IMPOSITION OF INCOME TAX
3(1) Subject to , and in accordance with, this Act, a tax to be known as income tax shall be charged for each year of income upon all the income of a person, whether resident or non-resident, which accrued in or was derived from Kenya. (2) Subject to this Act, income upon which tax is chargeable under this Act is income in respect of – (a) gains or profits from – (i) a business, for whatever period of time carried on; (ii) employment or services rendered (iii) a right granted to another person for use or occupation of property; (b) dividends or...
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4. For the purposes of section 3(2)(a)(i)- (a) where a business is carried on or exercised partly within and partly outside Kenya by a resident person, the whole of the gains or profits from that business shall be deemed to have accrued in or to have been derived from Kenya; (b) the gains or profits of a partner shall be the sum of – (i) remuneration payable to him by the partnership together with interest on capital so payable, less interest on capital payable by him to the partnership; and (ii) his share of the total income of the partnership, calculated after deducting the total of any remuneration...
4A. (1) A foreign exchange gain or loss realized on or after 1st January, 1989 in a business carried on in Kenya shall be taken into account as a trading receipt or deductible expenses in computing the gains and profits of that business for the year of income in which that gain or loss was realized: Provided that: (i) no foreign exchange gain or loss shall be taken into account to the extent that taking that foreign exchange gain or loss into account would duplicate the amounts of gain or loss accrued in any prior year of income; and (ii) the foreign exchange loss shall be...