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The Income Tax Act - Exemption

Legal Notice 5 of 2006

This is the latest version of this Legal Notice.
The Income Tax Act - Exemption
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Legal Notice 5 of 2006
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Income Tax Act
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English
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Legal Notice
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LAWS OF KENYA

INCOME TAX ACT

THE INCOME TAX ACT - EXEMPTION

LEGAL NOTICE 5 OF 2006

  • Published in Kenya Gazette Vol. CVIII—No. 10 on 10 February 2006
  • Commenced on 10 February 2006
  1. [Revised by 24th Annual Supplement (Legal Notice 221 of 2023) on 31 December 2022]
The Cabinet Secretary responsible for Finance exempts from income tax the lumpsum retirement benefits and the twenty per cent (20%) discount on the outstanding house and car loans received by employees of the Industrial and Commercial Development Corporation who opt to retire under the Voluntary Early Retirement Scheme approved by the Government on 7th October, 2005:Provided that—
(a)an employee who opts for early retirement shall not be eligible, for re-employment with the Industrial and Commercial Development Corporation, in any capacity or under any terms whatsoever, before the expiry of three (3) years from the date of such retirement; and
(b)the Industrial and Commercial Development Corporation shall, in addition to complying with any procedures that the Commissioner of Income Tax may require, furnish the Commissioner, in respect of every employee being retired, with the name, date of retirement from the Industrial and Commercial Development Corporation, the amount paid and a copy of a letter confirming the retirement of the employee from the Corporation.
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31 December 2022 this version
10 February 2006
Commenced
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