The Kenya Revenue Authority has released a public notice regarding the market interest rate applicable to fringe benefit tax and the deemed interest rate for specific non-resident loans for October, November, and December 2024, which has been maintained at 16%.
The 15% withholding tax rate on the deemed interest shall be deducted and paid to the Commissioner within five working days.
Earlier, KRA announced the market interest rate for fringe benefit tax and the deemed interest rate for certain non-resident loans for July to September 2024 at 16%.