Fringe Benefit Tax Rate Fringe Benefit Tax Low interest benefit is considered as fringe benefit extended to an employee and is taxable at a rate of 30 The actual benefit savings that employee makes is what is chargeable and not the loan or installment
Fringe benefit tax is charged on the taxable value of a fringe benefit provided by employer in a month and is due and payable on or before 9th of the following month The prescribed rate of interest is based on the market lending rates as the Commissioner may prescribe every quarter of the year Fringe benefit tax is payable by every employer in respect of a loan provided to an employee director or their relatives at an interest rate lower than the market interest rate
Fringe Benefit Tax Rate
Fringe Benefit Tax Rate
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What Are Fringe Benefits And How The Tax On Fringe Benefits Computed
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For purposes of Section 16 2 ja of the Income Tax Act the prescribed rate of interest is 13 This rate is applicable for the months of January February and March 2025 Withholding tax rate of 15 on the deemed interest shall be deducted and paid to the Commissioner within 5 In a notice dated January 17 KRA revealed that it had lowered rates on both the Fringe Benefits Tax and Deemed Interest Rate to 13 per cent from 16 per cent The authority also lowered its Low Interest Benefit from 16 per cent to 14 per cent during this period which will remain unchanged in the new evaluation
Fringe Benefit Tax The employer is required to pay fringe benefit tax on any loans advanced to employees at an interest rate below the prevailing market interest rate This applies to all loans issued after 11 June 1998 and to those issued on or before 11 June 1998 but whose terms and conditions have changed after this date The revenue authority in a statement on Friday January 17 revealed that it had lowered rates on Fringe Benefits Tax Deemed Interest Rate to 13 per cent from 16 per cent Similarly KRA announced that it had lowered the Low Interest Benefit by two per cent from 16 per cent to 14 per cent
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In this blog post we ll dive into three important areas of the Income Tax Act that are relevant for the coming months Fringe Benefit Tax Deemed Interest Rate and Low Interest Benefit Understanding these concepts is essential for ensuring compliance and optimizing your tax Learn about Fringe Benefit Tax Deemed Interest Rate and Low Interest Benefit as outlined by the Kenya Revenue Authority KRA Stay informed on the latest tax compliance and regulations to ensure proper management of employee benefits in Kenya
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FBT Fringe Benefit Tax Accounting
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Fringe Benefit Tax Low interest benefit is considered as fringe benefit extended to an employee and is taxable at a rate of 30 The actual benefit savings that employee makes is what is chargeable and not the loan or installment

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Fringe benefit tax is charged on the taxable value of a fringe benefit provided by employer in a month and is due and payable on or before 9th of the following month The prescribed rate of interest is based on the market lending rates as the Commissioner may prescribe every quarter of the year

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Fringe Benefit Tax Rate - The revenue authority in a statement on Friday January 17 revealed that it had lowered rates on Fringe Benefits Tax Deemed Interest Rate to 13 per cent from 16 per cent Similarly KRA announced that it had lowered the Low Interest Benefit by two per cent from 16 per cent to 14 per cent