Estate duty taxes in Kenya can be a tricky and daunting task to tackle. However, with the right information and resources, you can minimize the impact of estate tax in Kenya and plan ahead for successful financial planning. Read on to learn more about estate duty taxes, how they work, and what measures you can take to prepare for them.
What Are the Exemptions From Estate Duty in Kenya?
In Kenya, certain exemptions from estate duty are applicable. If your deceased was married, the first KSh 2,000,000 of all assets in their estate are not taxed. The exemption also applies if the deceased was contributing to a registered pension scheme approved by the Commissioner for Revenue in Kenya and a valid “Certificate of Exemption from Estate Duty” was issued. Any minors under 18 years of age who inherit property from the deceased are also exempted from paying estate duty taxes on them.