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...
The purchase of land or property is capital intensive and tax compliance is vital. Tax implications to the buyer The buyer is required to pay stamp duty on the acquisition of land. The stamp duty is calculated at 4% of the value of land while a 2% applies in instances where the land is located in other areas. Stamp duty is based on the value ascertained by a government valuer. This is done in...
Airbnb was formerly referred to as “Air bed and breakfast” and was created in 2008 as a cheaper means of accommodation to the average customer of the hotel industry. It’s an online platform that connects individuals who want to rent out their homes to people who are looking for accommodations in that locale. It currently covers more than 100,000 cities and 220 countries worldwide and justifiably...