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Income tax payment
Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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What amount of tax can you expect to pay serikal if you are earning Ksh1m per month? Sehemu ndio nyumba
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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What type of income is it? If, being the astute investor taht you are, it is from dividends, then the with holding tax is final and there's no further tax - same if it is from bank interest. If from infrastructure bond interest of longer than 3 years, there is no tax, if from SACCO dividends, the with holding tax is final, if from employment, pay up buddy, graduated from a low of 10% to high of 30%.
BTW, if from an illegal activity like smuggling, pirating, Waweru doesn't care, he will want his share.
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Rank: Veteran Joined: 6/8/2007 Posts: 675
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If from your Kiosk in the estate thats giving you 20,000 bob profit a month and you're a sole proprietor? Form is temporary, class is permanent
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Rank: Veteran You have been a member since:: 12/3/2010 Posts: 1,141 Location: Londokwe
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Mainat wrote:What amount of tax can you expect to pay serikal if you are earning Ksh1m per month? 56%  so Kshs 560,000 30% income tax,16% VAT* 10% excise duty* Kenyans are among the most highly taxed people in the world without a quid pro quo(but do I say) . *terms and conditions apply 2012 is here.Kenya is Ours.Be Part of The Peace Keeping Mission To Protect Our Motherland.Say No To Violence and Tribal Hatred .If you can read this,wewe ni mtu amesoma, usifikirie kama mtu hajaenda shule .Ni Hayo Tu
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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'user' wrote:Mainat wrote:What amount of tax can you expect to pay serikal if you are earning Ksh1m per month? 56% so Kshs 560,000 30% income tax, 16% VAT* 10% excise duty*Kenyans are among the most highly taxed people in the world without a quid pro quo(but do I say) . *terms and conditions apply The correct tax is 30%, do not confuse income (net) and turnover!!! "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Veteran You have been a member since:: 12/3/2010 Posts: 1,141 Location: Londokwe
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Was clever to add terms and conditions apply.Mainat didnt say his source of income. Just wanted to prepare him incase the income is gross from business manufacturing or offering service which are liable excise duty. 2012 is here.Kenya is Ours.Be Part of The Peace Keeping Mission To Protect Our Motherland.Say No To Violence and Tribal Hatred .If you can read this,wewe ni mtu amesoma, usifikirie kama mtu hajaenda shule .Ni Hayo Tu
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Thanks a lot for the info so far despite the obscurity of the question. My query relates to those in employment. In a place like the UK, employment income tax starts at 10% and is graduated all the way to 50%. In addition, there is also something like 10% social security tax which is not graduated against the same income. So as an example, if you are earning Ksh1m a month, this works at something like an income tax rate of 35%. I was after the equivalent tax rate in Kenya. Sehemu ndio nyumba
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Rank: Elder Joined: 9/15/2006 Posts: 3,907
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Rough calculations show PAYE would amount to 293,872/= meaning you'd be left with 71% after tax (considering NSSF, NHIF, relief etc)
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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Mainat wrote:Thanks a lot for the info so far despite the obscurity of the question.
My query relates to those in employment. In a place like the UK, employment income tax starts at 10% and is graduated all the way to 50%. In addition, there is also something like 10% social security tax which is not graduated against the same income. So as an example, if you are earning Ksh1m a month, this works at something like an income tax rate of 35%. I was after the equivalent tax rate in Kenya.
=>>Any taxable amount above 38,892/= is taxed at 30%. Thus it's close to 6,742+30% of (1,000,000 - 38892) =6,742+288,332=295,074/=or roughly 29.51%. Not far from that. It'll vary slightly due to non-taxable pension cont., NSSF etc The opposite of courage is not cowardice, it's conformity.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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Mainat wrote:What amount of tax can you expect to pay serikal if you are earning Ksh1m per month? Expect to pay about 30% Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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