The Income Tax Act - Exemption

Legal Notice 143 of 1994

This is the latest version of this Legal Notice.
Citation
Legal Notice 143 of 1994
Primary work
Income Tax Act
Date
Language
English
Type
Legal Notice
Publication
Download PDF (10.1 MB)
Related documents
LAWS OF KENYA

INCOME TAX ACT

THE INCOME TAX ACT - EXEMPTION

LEGAL NOTICE 143 OF 1994

  • Published in Kenya Gazette Vol. XCVI—No. 17 on 15 April 1994
  • Commenced on 15 April 1994
  1. [Revised by 24th Annual Supplement (Legal Notice 221 of 2023) on 31 December 2022]
1.The Cabinet Secretary responsible for Finance exempts from income tax the lump sum payments received by employees of the Industrial Development Bank Limited who opt for voluntary early retirement within ninety days of publication of this notice in the Gazette, under the scheme specified in the Human Resources Plan of the Industrial Development Bank Limited, approved by the Government of Kenya under the Parastatal Reform Programme, and in accordance with written agreements between the Industrial Development Bank and such employees.
2.A person who opts for early retirement shall not be eligible for re-employment with the Industrial Development Bank Limited in any capacity or under any terms whatsoever before the expiry of three years from the date on which he left service under the scheme.
3.The Industrial Development Bank Limited shall, in addition to complying with any procedures as the Commissioner of Income Tax may require, furnish the Commissioner,in respect of each retiring employee, the name, the date of retirement from the service of the Industrial Development Bank Limited, the amount paid, and a copy of the agreement with the employee under the Human Resources Plan duly signed by the employee.
▲ To the top

History of this document

31 December 2022 this version
15 April 1994
Commenced
Read this version