The financial situation in Kenya is slowly spiraling out of control. Small business owners are once again being targeted by the local Revenue Authority. Owners of a kiosk may find themselves forced to pay tax very soon, and door-to-door inspections to ensure tax compliance will be conducted. Another big boon for Bitcoin adoption, or a sign of more worrisome things to come?
Anyone who owns a kiosk in Kenya for their small business may find themselves n a bit of a pickle. The Kenya Revenue Authority will conduct thorough inspections to ensure tax compliance. What is rather surprising is the scope of these investigations, which will target even the smaller farmers.
To put this into perspective, the Kenya Revenue Authority wants these kiosk owners to pay taxes based on their turnover. In most countries, taxes are only paid on profits, which are what remains after deducting all other mandatory costs and expenses. For small business owners in Kenya, things will get very dire very soon.
Taxation In Kenya Is A Double-Edged Blade
By conducting in-person inspections of all physical locations and kiosks, the KRA shows they are not messing around. Rental properties, which eluded the taxman for
Read more ... source: NewsBTC USA
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