Kenya Lower House Considers 2021 Finance Bill

The Kenyan lower house of parliament (National Assembly) May 5 accepted for consideration Bill No. 18, The Finance Bill, 2021. The bill includes measures to: 1) introduce new definitions for beneficial ownership in companies, permanent establishment, digital marketplace, and multinational companies; 2) clarify the definition of applicable trusts; 3) clarify VAT and excise tax rates for goods and services; 4) update beneficial ownership registration requirements for trusts and trustees; 5) amend depreciation rules for qualified equipment; 6) amend individual income tax deductions; 7) clarify circumstances for input VAT deductions; and 8) establish penalties for noncompliance. The law would generally enter ...