It is being said that the owner is a brother to Ngirici thus chances of politics. Many businesses will go under. These and likes of Humphrey are just the most sensational.
The worse is unpredictability - nobody will invest - when KRA will one day wake up and give you 9.5B bill like that Embu store.
That minimum tax on turnover is total madness. Once weaponized KRA starts going after businesses only Brookside and NCBA will be breathing.
The rate of Minimum Tax is 1% of the gross turnover effective 1st January, 2021. The tax shall be payable by the 20th day of the 4th, 6th, 9th and 12th month of the accounting period. However, the Tax Laws (Amendment) No.2 Act, 2020, introduced the following additional exemptions from Minimum Tax:
Persons engaged in business whose retail price is controlled by government
Persons engaged in insurance business
Topic: Unpredictable tax regime hurting economy - totally (Read 2922 times)