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Landlords of Wazua and compliance with KRA
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gmg
#11 Posted : Tuesday, June 16, 2015 8:00:26 AM
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Joined: 3/17/2009
Posts: 201
In other words one month gross rent belongs to KRA.
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KulaRaha
#12 Posted : Tuesday, June 16, 2015 8:05:35 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
Will MPigs pass this one given most of them kula rent?
Business opportunities are like buses,there's always another one coming
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xtina
#13 Posted : Tuesday, June 16, 2015 8:53:47 AM
Rank: Member

Joined: 6/26/2008
Posts: 401
kangi wrote:
innovator wrote:
Sevian wrote:
xtina wrote:
Please advise on the above. It's a four-floor flat, income is approximately 300k a month and minus deductions (security, water) it comes to approx. Kshs 270,000 per month.

What is needed/should be done to ensure compliance with KRA?


Declare gross and calculate 12% of gross. Before costs/expenses

300,000*0.12=36,000 and enjoy your sleep.
This time KRA is going to make kill considering most building in Nairobi have been surveyed.


This is on a monthly basis. I think you should also consider paying advance tax as it will exceed Kshs. 40,000 p.a.


what do you mean?
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xtina
#14 Posted : Tuesday, June 16, 2015 8:56:28 AM
Rank: Member

Joined: 6/26/2008
Posts: 401
Tbags wrote:
In other words you have to pay KRA even before you pay yourself..NKT!


Also don't like it but it's not good to be on the wrong side of those KRA f***ers.
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jerry
#15 Posted : Tuesday, June 16, 2015 8:58:20 AM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
KulaRaha wrote:
Will MPigs pass this one given most of them kula rent?

Not all have rentals and they are beneficiaries of same taxes. IMO they'll pass.
The opposite of courage is not cowardice, it's conformity.
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xtina
#16 Posted : Tuesday, June 16, 2015 8:59:57 AM
Rank: Member

Joined: 6/26/2008
Posts: 401
innovator wrote:
Sevian wrote:
xtina wrote:
Please advise on the above. It's a four-floor flat, income is approximately 300k a month and minus deductions (security, water) it comes to approx. Kshs 270,000 per month.

What is needed/should be done to ensure compliance with KRA?


Declare gross and calculate 12% of gross. Before costs/expenses

300,000*0.12=36,000 and enjoy your sleep.
This time KRA is going to make kill considering most building in Nairobi have been surveyed.


It's actually in Kiambu county (kahawa sukari) but same difference. Gross of month or groo of year? Anyway, will wait and see if MPs will pass it.
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maka
#17 Posted : Tuesday, June 16, 2015 9:20:43 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
jerry wrote:
KulaRaha wrote:
Will MPigs pass this one given most of them kula rent?

Not all have rentals and they are beneficiaries of same taxes. IMO they'll pass.


I concur this will go through...
possunt quia posse videntur
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MaichBlack
#18 Posted : Tuesday, June 16, 2015 12:58:41 PM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
This is PURE HIGHWAY ROBBERY!!! Most rentals (especially residential) don't even have an ROI of 12% and now KRA wants 12% of gross??? Pure Theft!!!

Most landlords don't even make anything for years and some have to even add more more from their pocket to service the loan and the government expects them to part with 12% of gross??? Technically some landlords will be forced to pay the taxes out of their pocket - if their houses are in areas they cannot increase rents [due to over supply (high end apartments), overstretched tenants (low end rentals), haki yetu crowd (low end) etc.]

For the rest (Most Wazuans who don't own homes are here) one thing will happen. The rent will be increased. By 20% plus. Mark my words!!! You can also ask wazua landlords - akina Thimioni! You can see how quiet they are.

This is not a burden to (most) landlords. It is a burden to you! The same fellow who parts with 50% of his income in direct and indirect taxes is about to part with some more. The landlord will pass the tax to you (unless you are in the categories mentioned earlier). The same way the Fuel companies, EABL, safaricom etc. pass the tax to you, hata hii is on you.

Some keep celebrating. Ati let the landlords pay taxes like the rest of us. Landlord gani??? Wewe ndio utailipa pap!!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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MaichBlack
#19 Posted : Tuesday, June 16, 2015 1:00:30 PM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
This tax should be 5% of gross max! And even that is still high!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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MaichBlack
#20 Posted : Tuesday, June 16, 2015 1:10:55 PM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
maka wrote:
jerry wrote:
KulaRaha wrote:
Will MPigs pass this one given most of them kula rent?

Not all have rentals and they are beneficiaries of same taxes. IMO they'll pass.


I concur this will go through...

MPigs are mercenaries for hire!!! A bill increasing some allowances somewhere or giving some funny grant to go along with this bill is enough!!!

Anyone who passes a VAT bill on medicine and medical equipment in a country where people die of preventable and curable diseases every day could even sell their mother at the right price!!!

Bill passing at the right price. Bei ya jioni.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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  | | Edit by user: Tuesday, June 16, 2015 1:13 PM | Reason: Not specified
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