A wife’s employment, professional and self-employment income tax rates will be 10 per cent for earnings above Sh24,000 per month. The minimum tax shall apply to all persons or companies whether they are making profits or losses. Apart from individual top tax rate rising to 30 per cent and loss-making entities paying minimum tax, companies will also be charged 30 per cent corporate income tax. She said income tax rates were better retained at the current rates. Kenya Bankers Association said the minimum tax is regressive and anti-business, saying it claws back on existing tax incentives.

Source: The Star January 01, 2021 02:03 UTC