VAT Act in Kenya
The VAT Act (Cap 476) is a key piece of legislation in Kenya that governs the administration, collection, and imposition of Value Added Tax (VAT) in the country. It provides the legal framework for the implementation of VAT and outlines the rights, obligations, and responsibilities of taxpayers, businesses, and the tax authorities. The VAT Act is designed to ensure the effective and efficient collection of VAT while promoting fairness and transparency in the tax system. It covers various aspects of VAT, including registration requirements, taxable supplies, tax rates, exemptions, invoicing obligations, record-keeping, and compliance procedures. It also defines the powers and functions of the Kenya Revenue Authority (KRA) in administering and enforcing VAT. Understanding and complying with the provisions of the VAT Act is crucial for businesses and individuals to fulfill their VAT obligations and avoid penalties or legal consequences. This article provides a comprehensive guide to the V...