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Filing a corporation tax return in kenya
All active companies must file a corporation tax return to KRA each year to work out how much corporation tax is owed.
But there are plenty of reliefs that can help reduce your bill.
What is a corporation tax return?
A corporation tax return is based on the profit or loss you have made and any expenses or allowances claimed to calculate your corporation tax bill.
The return and payment must be submitted to KRA in Kenya.
Your corporation tax return in Kenya takes the profit or loss you have made in your accounts to work out how much you owe KRA in corporation tax.
Deadline to file your corporation tax return
Businesses typically need to file a corporation tax return 12 months after the end of their accounting period.
An accounting period is set by KRA and the taxman will inform you of your deadline.
What is in a company tax return?
Your corporation tax return incluces details of your profit or loss from your statutory accounts to work out how much corporation tax is due.
The annual accounts are useful as the balance sheet and profit and loss report provide data that will be used in the corporation tax return.
But the profit you make is not necessarily directly linked to the amount of tax your company will pay as there are several reliefs, allowances and expenses you can claim to reduce the bill
First there are allowable expenses such as business travel or stationery that you can claim for.
Businesses can also carry forward losses from previous years to set against future profits.