Tax revenues for untaxed income exceed Ks 21 bln

Tax revenues for untaxed income exceed Ks 21 bln
Published 31 December 2019

 

Till November since October this year, the income tax revenues of untaxed income exceeded Ks21.478 billion, according to the Internal Revenue Department at the Ministry of Planning, Finance and Industry. 

Under the title of tax revenue for untaxed income, the total tax revenues reached Ks 21.478 billion—Ks 10.521 billion from the real estate sector, Ks 8.473 billion from the vehicle sector and Ks 2.164 billion from other sectors (vessel and motorbike). 

The Internal Revenue Department levied taxes for untaxed income on 56,727 businesses— 2,621from the real estate sector, 9,518 from the vehicle sector and 44,588 from other sectors (vessel and motorbike). 

Last year, the IRD collected Ks 13.996 billion—Ks 4.847 billion from the real estate sector, Ks8.015 billion from the vehicle sector and Ks 1.134 billion from other sectors (vessel and motorbike). 

The IRD levied taxes for untaxed income on 18,222 businesses—2,023 from the real estate sector, 2,652 from the vehicle sector and 13,547 from other sectors (vessel and motorbike). 

Under the 2019 Union Tax Law, the IRD reduces the tax rates for untaxed income. As from October 1, 2019-2020 fiscal year, the tax rate will be three per cent for untaxed income ranged between Ks1-100 million, five per cent between Ks above 100 million-300 million, ten per cent between Ks above 300 million- one billion, 15 per cent between Ks above one billion-Ks three billion and 30 per cent between Ks three billion and above. 

The Union Parliament approved it at its session on September 30.