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Tax law
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The Czech government approved abolishment of tax on real estate acquisition, which amounts 4 % of purchase price and is paid by the buyer. This shall be applicable retroactively to all acquisitions registered in the cadastre of real estate from December 2019. The bill must be also approved by the Czech Parliament, which positive approach is expected.
Last week the President of Kenya assented to the Tax Laws (Amendment) Bill, 2020. It has amended tax-related laws in Kenya including the Income Tax Act (CAP 470), the Value Added Tax Act of 2013, the Excise Duty Act (2015), the Tax Procedures Act (2015), Miscellaneous Levies and Fees Act (2016) and the Retirement Benefits Act(1997) Some highlights of the amendments include: 1. The threshold for applicability of turnover tax has been raised to between one million and fifty million shillings. It further lowers turnover tax rate from 3 to 1 percent.Small scale traders will definitely benefit from this as... (More)