Kenya Revenue Authority (KRA), informs members of the public to note the following:
FRINGE BENEFIT TAX
For the purposes of Section 12B of the Income Tax Act, the Market Interest Rate is 7%. This rate shall be applicable for the three months of April, May and June 2021.
DEEMED INTEREST RATE
For purposes of Section 16(5), the prescribed rate of interest is 7%. This is applicable for the months of April, May and June 2021. Withholding tax rate of 15% on the deemed interest shall be deducted and paid to the Commissioner by the 20th day of the month following the month of computation.
Commissioner for Domestic Taxes