State four conditions under which import duty may be offset against income tax

State four conditions under which import duty may be offset against income tax

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Duty may be offset on capital goods imported with prior approval of the Minister of Finance pursuant to Section 39(a) of the Income Tax Act.
Conditions
- The Capital goods should qualify for wear and tear allowance
- The capital goods should be used in a project, the cost of which is not less than seventy thousand United States dollars.
- The capital goods should be used within a period of two years from the date of first investment expenditure.
- The Minister should be satisfied that the investment is capable of generating net economic benefits to Kenyans.
- The project should be private and not funded by the government.

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Wilfykil answered the question on February 15, 2019 at 09:12

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