What KRA needs to know about our small businessesIn the first week of January, small businesses (those that don’t have annual turnover of Sh5m) were met with the harsh reality of a new tax seeking three per cent of their monthly gross sales. In less than six months, the Kenya Revenue Authority aims to collect Sh25b from small businesses following the re-introduction of the Turnover Tax (ToT) this year. This is even as small businesses are still paying presumptive tax which takes 15 per cent of permit fees charged by counties. Small business owners spoke to Hustle on what KRA needs to know about their enterprises before adding more taxes. SEE ALSO :Protests after move to tax calls on messaging appsHe said that the ever-present concern for small business was only survival.

Source: Standard Digital January 15, 2020 08:03 UTC