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Browsing: tax contribution
Kenya’s banking industry contributed 27 percent of all corporate taxes paid in the country in 2020 and 2019.
According to a report by Kenya Bankers Association, the contribution were adversely impacted by the COVID-19 pandemic that caused a 12 percent overall decline in their total tax contribution during the period.
The report was compiled by audit firm PricewaterhouseCoopers (PwC) on behalf of the Kenya Bankers Association.
It attributes the decline to reductions in corporate taxes and Pay As You Earn (PAYE) collections.
“This decline is partly attributable to reduced tax rates, specifically reduction of corporate tax rate from 30 percent to 25 percent, reduction of the top PAYE rate from 30 percent to 25 percent and the reduction of Value Added Tax rate from 16 percent to 14 percent. The aim of these measures was to provide relief to taxpayers against adverse economic effects of the COVID-19 pandemic,’’ the report …