Loss-making firms face 1pc revenue tax

The proposed levy to be known as minimum tax will take effect January 2021. FILE PHOTO | NMG

Treasury Secretary Ukur Yatani is targeting a share of revenue from loss-making firms in an environment where profits have been hammered by global coronavirus shocks.

In proposed changes in the Finance Bill 2020, Mr Yatani is seeking the green light from Parliament to compel firms which have not been taxed elsewhere to pay one percent of gross sales to the Kenya Revenue Authority (KRA).

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.