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Showing posts from January 21, 2024

How to Easily Pay Rental Income Tax Using Government Paybill 222222

Property owners in Kenya must pay their Rental Income Tax, but the process is often seen as lengthy and complex. To simplify and make it more transparent, the government has introduced Paybill number 222222 for all government services, including the payment of rental income tax. Lower Tax Rate: The government has reduced the rental income tax rate from 10% to 7.5% on the gross rent received, a change that landlords appreciate. Monthly Rental Income (MRI) Registration: Landlords need to register for Monthly Rental Income (MRI) before submitting their rental income tax. This tax applies to rental income exceeding Ksh280,000 but below Ksh15 million annually. Steps to Register a Property for MRI: Visit www.itax.kra.go.ke . Go to the registration tab and select "Register Property details." Fill in the required details based on the property type. Provide the PIN of a tenant for the property. The system will fill in your details automatically. Enter the necessary information, incl...