Startups. Tax risks can lead to losses in business
Fintech startups in Kenya have multiplied at a very fast rate. Now, Kenyan fintech startups are securing funds from all across the globe. A number of these startups have been able to raise successive rounds of funding and evolved into successful businesses.
Managing these risks in a business is vital for a company’s overall growth. There are a number of tax compliance requirements and obligations that a startup should adhere to such as corporate tax compliance, personal tax obligations for employees transactional obligations such as VAT (Value Added Tax), WHT(Withholding tax), excise tax, custom taxes and levies.
There could be additional taxes depending on the complexities and industry of the company. Penalties and interest on non compliance tend to be quite punitive and therefore financial impact of tax rises very quickly.
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