Author: Peris Gachago
KRA recently requested Airbnb for details of its hosts in Kenya. Here is information related to the request from KRA. As you already know, there are quite a number of ways to make money with Airbnb. Once you make the money, the following information can help you get started in learning about some of the tax requirements that might apply to you when providing short-term accommodation in Kenya. Income from Airbnb is taxed via either: All income from your Airbnb in Kenya is taxable whether you are a resident person or non-resident person. So, even if you do not live in Kenya…
Property254 is an online platform that brings together one of Kenya’s largest marketplaces of real estate to buy or sell land and homes. Here is a guide on how to list your properties on Property254. 1. Visit Property254 platform on https://property254.co.ke/ 2. Click on sign up to create a free account. On sign-up page, you will find several fields that need to be filled in. Enter your name or company name, phone number, email address and password. Confirm your password and accept the terms and conditions by checking the corresponding checkbox. Then, click on the Signup button to complete the registration process 3. You will be directed to dashboard page. Click profile to update your profile. Fill…
Buying land is one of the biggest financial decisions you will make in life, but it also has its challenges. The Mavoko and Kirima Land Saga taught us valuable lessons that every person thinking about buying land should know. In this article, we’ll go through the ten essential things you need to know before you start buying land in Kenya. 1. Do a Land/site visit of the Land When buying land in Kenya, prospective buyers often overlook the crucial step of conducting a thorough on-site inspection. One common mistake is relying solely on online listings or second-hand information, leading to misconceptions about the actual…
A three-bedroom fully furnished house constructed in honor of World Marathon record holder Kelvin Kiptum. This remarkable achievement not only signifies the power of persistence but also highlights the seamless integration of modern construction techniques. The 3-bedroom house was built in six days following an order by President William Ruto. The house is situated on a four-acre Naiberi farm in Uasin Gishu, approximately 20 kilometers from Eldoret town. Vaghjiyani Enterprises Limited, a reputable construction firm, was entrusted with the task of bringing this vision to life. The construction process used a cutting-edge combination of precast concrete and light gauge steel,…
As of January 1, 2023, the capital gains tax (CGT) rate has risen from five percent to 15 percent, as stipulated by the Finance Act, 2022. It is now opportune to evaluate the broader impact of the augmented CGT on profits generated from the sale or transfer of assets, encompassing land and shares. The responsibility for CGT payment emerges at the time of a property sale, and the obligation to pay lies with the individual initiating the transfer or sale. In 1985, the government took a significant step to stimulate economic growth, particularly in the real estate and capital markets,…
A 64.3 percent debt service-to-revenue ratio casts a shadow over Kenya, a country where hopes for commerce are brightly shining. This was reported by BusinessDay. High taxes, unfavourable government regulations, and skyrocketing inflation rates have caused many businesses to encounter serious difficulties and leave their owners with large debts. Many business owners find it challenging to manage and expand their companies, and a number of problems have led to Kenyan companies failing. Here is a list of Kenyan billionaire whose properties were auctioned over debt. Atul Shah, the former CEO of Nakumatt, had his Lavington home taken over by auctioneers…
In a move aimed at providing financial relief to land and plot owners in Kiambu County, the County Government, led by His Excellency Dr. Kimani Wamatangi, has announced a 100% interest and penalties that have accrued on unpaid land rates up to 29th February 2024. Land rates refer to the tax imposed by the government on land, with the amount varying based on the land’s market value. The appreciation of land value is influenced by amenities such as water, streetlights, sewerage systems, and better roads. In Kenya, land rates are collected by the county government. The waiver, as announced by…
The majority of middle-class Kenyans are choosing to settle in suburbs that are farther out from the city, according to trends in the housing market. In Kenya, more and more middle-class people are changing the way they choose where to live. In the past, they usually liked areas like Kileleshwa and Lavington, but now things are different. Hass Consult, a well-known real estate company in Nairobi, shared in their report for the first quarter of 2023 that Satellite towns are getting more popular. More people are choosing to live in these areas. According to Hass Consult, almost all towns showed…
Rental Income Tax is a mandatory payment for all owners of commercial real estate in Kenya. Most landlords, however, opt for the long and hard process. The government has implemented pay bill 222222, which is the only receiving channel for all government services, including paying rental income tax, in an effort to improve transparency and speed up processes. Landlords have already welcomed the government’s move to improve tax compliance among them, which involved lowering the rental income tax rate from 10 percent to 7.5 percent on gross rent paid. Landlords are supposed to register for a Monthly Rental Income (MRI)…