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New Regulations on Commercial Rental Income |
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| id : 99 cat : Business Tax | |||||
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Afternoon, who has an update on taxation of commercial rental properties and the treatment for residential rental property that have a gross income of over 10m? Are we required to charge 10% as rental income tax for residential property that have a monthly income of 10m and below. One can also choose to use the old way where it's 30% of income less expenses. Do we have regulations for commercial rental income and residential rental income that is over 10m that have come to effect? |
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Asked by : DavidM
DOQ : 2016-12-18 10:49:00 
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Morning CPA in sure about the 10million cutoff for residential property but I'm a bit confused about the commercial property
David Ngatho 2016-12-21 11:49:00
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Other Answers
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The Income Tax Regulations 106 of 2016 requires that any person whose residential rental Income exceeds Kshs. 10,000,000.00 should notify the Commissioner before the end of the financial year.
Section 8 of the Finance Act 2015 amends the Income Tax Act Cap 470 by inserting section 6A that introduces the residential rental Income Tax. The persons who are eligible for this are those whose rental Income is less than Kshs. 10 Million. That means that anyone who has residential rental income above the threshold of Kshs. 10M will determine his tax using the older method of self-assessment. |
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0 votesUP : 0
: Kimani DOA 2018-02-22 15:47:44 |
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