• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

KRA eyes Sh14 billion digital services tax from foreign firms in 3 years

4 years ago
in Business, Economy, highlights, Home, home-news, latest News
1 min read
0 0
0
55
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The Kenya Revenue Authority (KRA) has set a Sh13.9 billion tax goal in the next three years through June 2022 from foreign firms using the Internet to market and sell products in Kenya.

The taxman has identified foreign firms, which derive or accrue income in Kenya through digital marketplaces — selling exclusively online or providing platforms for such deals — as a major driver of tax receipts in coming years.

The digital services tax, which came into effect at the start of January, is 1.5 percent of the gross transaction value. It is levied on the sale of e-books, movies, music, games and other digital content. It also applies to foreign companies. The KRA target signals that firms like Amazon and Netflix are forecast to generate sales of about Sh926 billion in the three years.

“[Data on e-commerce transactions] signals a shift into the digital economy and, therefore, presents an opportunity for KRA to collect digital service tax (DST) as well as increase compliance on VAT and income tax,” the KRA strategists wrote in the corporate plan for three years from July 2021.

The taxman initially targeted a share of the revenue made by the resident and non-resident firms, which sell products over the Internet, but that has been amended in the Finance Act 2021 to apply to non-resident firms effective July 1, 2021.

DST receipts amounted to Sh129 million in the first month the law was enforced, according to the KRA’s corporate plan, valuing transactions through the digital marketplace at about Sh19.35 billion in January.

The taxman aims to collect Sh3.4 billion this fiscal year, projecting the value of digital transactions by firms not incorporated in Kenya at Sh226.67 billion.

RelatedPosts

Oil Prices Set for Dramatic Weekly Drop on Tariff Fallout

Manchester United Unveils £50 Million Upgrade to Carrington Training Complex Ahead of New Season

Formula 1’s Wild 2025 Season: Seat Swaps, Dramatic Comments, and Historic Podiums

Source: businessdailyafrica
Via: norvanreports
Tags: digital service tax (DST)Kenya Revenue Authority (KRA)Sh14 billion digital services tax
No Result
View All Result

Highlights

Aircraft Age Not a Factor in Fatal Z-9EH Crash, Says Bright Simons; Cautions Against Rushed Military Aircraft Procurement

US Slaps Tariffs on 1-Kg, 100-Oz Gold Bars

CDD-Ghana Mourns Victims of Military Helicopter Crash, Calls for Thorough Investigation

Tribute from CUTS International: “These Men Are Worth Our Tears”

World Bank Joins African Development Bank and Mastercard as Co-Chair of Mobilizing Access to the Digital Economy Alliance

OpenAI Launches GPT-5, Expands ChatGPT Power to 700m Users

Trending

Business

Oil Prices Set for Dramatic Weekly Drop on Tariff Fallout

August 8, 2025

Oil Prices Set for Dramatic Weekly Drop on Tariff Fallout Crude oil prices were headed for a...

Manchester United Unveils £50 Million Upgrade to Carrington Training Complex Ahead of New Season

August 8, 2025

Formula 1’s Wild 2025 Season: Seat Swaps, Dramatic Comments, and Historic Podiums

August 8, 2025

Aircraft Age Not a Factor in Fatal Z-9EH Crash, Says Bright Simons; Cautions Against Rushed Military Aircraft Procurement

August 8, 2025

US Slaps Tariffs on 1-Kg, 100-Oz Gold Bars

August 8, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.