Taxation of sole proprietorship in Kenya
The taxation of sole proprietorship in Kenya has been a subject of debate for a long time. The Kenyan government has for a long time imposed taxes on the owners of registered businesses, but the owners of sole proprietorship in Kenya have recently spawned a new class of registered business, a new type of business that is not subject to taxation.
These new registered sole proprietorships are called Incorporated Sole Proprietorship Ltd. (iSPL). The new form of registered business has been introduced by the government in Kenya to reduce income inequality. The new form of business has two key features.
The first is that it is not taxed, but the second is that it is required to have a Board of Directors. This Board of Directors is comprised of trained and qualified individuals, some of them lawyers and accountants. The directors are required to publish a report about the business after each year of its operation.
The new form of business is designed to reduce the dangers of corruption that attach to the traditional form of business. The trouble with the traditional form of business is that it is a single person who owns it, and when that person goes missing, the government does not know exactly how to regulate the business. The new form of business keeps the government informed about the business by requiring a Board of Directors. The directors are required to oversee the business and publish a report about the business after each year.
This makes it possible for the government to regulate the business if it goes into trouble. In addition, the Board of Directors is required to make public its yearly report. That will give the public the opportunity to see what actions it has taken to regulate the business. If there are faults in the business that require special attention, the public will be informed of that. The new form of business has had an impact on business. The traditional form of business