.
The Finance Act No. 22 of 2022 amended the Income Tax Act by increasing the rate of Capital Gain Tax (CGT) from the rate of 5% to 15%, effective from 1st January 2023. What is Capital Gains Tax (CGT)? CGT is a tax imposed on the gains which accrue on transfer of property situated in Kenya, on or after 1st January 2015 whether or not the property was acquired before 1st January 2015. A transfer of...
Introduction Conflicts between tenants and landlords are inevitable. The disagreement many times raises issues that more often than not find themselves before seats of justice. In particular, the tenancies that are not controlled. Where then can such conflicts, if and when they arise, be taken to a court of the first instance? That is the single most important question that this paper will delve right...
The purchase of land or property is major decision and therefore, all aspects that have a financial implication should be properly evaluated. It is important for the buyer to take into consideration all the tax implications in order to avoid instances of incompliance. The purchaser is required to pay stamp duty on the acquisition of a property. The stamp duty is calculated at the rate of 4% of the...
If you are like most first-time homebuyers, you will need a mortgage to finance the purchase of a new house. To qualify for a mortgage, you must have a good credit score and cash for a down payment that is usually between 10-20% of the purchase price. Without meeting these initial conditions, the traditional route to homeownership may not be an option in today's real estate...
Due to the current market trends land has escalated to high prices although there is still hope to become an apartment owner. A simple guide to becoming an apartment owner would be to first check whether the agents who are selling the apartments are registered under the Estates agents Registration Board simply because they exude professionalism and disregard dishonest practices. The estate...
The simplified tax regime on residential rental income was introduced in Kenya with effect from 1st January 2016.It applies to residential rental income ranging from KES 288,000 to KES 15,000,000 per annum. Under this regime, tax is calculated as 10% on gross rent received and is a final tax.The landlord is required to file a monthly return and make payment by 20th day of the following month.The penalty...
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