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Firms in dilemma as ‘top-up’ tax deadline looms
Analysts at Bowmans say the complexity revolves around the formula used to compute the effective tax rate, which relies on financial accounting figures rather than traditional tax computations.
Large multinational companies operating in Kenya are caught in a compliance dilemma after the State failed to provide subsidiary regulations needed to implement the new global minimum tax law despite a looming April 30 payment deadline.
The minimum top-up tax rule requires multinational enterprises, with consolidated annual global revenues of at least €750 million (about Sh114 billion) in at least two of the previous four accounting periods, to pay at least 15 percent tax on profits made in Kenya.
