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Impact of 30% rental income tax on housing development in Kenya
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Ali Baba
#171 Posted : Friday, June 22, 2012 8:04:26 PM
Rank: Member

Joined: 8/29/2008
Posts: 573
NAKUJUA:If I would evade taxes,I would not boast on a public forum like Wazua.However,he who is innocent of this vice,should cast the first stone.Anyone????
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Ali Baba
#172 Posted : Friday, June 22, 2012 8:06:43 PM
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Joined: 8/29/2008
Posts: 573
Tax evasion is like having sex with a prostitute.a lot of people do it--but no one wants to talk about it.
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Jamani
#173 Posted : Sunday, June 24, 2012 9:21:36 AM
Rank: Elder

Joined: 9/12/2006
Posts: 1,554
Ali Baba wrote:
Tax evasion is like having sex with a prostitute.a lot of people do it--but no one wants to talk about it.


Cant be true... the two cannot be compared, evasion you dont pay and for the prostitute you pay...infact its lipa kabla ya ku kula
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mawinder
#174 Posted : Sunday, June 24, 2012 1:39:26 PM
Rank: Elder

Joined: 4/30/2008
Posts: 6,029
Ali Baba wrote:
Tax evasion is like having sex with a prostitute.a lot of people do it--but no one wants to talk about it.

For instance i buy items at bargain prices by asking the seller not to issue me with an etr and i also avoid its use when i sell.for kra guyz i sort them out coz they have to earn a living too.
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Ali Baba
#175 Posted : Sunday, June 24, 2012 8:47:32 PM
Rank: Member

Joined: 8/29/2008
Posts: 573
JAMANI: I agree,but I was talking about going around and bragging that you evaded taxes--no one does it.We all keep quiet.And I think most of us are "guilty" of this vise,although it has "not been proven" yet....
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Ali Baba
#176 Posted : Sunday, June 24, 2012 9:35:15 PM
Rank: Member

Joined: 8/29/2008
Posts: 573
MAWINDER: Yes!! And then you keep mum enjoying this KRA/Njiraini tough talk.!!Actually,I pity those guys whose income is all from their employer.I think they are the ones who are Njiraini compliant!!
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mwania
#177 Posted : Sunday, June 24, 2012 11:21:11 PM
Rank: Member

Joined: 10/29/2007
Posts: 76
With high interest rates and now enforcement of the 30% tax on rental income, has the unrealistic property price appreciation been capped? are we going to see prices of properties stagnating or even going down? Why would I invest 40million in property with a rental income of less than Kshs. 3m per year (before tax) instead of TBills at an interest rate of approximately 15% which will give me Kshs. 6m per annum guaranteed and has no capital gains tax attached to it?
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itz
#178 Posted : Monday, June 25, 2012 12:01:36 AM
Rank: Member

Joined: 3/20/2009
Posts: 348
itz wrote:
Ali Baba wrote:
ITZ:Even in kenya you itemize.Please familiarize yourself with Income tax Act cap 470.In any case,rental income tax is not new.I don't know why we are arguing over this.Compliance is necessary to prevent kenya going the Greece way!!The bigger the govt,the more the revenue is required.Come on,pay your taxes and I pay mine and we will not go the Greece way.Talking of US and lack of VAT,what a hypocrisy! USA needs VAT more than any other country in the world.Their deficit is frightening.Is that what you want?? Pay up,rental income was taxable even in 1963.>>>Check Cap 470.



@Alibaba.That is the problem right there.Kenya is overtaxed and the money is not being used for the right purposes.Yes Kenya is headed the Greece/European way where all they do is increase taxes,Grow government and public debt while choking the private sector.A 30% tax on rental income is prohibitive.
I want smaller effective govt which i know we will never get because we already embarked on this new county system which also means yearly property taxes are on the way.
And for the good old US these guyz are smarter than you think.By 2020 US will be a net exporter of gas(they are the saudi of natural gas) and Oil and am sure u know what that means.Their efficiency in manufucturing and production will be amazing.Dont listen to the noise about deficit remember they have the world reserve currency and they can play with that too.




http://www.standardmedia...ceeds-KRA-tax-collection
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Ali Baba
#179 Posted : Monday, June 25, 2012 1:47:03 AM
Rank: Member

Joined: 8/29/2008
Posts: 573
Mwania: Yes,you invest in Tbills instead of rental property.But then,TBills interest rates fluctuates.When the rates hit say 5% like they were a few years ago,what do you do?? The problem with Wazua,we have many armchair investors who either have no capital to invest in real estate,but they want to continue contributing ideas which are not realistic to investing public.I have never found an investor with such choices ---like you Mwania.But,then,you invest for yourself.Even if you choose to "invest" in a safe which you keep under your mattress,its your business.Njiraini will not tax you,yes,but then,even your wallet will be empty.
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McReggae
#180 Posted : Wednesday, June 27, 2012 12:34:25 PM
Rank: Elder

Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
http://www.ipsos.co.ke/s...y_over_rental_income_tax
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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