THE TAX LAWS (AMENDMENT) BILL, 2020
A Bill for AN ACT of Parliament to make amendments to tax-related laws
ENACTED by the Parliament of Kenya, as follows—
1. This Act may be cited as the Tax Laws (Amendment) Act, 2020 and shall come into operation, or be deemed to have come into operation on the date of assent.
Short title and commencement.
2. The several laws specified in the first column of the Schedule are amended in the provisions specified in the second column thereof, in the manner specified in the third column.
Written Law Provision Amendment The Income Tax Act (Cap. 470) s.2 Delete the definition of “qualifying interest” and substitute therefor the following new definition — “qualifying interest” means the aggregate interest, discount or original issue discount receivable by a resident individual in any year of income:
(a) interest earned on an account held jointly by a husband and wife shall be deemed to be qualifying interest; and
(b) in the case of housing bonds, the aggregate amount of interest shall not exceed three hundred thousand shillings.
s.10(1) Insert the following new paragraph immediately after paragraph (j)−