TAXATION OF RENTAL INCOME . .
By Stephen kyalo kisingu - 2020-05-12 00:17:31 - [General]
Rental Income Tax
What is the rate of tax for Rental Income Tax?
Taxation of Rental Income depends on whether the property is residential or commercial purposes.
Residential Rental Income Tax.
It is taxed at 10% on the gross rent received and no expenses are allowed.
The tax should be filed monthly via iTax, on or before the 20th of the following month.
NOTE: Residential Rental Income Tax is a final tax. Therefore, you do not have to declare it on your annual Income Tax return.
Commercial Rental Income Tax
It is taxed at the respective annual income tax rates and filed
through the annual Income Tax Returns, on or before the last day of the
6th month after the end of the accounting period (irrespective of the
amount).
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