Benefits Of Registering As A Taxpayer If You’re A Small Business Operator In KenyaKuza Blog
In his Eighth Condition of the Country Tackle on 30th Nov this yr, President Uhuru Kenyatta submitted a report to the parliament recognizing Micro, Tiny, and Medium Enterprises (MSMEs) as the lifeblood of Kenya’s economic climate still a huge number of them are unlicensed.
In accordance to the 2017 Financial Survey, there are about 1.56 million certified MSMEs and 5.85 million unlicensed related enterprises in Kenya.
This suggests that less than 27 % of all companies in Kenya are registered. Out of these, 92.2 % are micro-enterprises even though only 7.1 per cent and .7 per cent are modest and medium enterprises respectively.
The cause some of the MSME operators give for not registering their firms is that they worry remaining subjected to superior taxation that may possibly stop up eating on their profit.
On the other hand, as you will before long learn, there are numerous added benefits that await unregistered MSME operators as taxpayers that which include loans and federal government products and services.
Bid for government contracts
As a registered modest business operator as a taxpayer, you will be placing yourself in the ideal position to bid and gain government tenders and trade with the government and non-govt institutions.
If your enterprise is not registered, you can’t bid for governing administration contracts or even companion with other enterprises to consider benefit of communal rewards which include vital networks, in particular with greater businesses with who they could even enter into sub-contracts.
As a result, you will
Your next income stream might be sitting right in your driveway…
