The Kenya Revenue Authority (KRA) has clarified how Kenyans should declare informal assets, specifically livestock like cows, for taxation purposes.

• Livestock kept for commercial purposes must be declared as business income and valued in the assets section of the balance sheet.
• The clarification comes after a taxpayer inquired about taxing assets such as cows.
• KRA emphasized that only livestock and agricultural products generated for commercial use and income are subject to taxation, excluding those for subsistence, hobbies, or personal use.