Lezé Felton
WHATS New in Paymaster
Kenya - Interest Rates Quarter 4 of 2022
From the Team
October 2022
Fringe Benefit Tax
For the purposes of Section 12B of the Income Tax Act, the Market Interest Rate is 9%. This rate is applicable for the months of October, November and December 2022.
Fringe benefit tax shall apply to loans provided after 11 June 1998.
Low Interest Rate
For the purposes of Section 5(2A), the low interest rate remains 7%. This rate is applicable for the months of July, August, September, October, November and December 2022.
The low interest benefit applies to loans provided on or before 11 June 1998.
Click here for the official notice from the Kenya Revenue Authority.
Official Interest Rates
Official Interest Rates for October to December 2022:
Paymaster Impact
- The new rate has been implemented on the system effective 01 October 2022.
- All Kenya payrolls have been recalculated.
- No other statutory changes have been announced.
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