As of 18th June 2024, the Income Tax (Charitable Organisations and Donations Exemption) Rules, 2024 are officially in place! Here’s what this means for your charity: 1. What Does it Mean to Be Tax-Exempt? To qualify for tax exemption, your charity must meet two key tests: Organizational Test: Your organization must exist exclusively for charitable […]
Charitable Organizations: Important Tax Update! Read More »
On October 17, 2024, the Registrar of Companies in Kenya put out a notice telling all companies to follow the Companies Act, 2015. Specifically, they had to prepare and send in copies of their registers of beneficial owners by November 30, 2024. After that deadline passed, the Registrar announced that companies which haven’t filed their annual
Beneficial ownership disclosures for companies; Read More »
Introduction: The Kenyan government released the draft Finance Bill 2025 on May 15, 2025, proposing significant amendments across various tax laws including the Income Tax Act, VAT Act, Excise Duty Act, and Tax Procedures Act. Most of these changes are expected to take effect from July 1, 2025, though some have different commencement dates. Here are
Here are the key tax areas affected by the Upcoming Finance Bill 2025: Read More »
The Kenya Revenue Authority (KRA) opportunity for you to regularize your tax affairs through the Tax Amnesty program is running out. The final deadline to benefit from this incredible relief is June 30, 2025. This is your chance to clear outstanding tax penalties and interest without the burden of additional charges. The KRA Tax Amnesty, re-introduced under the Tax Procedures
Final Call for KRA Tax Amnesty in Kenya! Don’t Miss Out. Read More »
Introduction: The IASB has issued IFRS 18, ‘Presentation and Disclosure in Financial Statements,’ set to revolutionize how we report financial performance. This new standard, effective for annual reporting periods beginning on or after January 1, 2027 (early adoption permitted!), replaces IAS 1 and aims to significantly enhance comparability and transparency. Key highlights you need to know: Why is this
IFRS 18: A Game Changer for Financial Statement Presentation Read More »
On 21 March 2025, the Court of Appeal issued a ruling in favor of the Kenya Revenue Authority in Civil Appeal No. 65 of 2019 against David Mwangi Ndegwa (“Mr Ndegwa”). The Court of Appeal set aside an earlier High Court decision which held that VAT is not payable on the sale of land, including
disposal of land and commercial improvements VAT Implications Read More »
Introduction As global and local regulatory landscapes shift towards sustainable business practices, Environmental, Social, and Governance (ESG) audits are becoming a key focus for companies in Kenya. Investors, regulators, and stakeholders are increasingly demanding transparency in how businesses manage environmental impact, social responsibility, and corporate governance. The Capital Markets Authority (CMA) Kenya has already made
The Rising Importance of ESG Audits in Kenya: Ensuring Compliance and Sustainability Read More »
Introduction: The International Accounting Standards Board (IASB) issued IFRS 18, “Presentation of Financial Statements,” on April 9, 2024. This new standard is designed to enhance the clarity, comparability, and decision-usefulness of financial statements. It will significantly impact both large and small and medium-sized enterprises (SMEs) that adopt International Financial Reporting Standards (IFRS). Key Changes Introduced
IFRS 18: A New Era in Financial Reporting Read More »