-Important Updates from the Finance Act 2024

By January 30, 2024 No Comments
Tax photo

 As we embrace the new year, I am writing to bring to your attention some significant changes stemming from the Finance Act 2023, which are now in effect as of January 1, 2024. These updates are crucial for your financial planning and compliance, and we are here to guide you through them. 

 

We have created and attached an infographic image that you can easily reference and share with your team.

For Residential Landlords:
The tax rate on rental income has been revised downwards, presenting an opportune moment to reassess your investment strategies. We are available to discuss how these changes might benefit your property portfolio.

For Businesses:
The implementation of e-TIMS for transaction invoices is now a necessity. Please note that the deadline for compliance is March 31, 2024. Our team is ready to assist you in integrating this system seamlessly into your business operations.

 

VAT-Registered Entities:
Ensure that your expenses are supported by e-TIMS to claim business deductions. Remember, any business expenditure not backed by a valid electronic tax invoice will not be deductible for income tax purposes. Our experts can help you streamline this process.

For Innovators:
Exciting news as there’s now a preferential tax regime for intellectual property income. This is a significant step towards fostering innovation and protecting your creative endeavors. Let’s explore how this can positively impact your growth.

For Retirees:
There’s good news with the introduction of medical post-retirement relief. You are now eligible for a relief of 15% or up to Sh60,000 annually on your medical fund contributions. This is a valuable benefit that we can help you maximize.

Staying informed and compliant is key to your financial success. We are committed to providing you with the latest information and guidance to navigate these changes effectively. Please do not hesitate to reach out for personalized advice, tax planning, tax training for your business team, or if you have any questions regarding these updates.