Mystique Investments

TAX ALERT:

NEW 2018 KENYA PAYE RATES

The Government, through the Kenya Finance Act 2017/ 2018, revised the resident individual tax brackets and increased the monthly personal relief from KES. 1,280 to KES.1,408 with effect from 1stJanuary 2018. The tax bands and personal relief have been expanded by10%.
This is the second consecutive year that the bands have been expanded by this percentage.
The expansion of income tax bands, together with the exemption of bonuses, overtime and retirement benefits of low income earners (income below the revised lowest tax bracket of 10%, up to KES. 12,298 per month or KES. 147,580 per annum),will marginally reduce the PAYE burden. However, please note that this doesn’t translate to a 10% PAYE reduction.
Therefore, starting with the PAYE return for the January payroll that is due on 9th February 2018, employers, employees and the general public are advised to implement the following changes to their payroll processing:

Monthly Taxable Pay Annual Taxable Pay Tax Rate (KES.) (KES.) (%)

Up to 12,298 Up to 147,580 10

12,299 – 23,885 147,581 - 286,623 15

23,886 – 35,472 286,624 - 425,666 20

35,473 – 47,059 425,667 - 564,709 25

Above 47,059 Above 564,709 30

Monthly Relief: 1,408 Annual Reliefs: 16,896

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For all your audit, accountancy and tax services please contact us on 0722-878-098

We sell accounting software Packages. Quickbooks, Tally and Sage Pastel. Please call us on 0722-878-098 for for info

We sell accounting softwares. Quockbooks, Tally and Sage Pastel. Please call us on 0722-878-098 for for info.

Mystique Investments - Home Audit,Accounts and Tax Consultant

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NGOs are required to submit Annual Returns within three (3) months after the completion of their financial year. For all NGOs whose financial year ends on 31st December, they should submit their returns latest 31st March the following year.

Annual Returns should be accompanied by a filing fee of KES 2,000/-. Organizations with annual incomes of KES 1 Million and above are further required to submit audited accounts.

Please note that failure to submit returns on time will attract a penalty of KES 25,000/- for every year defaulted

Auditing is important for the purpose of locating and correcting errors. It is also through auditing that frauds are discovered. In addition, it is through auditing that lenders can determine the amount of loans to grant to interested parties. www.mystiqueinvest.kbo.co.ke

For Book keeping, Accounting and Auditing services please contact us on 0723-690-663 or visit our website www.mystiqueinvest.kbo.co.ke

A tax benefit is an allowable deduction on a tax return intended to reduce a taxpayer's burden while typically supporting certain types of commercial activity. A tax benefit allows some type of adjustment benefiting a taxpayer's tax liability. Visit 'www.mystiqueinvest.kbo.co.ke

An audit assures directors not involved in the accounting functions on a day-to-day basis that the business is running in accordance with the information they are receiving, and helps reduce the scope for fraud and poor accounting. Visit our website, www.mystiqueinvest.kbo.co.ke

We the Professional accountants provide business owners with information on the legal and tax issues relating to accounting information. Legal issues arise when business owners provide inaccurate or fraudulent accounting information to lenders, investors and the general public. Business owners are usually liable for not reporting their business' financial information accurately.