The Finance Act, 2022 (the Act) was signed into law by the President on 22 June 2022 and gazetted on 8th July 2022. The Act amends the following Laws: Income Tax Act (ITA), Value Added Tax (VAT) Act, Excise Duty Act, Tax Procedures Act (TPA), The Miscellaneous Fees and Levies Act, 2016, Stamp duty, Capital Markets Act, Kenya Revenue Act, Insurance Act, Retirement Benefits Act and Central Depositories Act. We provide below a detailed highlights of the changes introduced by the Finance Act, 2022.
Bakertilly can assist you to identify which areas of your business will be affected by the law changes provided under the Act. Furthermore, we can offer advisory services on tax planning to make the most of the tax incentives provided as well provide awareness to avoid penalties that may arise due to omissions considering requirements by the law.