The Retirement Benefits Levy in Kenya

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The retirement benefits levy in Kenya is imposed under Section 16 of the Act and is payable as per the rates prescribed under Regulations forms and fees:

Size of Scheme Fund as indicated in latest
Audited Accounts
Kenya Shillings)
Annual Levy Rate –
Percentage of Fund
Upto 500 million 0.2%
More than 500 million but not exceeding 1,000 million 0.15%
More than 1,000 million but not exceeding 5,000 0.1%
More than 5,000 million 0.05%

This Levy is imposed on retirement schemes offered by companies and it comes after every year.If a company has retirement scheme funds of up to Ksh 500 million,the levy attached to this amount is 0.2 %.The levy attached to a fund of more than Ksh 500 million and not exceeding Ksh 1 billion is 0.15%.The retirement levy for funds between Ksh 1 billion to Ksh 5 billion is 0.1 %.Funds exceeding Ksh 5 billion attract a levy of 0.05 %.

This  levy is administered by Retirement Benefits Authority(RBA) Kenya

 

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