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?
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.
Did you know that Finance Act 2023 reduced the current Monthly Residential Rental Income rate from 𝟏𝟎% 𝐭𝐨 𝟕.𝟓% effective 1st January 2024?
Learn more here; https://t.co/mVNdtofnWL#ElewaFinanceAct2023 pic.twitter.com/kMLOLVsBuF
— KRA Care (@KRACare) January 11, 2024
By Japhet Ruto
Source-https://www.tuko.co.ke/
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