• About Us
  • Archives
  • SWG Registration
Samrack Media
Mahiga Homes
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
Samrack Media
No Result
View All Result

Homeowners can now enjoy 15pc tax relief

samrack by samrack
July 18, 2018
in Africa, Business, Diaspora, Kenya, Kenya Diaspora News, News, Politics, U.S Diaspora
A A
0
Homeowners can now enjoy 15pc tax relief
Share this
FacebookTwitterPinterestEmailWhatsAppLinkedIn

Homeowners can now enjoy 15pc tax relief

President Uhuru Kenyatta on Wednesday signed into law a bill allowing a 15 per cent tax relief for Kenyans buying houses under the Affordable Housing Scheme.

This kick-starts Jubilee Party’s ambitious plan to build 500,000 houses by 2022.

President Kenyatta has listed affordable housing, universal health coverage, increasing manufacturing share to 15 per cent of the gross domestic product, and enhancing Kenya’s ability to feed itself, as part of the Big Four agenda for his second term.

The tax relief at 15 per cent of gross emoluments will be extended to Kenyans aspiring to buy homes under the scheme, but will not exceed Sh108,000 per year.

“The threshold for real estate development entitlement for the 15 per cent corporate relief has been lowered from 400 units to 100 units, so as to enable cooperatives to benefit from the new measure,” President Kenyatta had said of the plan last month.

150,000 NEW HOUSES

Estimates show that out of the 150,000 new housing units required each year in urban areas, only 35,000 were completed.

Cooperative societies, estimated at 23,000, had by 2017, raised Sh1 trillion in savings and had Sh700 billion worth of assets, and will gain from a clause that allows Kenyans to benefit from sacco mortgages.

By end of last year, 800 housing societies had Sh8 billion in savings and had constructed 10,000 houses, a figure expected to increase.

The amendment to the Income Tax Act, signed on Wednesday, also includes the introduction of a compensation tax for power producers under an agreement.

The President also signed into law an amendment to the Stamp Duty Act to exempt first-time home buyers under the scheme from stamp duty.

VALUE ADDED TAX

Further, Mr Kenyatta approved amendments to the Value Added Tax Act to effect zero rating of ordinary bread, copra, linseeds and mustard seeds. The law also zero rates inputs or raw materials for electric accumulators and separators.

“The aim of the amendment is to support the manufacturing pillar of the Big Four Agenda by making manufacturing of the items, especially batteries, cheaper,” State House said in a statement.

The move comes barely a day after the Head of State directed the Interior ministry to provide a comprehensive policy framework to address the problem of housing in the National Police Service.

The President gave Interior Cabinet Secretary Fred Matiang’i and Inspector-General of Police Joseph Boinnet 30 days to come up with recommendations to improve efficiency in the police service.

He said the government will continue with the ongoing investments in the police service.

Source: Daily Nation

 

 

Previous Post

Ethiopia’s Plan to Construct Two Dams Along Omo River a Threat to Kenyans Depending on L. Turkana

Next Post

EMMANUEL HOUSE OF PRAYER: Night of Worship July 20th 2018 10:30Pm to 5Am @963 Chelmsford,St Lowell,Massachusetts

Related Posts

Peris Mbaria invites you to her CD Launch Aug 21st 2022 at 4pm, NEEMA Church Lowell
Kenya

Peris Mbaria invites you to her CD Launch Aug 21st 2022 at 4pm, NEEMA Church Lowell

August 6, 2022
Dickson Macharia alias Deco after his arrest on Wednesday, August 3, 2022. Image: SCREEN GRAB
Kenya

August 4, 2022
Fida Kenya Chairperson Nancy Ikinu listens during a function on August 3, 2022. Siaya, Kisumu and Nairobi are the country’s most hostile counties to women aspirants in the August 9 General Election campaigns, a new study by Fida has shown.
News

Fida: Siaya, Kisumu and Nairobi most unsafe counties for women

August 4, 2022
Ruto Videotaped Crying Uncontrollably During a Prayer Session
Kenya

Ruto Videotaped Crying Uncontrollably During a Prayer Session

August 4, 2022
DPP Noordin Haji on April 7, 2022. Image: FILE
Kenya

DPP highlights election offences to avoid on poll day

August 4, 2022
Court orders IEBC to use manual register to identify voters
Kenya

Court orders IEBC to use manual register to identify voters

August 4, 2022
Next Post
EMMANUEL HOUSE OF PRAYER: Night of Worship July 20th 2018 10:30Pm to 5Am @963 Chelmsford,St Lowell,Massachusetts

EMMANUEL HOUSE OF PRAYER: Night of Worship July 20th 2018 10:30Pm to 5Am @963 Chelmsford,St Lowell,Massachusetts

Please login to join discussion
AUGUST 21 2022 @ PCEA NEEMA CHURCH AUGUST 21 2022 @ PCEA NEEMA CHURCH AUGUST 21 2022 @ PCEA NEEMA CHURCH
Job Openings Below is a list of current job openings at Northeast Clinical Services, Inc.. Please click on an opening in the list to view details and apply. Job Openings Below is a list of current job openings at Northeast Clinical Services, Inc.. Please click on an opening in the list to view details and apply. Job Openings Below is a list of current job openings at Northeast Clinical Services, Inc.. Please click on an opening in the list to view details and apply.
ADVERTISEMENT
ADVERTISEMENT

Latest News

Peris Mbaria invites you to her CD Launch Aug 21st 2022 at 4pm, NEEMA Church Lowell

Fida: Siaya, Kisumu and Nairobi most unsafe counties for women

Ruto Videotaped Crying Uncontrollably During a Prayer Session

DPP highlights election offences to avoid on poll day

Court orders IEBC to use manual register to identify voters

US Pharmaceutical Company Tonix to Conduct Monkeypox Vaccine Trials in Kenya

New Report Reveals That only 8 Percent of Kenyans Own Cars

John Ngumi Appointed Chairman of Safaricom

President Kenyatta Says Nairobi Expressway Has Proved Its Worth As He Officially Opens It

We are grateful for your monthly or one-off donations To Samrack Media: Cash App No: 781-888-8770 $SAMRACK001

Money

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

by samrack
November 19, 2021
0

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency This week sees the launch of a new initiative to equip...

A simple guide to Government Bonds investing in Kenya

A simple guide to Government Bonds investing in Kenya

by samrack
September 17, 2021
0

A simple guide to Government Bonds investing in Kenya A treasury bond (T-bond) is a medium term to long term...

Politics

Ruto Videotaped Crying Uncontrollably During a Prayer Session

Ruto Videotaped Crying Uncontrollably During a Prayer Session

by samrack
August 4, 2022
0

Ruto Videotaped Crying Uncontrollably During a Prayer Session An amateur video showing Deputy President William Ruto crying uncontrollably during a...

Court orders IEBC to use manual register to identify voters

Court orders IEBC to use manual register to identify voters

by samrack
August 4, 2022
0

Court orders IEBC to use manual register to identify voters •Justice Mugure said if the decision is allowed to remain...

  • About Us
  • Archives
  • SWG Registration

© 2021 SAMRACK - Diaspora News & Updates; design by: Samrack.

No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events

© 2021 SAMRACK - Diaspora News & Updates; design by: Samrack.

Page generated in 0.875 seconds. Stats plugin by www.blog.ca