A dedicated business segment on TV47’s daily breakfast show ‘Morning Cafe‘ premieres tomorrow.
The segment will air every Tuesday from 8am to 9am. Tomorrow, the show starts with insights on Turnover Tax (TOT), featuring Edwin Thiong’o, a Tax Lawyer.
The segment will be brought to you by KCK, a Corporate Strategy firm that specializes in Management Consultancy, Intellectual Property Consultancy and Commercial & Corporate Legal Services.
What is Turnover Tax (TOT)?
TOT is a tax payable by small businesses whose gross sales do not exceed or are not expected to exceed KSh50 million per year. It is payable on a monthly basis at the rate of 1% on the gross sales.
Traders are expected to pay this tax before they deduct their business expenses. The tax is payable by the 20th day of the following month to avoid penalties by the Kenya Revenue Authority.
TOT is payable by a resident person whose turnover from business is more than KSh 1 million and does not exceed or is not expected to exceed KSh50 million shillings during any year of income. A taxpayer whose turnover is within the above threshold, but chooses not to be taxable under TOT, shall be deemed to have informed the Commissioner of this choice by not registering for TOT.
For more insights on TOT, tune in to ‘Morning Cafe‘ from 8am-9am.