Taxation

The Kenya Revenue Authority (KRA) plans major changes to the Value Added Tax Act by scrapping the KSh5 million annual turnover threshold for VAT registration. This would require all businesses, including micro-enterprises, to charge 16% VAT on taxable goods and services and remit it monthly to KRA. The authority claims it will widen the tax base and boost collections from KSh653 billion to over KSh1 trillion.

March 23, 2026 Ti AI ṣe iroyin

President Lee Jae Myung on Tuesday shared a media report on social media platform X comparing property taxes on homeowners in major foreign cities to South Korea's. He questioned why South Korea's effective tax rate of about 0.15 percent is low compared to around 1 percent in New York, 1.7 percent in Tokyo, and 0.4 to 0.6 percent in Shanghai. Lee has prioritized stabilizing home prices for months.

South Korea's Cabinet approved a revision to the enforcement decree of the Income Tax Act, ending a temporary exemption from heavy capital gains taxes for owners of multiple homes. The measure, postponed under the previous Yoon Suk Yeol administration, will resume after nearly four years to stabilize housing prices and curb speculation in the greater Seoul area. It imposes a maximum tax rate of up to 75 percent on sales in designated speculative zones starting May 9.

February 23, 2026 Ti AI ṣe iroyin

Private equity firms have halted deals in Nigeria amid concerns over increased taxes. They are now lobbying for changes to the higher tax policy. This development highlights tensions in the investment sector.

In an open letter, tax expert Mon Abrea urges President Ferdinand Marcos Jr. to overhaul the Philippine tax system beyond just abolishing the travel tax. The letter highlights that Filipinos pay multiple taxes but receive inadequate public services and economic opportunities. It calls for comprehensive reforms to restore trust in government.

February 15, 2026 Ti AI ṣe iroyin

The Chartered Institute of Taxation of Nigeria (CITN) has strengthened its collaboration with the Nigeria Revenue Service (NRS) to advance the phased implementation of e-invoicing.