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The Standard e-Paper
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The Standard Group Plc is a
multi-media organization with investments in media platforms spanning newspaper
print operations, television, radio broadcasting, digital and online services. The
Standard Group is recognized as a leading multi-media house in Kenya with a key
influence in matters of national and international interest.
A tax relief is an incentive aimed at promoting various initiatives for example investments and savings. Some tax reliefs accrue automatically whereas some are tied to certain conditions, for example contributions to specified schemes, savings or application for exemption. A tax relief means you either pay less tax on account of money spent on specific things or get a credit against the tax payable.
The Income Tax Act incentivises taxpayers through other reliefs and tax deductions tied to either saving for specific courses or investments. These reliefs and deductions, if utilised can ease the tax burden significantly. The main difference between a relief and a deduction is that a relief reduces the tax liability while a deduction reduces the income subject to tax.
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