whats the procedure of opening up cds acc with cbk? tuanze hapo, as i see lazima for u to invest lazima u be with this cds for cbk
Am on it
wtf? do you even math
download the applocation form online and complete. there’s a part your bank has to sign. then drop @cbk
Yes. Unaweza chunguzwa. But from my experience, unless you are a HNI, KRA may never bother because the costs might outweigh the benefits
National Resistance Movement of Kenya:
KRA has directed all Kenyan banks to provide details of all Kenyans holding accounts with them, including the balances in those accounts.
KRA also plans to have access to these accounts at will, contrary to the Kenyan constitution that guarantees protection of private individuals information.
For those of you born in 1990s and 2000s, probably your parents never told you that in the 1980s, the government of kenya, facing financial difficulties, forced all Kenyans to pay taxes.
I remember clearly, Chiefs walking in villages to collect cows, goats, chickens from those not able to pay the tax. I know of a family whose big cooking pot was taken to be sold for the government to recover the tax because they didn’t have any animals to take or money to pay.
Jubilee intends to institute forceful taxation of Kenyans in order to meet their financial burdens, now that their credit ratings has been downgraded and they are having trouble raising revenues or getting loans.
The ride ahead is bumpy…if not just total chaos.
Tano tena!
That is America irs(internal revenue service) this system in america fxxx u up till the last cent.
THis, I have soon discovered si investment ya peasants…Hapa ukiwa na mirrions ndo unakula vizuri…money literally working for you, mia moja and below if u have other income u are relying on
HNI, meaning?
High Net Worth Individual.
The person who puts 100k will get sh 12500 once or 6250 twice a year.
A person who has put 10 million earns sh 1.25 million or 612,500 twice yearly.
And the person getting money from an upmarket apartment earns more if they happen to be the original owners of the land like the Asians of Westlands who recently converted from single houses to apartments as they bought the land at the equivalent of sh40,000 and now they have aparments with 10 tenants who pay the same or more per month.
The mabati guy 's imvestment will not go beyond 30 years before demolition.The upmarket apartment will last the next half century and beyond.
So No.
Very few Kenyans pay tax other than VAT (which no one can justify themselves with.Tourists also pay VAT)
The largest tax in most nations save for Japan and a few others in Latin America and Northern Europe is income tax.
Out of a workforce of 19 million only 2.5 million Kenyans pay tax
This is a staggering number. Thanks for highlighting it. Now what is the percentage for the corporate tax, which I am pretty sure there is a lot of evasion. Pardon me for making that assumption.
RIGHT…ukiongea na your governor anateta tu how the national government doesnt give them that much to satisfy all the county needs alafu unapatana na kimtu kimepiga kelele ati the gava eats our money and he doesnt contribute even a dime to taxes on average for example every american pays about 10,000$ a year or more…nsiskie nalipanga VAT nkibuy vitu those store eat that money. ukipiga mao how many times this ppl pay taxes unashindwa kwani huoni u r going broke after taxes. But ni our motherland kenya where perfection and law abider is not in their vocabulary.
what is the rate of return of the person who put 100k and the one who put 10m?
Actually, the compliance for local companies is close to 100%. It is offshore companies like the ones based in Mauritius like Wananchi which owns Zuku and TransCentury and multinationals like BAT that engage in tax evasion.
This is for the formal sector though. Informal sector companies or rather companies that are formalised but engage in businesses that are mostly cash based(think matatu companies) now THOSE, we have RAMPANT tax evasion. I wish the digital collection of fare would have worked.
The rate is the same, the quantity is different since one put up a much higher sum for investment.
Interesting. Traveled to India a couple of times. The matatu equivalent there is what they call the “Motor”, in Kenya that would be tuktuk. Those guys make money hand over fist. One of the reasons PM Modi demonotized their currency last year.
Now. When it comes to behemoths like Safcom, Brookside etc. Are they paying their fair share of corporate taxes? The amount of profits they make is really substantial. If we had proper accountability their taxes would be well spent in improving social services. Like police housing, county hospitals, local schools etc. It is achievable if we move away from tribalistic politics and focus on all things local.
Safaricom IS paying its fair share of taxes and so are the likes of Brookside. Safaricom is the biggest taxpayer and has been since 2007.KRA is one of the best collectors of tax on the continent because it makes sure that corporate tax from local companies engaging in ‘modern’ activities are collected.
We collect the equivalent of 21% of our GDP in taxes.
Nigeria, when you remove oil, collects an equivalent of 7%
For Kenya, there is less of an issue with corporate tax as compared to income tax. Imagine if just half(around 10 million) paid income tax as opposed to the current 2.5 million??We would go very very very far given that 40% of all taxes KRA collects is income tax.
We could easily reach tax collection of 40% of GDP if we roped in more income tax payers and automated those cash based informal sector companies that underreport their revenue and by extension ,their taxes.