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Thursday, April 18, 2024
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Good News: Kenya Govt Reduced Rental Income Effective Jan 2024

Good News: Kenya Govt Reduced Rental Income Effective Jan 2024
Good News: Kenya Govt Reduced Rental Income Effective Jan 2024

Effective January 1, 2024, the Kenyan government reduced the rental income tax by 2.5% offering a sigh of relief for landlords and tenants.

What is the new rental income tax rate?

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The monthly rental income (MRI) income tax reduction from 10% to 7.5% under the Finance Act 2023 is expected to ease the financial burden on property owners and potentially stimulate the real estate sector.

The Kenya Revenue Authority (KRA) will appoint rental income agents to collect the tax.

“The Finance 2023 Act has introduced a provision for the appointment of rental income tax agents for the purposes of collection and remittance of rental income tax to the commissioner. The tax shall be charged at 7.5% effective 1st January 2024 and remitted by the fifth working day after the deduction was made,” KRA stated.

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By Japhet Ruto

Source-https://www.tuko.co.ke/

 

About Afrique Properties

Afrique Properties is a leading real estate agency in Kenya, offering a wide range of properties for sale and rent, including mansions, apartments, office spaces, villas, townhouses, and land. With a focus on prime locations such as Runda, Kileleshwa, Syokimau, Kiambu Road, Membley, Kilimani, Westlands, Lavington, Karen, as well as Mombasa and Naivasha, Afrique Properties is your one-stop shop for all your real estate needs. Whether youโ€™re looking for a spacious mansion in Runda, a modern apartment in Kileleshwa, or a well-maintained office space in Nairobi, Afrique Properties has the perfect property for you. We also offer a wide selection of land for sale in prime locations, so you can build your dream home or investment property. Contact Afrique Properties today to find the perfect property for your needs.

https://afriqueproperties.co.ke/

 

 

Good News: Kenya Govt Reduced Rental Income Effective Jan 2024

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