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Summarized Tax Laws Amendment Act 2024

 TLAA 2024-Summarized Tax Laws Amendment Act 2024

Date of Assent: 11th December, 2024 and Date of Commencement: 27th December, 2024. Deleted by (TLAA 2024 wef 27th December, 2024 S16)

  1. Date of Assent: 11th December, 2024 and
  2. Several amendments in Sec2-ITA.
  3. Several amendments in Sec5-ITA.
  4. Provisions on digital content monetisation added in Sec10-ITA.
  5. Introduction of SEPT at 10% in Sec12-ITA.
  6. Introduction of MTUT using a formula in Sec12-ITA.
  7. Contributions made to AHL, PRMF(<15k) & SHIF, Mortgage Interest <360K now allowable in Sec15-ITA.
  8. Deductible pension or provident cont. increased to 30K in Sec22A-ITA.
  9. Deductible registered individual retirement cont increased to 30K in Sec22B-ITA.
  10. Affordable housing relief repealed in Sec30A-ITA.
  11. NHIF relief repealed in Sec31-ITA.
  12. The whole section 34 of ITA is repealed then amended.
  13. Supply of goods to a public entity, making or facilitating payment on a digital marketplace, the sale of scrap attracts WHT in Sec35-ITA.
  14. Pension withdrawals & non-resident Income funded by grants revamped in 1st Sch-ITA
  15. Investment value reduced for investors in Nairobi & Mombasa Counties 2nd Sch-ITA
  16. Affordable housing & Post-retirement medical fund reliefs deleted. Supply of goods to the public entity, digital marketplace income & sale of scrap attracts WHT. Tax on Pension withdrawals and CGT revamped in the 3rd Sch-ITA.
  17. Penalty for EPZ return filing deleted in 11th Sch-ITA. 
  18. Sec 12 VAT amended
  19. Sec 17 VAT amended
  20. Sec 65 VAT amended
  21. First Schedule Section A of Part I and II VAT amended
  22. Second Schedule of VAT amended
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TPA
Date of Assent: 11th December, 2024 and Date of Commencement: 27th December, 2024. Deleted by (TPAA 2024 wef 27th December, 2024 S2)
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  2. Sec 6A TPA amended 
  3. Sec 23A TPA Amended
  4. Sec 37E TPA amended: Amnesty comes back.
  5. Sec 37F TPA  recovery of tax comes back.
  6. Sec 42 TPA Amended: No WHVAT for 2B investment, 10%penalty for WHVAT.
  7. Sec 47 TPA: Inst Tax & input VAT can be used as offset, VAT be claimed in 12 months.
  8. Sec 59A TPA: require to integrate ETIMS & penalty of 100K pm set for offence 1A & 2.
  9. Sec 77 TPA: Saturdays, Sundays or public holidays be excluded for objections.
  10. Sec 77 TPA: EPZ penalty now 20K pm for late filing


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