Transcription of Finance Act, 2021
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Finance Act, 2021
KPMG Analysis of the Finance Act, 2021 Finance Act, 2021_____July2021 Finance Act 2021 PreambleThe Finance Act, 2021 (the Act) was signed into law by thePresident on 29 June 2021 and thereafter gazetted on 1 July 2021. The Act has introduced a number of changes that will align Kenya with international best practices such as introduction of Country by Country Reporting for Multi National Enterprises (MNEs) as well as the introduction of more stringent regulations on thin Act has also introduced a number of changes designed to enhance the tax base by getting more transactions into the ambit of taxation and increasing the tax on other transactions. It is also clear from the changes to the scope of digital services tax that the government sees this as a potential area for revenue of the enactments appear to be reactions by the Kenya Revenue Authority (KRA) to the recent spate of disputes that it has lost at the Tax Appeals Tribunal and the High Court.
basis, the enacted Act provides that these capital allowances will be claimed on a straight line basis. This is a welcome move since it will accelerate the rate at which taxpayers can claim capital allowances. • Cost of land excluded from the qualifying cost and qualifying cost for saloon cars is KES 3,000,000 up from KES 2,000,000
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