Businesses are set to get a major cash flow boost from a proposed legal amendment that will see their Sh2.6 billion withholding VAT claims from the taxman offset against their pending tax dues.
The Treasury, through the Statute Law (Miscellaneous Amendment) Bill 2019, is seeking approval from Parliament to empower the Commissioner of Domestic Tax to allow withholding Value Added Tax (VAT) to “be applied against any tax payable under this Act.”
