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Browsing: Kenya Revenue Authority (KRA)
- KRA started the new financial year on an upward trajectory, after surpassing its July 2021 target
- Pay As You Earn (PAYE) registered a performance rate of 104.2%
- Expects the Gross Domestic Product to grow by 6.3% in FY 2021/22
The Kenya Revenue Authority (KRA) said it had collected KSh 476.646 billion, surpassing the Financial Year 2021-2022, Quarter One (July – September 2021) revenue target of KSh 461.653 billion by KSh 14.992 billion.
In a statement, the Authority said the performance reflected a sustained revenue growth in the first three months of the year, with a performance rate of 103.2% and growth of 30%.
Despite the slow economic growth, KRA said it commenced the new financial year on an upward trajectory, after surpassing its July 2021 revenue target with a surplus of KSh 311 million, after a revenue collection of KSh 152.854 billion against a set target of KSh 152.543 billion, …
The Kenya Revenue Authority (KRA) is planning to move to the Court of Appeal to overturn the High Court’s ruling that barred the taxman from collecting minimum tax from businesses.
Justice George Odunga on Monday, September 20, 2021, at the Machakos High Court, made the ruling after finding section 12D of the Income Tax Act unconstitutional.
The court noted that minimum tax was unconstitutional for subjecting taxpayers to double taxation and was punitive in nature.
However, the authority with the findings of the court and will prefer an appeal to the Court of Appeal to challenge this finding.
Reduce tax burden
In a press statement posted on their official website hours after the court ruling, KRA said the appeal will ensure that it continues to review and improve on tax policies for them to reduce the tax burden.
“The Kenya Revenue Authority respectfully disagrees with the findings of …
Kenya Revenue Authority has reached a new record of revenue collection to hit Sh1.669 Trillion in the 2020/21 financial year, compared to Sh1.607 Trillion collected in FY 2019/20.
In a statement, the Authority’s Director-General Githii Mburu says that this is in spite of the challenging operating economic environment brought about by the COVID-19 Pandemic.
“Kenya Revenue Authority (KRA) has defied all odds to surpass its revenue target after eight (8) years, since FY 2013/14,” the Authority said.
The FY 2020/2021 revenue target as reflected in the 2021 Budget Policy Statement was Sh1.652 Trillion which KRA says it surpassed with a surplus of Sh16.808 Billion.
This represents a performance rate of 101 percent and revenue growth of 3.9 percent compared to the last Financial Year.
KRA says the performance is consistent with the prevailing economic indicators, especially the projected GDP growth of 0.6 percent in 2020.
During the period under review, …
Kenyan businesses can now heave a sigh of relief after court has finally granted an injunction on minimum tax case.
In January this year, eight business associations representing the business community in Kenya have come together to call for the abolishment of the 1 per cent minimum tax introduced by the government.
The new bill which was to take effect on 1st January this year was introduced through the Finance Bill, 2020 (the Bill).
The bill was tabled in the National Assembly for debate and approval on 6 May 2020. This was a departure from previous years where finance bills would be introduced to the National Assembly after the reading of the national budget in June. This change was necessitated by recent constitutional interpretations issued by the court which barred the government from collecting taxes before the relevant tax provisions are approved by the …
How to File nil returns in Kenya
A nil income tax return is filed to show the Income Tax Department that you fall below the taxable income and therefore did not pay taxes during the year, according to ClearTax.
According to the Kenya Revenue Authority (KRA) by the end of June 2019, it collected Ksh 1.580 trillion as opposed to the targeted Ksh 1.435 trillion projected by the Treasury.
Requirements for filling KRA Nile Returns
Your KRA pin and your iTax account.
How to file nil returns in Kenya
- Log in to iTax
Visit https://itax.kra.go.ke/KRA-Portal. On the left, you will see an empty tab, enter your KRA pin or your ID and click on continue.
Enter your password and a key to answer the Security Stamp question. In case you have forgotten your password click on the forgotten password and follow the steps to reset it.
- Select File
Tanzania has released reprinted versions of several denominations of the country’s banknotes. The new banknotes are meant to be more secure against duplication and forgery.
The new security features include the removal of the classic thin stripe in the old banknote, called the motion thread and replacing it with a rolling star.
The former security feature (the motion thread) used a motion image that had special colour effects when the note is moved side to side.
The new feature now, the rolling star, also has a movement and color change trait, but makes wavy motions when the note is tilted.
The central bank, the Bank of Tanzania (BoT) announced early April that the change affects denominations of TZS 2000, 5000 and 10000.
The last time the BoT changed the country’s banknotes was in 2010. The central bank’s Governor Professor Florens Luoga explained in a press statement that the re-printed banknotes …
Commercial banks in Kenya have been on the limelight with accusations of abetting money laundering and being involved in national corruption scandals. Such was the case several banks which in 2018, CBK accused them of participating in payments for the National Youth Services (NYS) scandal.,
In this case, the director of public prosecution announced that he was considering prosecuting 20 senior officials in five banks, which they believe aided the laundering of at least Ksh1 billion ($10 million) looted from the National Youth Service (NYS) between January 2016 and April 2018.
These commercial banks have however developed mechanisms to conform to anti-money laundering laws developed in Kenya.
The law requires all financial institutions including banks, insurance companies, and SACCOs to file with the Financial Reporting Centre daily reports on transactions above Sh1 million and those deemed suspect. This is under the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA).
Twenty-three-year-old Margaret Wangari who hails from a small village called Gitugi in Muranga County is in a bind. Despite finishing her high school education from Gitugi Mixed Secondary School in 2013, Margaret cannot get her school leaving certificates or results slip.
“I still have an outstanding balance of Sh6500 ($62.58) and the school will not release those documents until I clear my balance. My younger brother also dropped out of school in form three because of lack of school fees,” said Margaret.
This is a story of the other side of the education system in Kenya, a situation the country can easily fix by sealing some loopholes that exist in Kenyan laws.
According to a report by Global Financial Integrity, revenue lost in Kenya due to trade mis-invoicing was in excess of US$907 million in 2013. This is about 8 per cent of total Kenyan government revenues, which could alone …
The Kenya International Freight Forwarders Association (KIFWA) and the Federation of East African Freight Forwarders Associations (FEAFFA) in partnership with other relevant industry associations has today unveiled the Kenya Customs Agents and Freight Forwarders Bill 2020 in a bid to enhance professionalism in service delivery and compliance to the existing regulations with the aim of ending the cargo delays at Ports, improve cargo flow, improve revenue collection by the revenue authority and lowering the cost of doing business.
Unveiling the new Kenya bill today, FEAFFA President Mr. Fred Seka said the new regulation is meant to streamline cargo clearance by ending the deployment of untrained agents, promoting fair competition, protecting industry players from unfair liability, supplementing existing government regulations and introducing mandatory registration and training of all customs agents and freight forwarders and fines and penalties for non-compliance and misconduct.
“Kenya trades over 30m tonnes of cargo within the East …
Kenya has become one of the latest countries to strengthen the fight on tax evasion and profit shifting with signing of a tax treaty, in the wake of rising malpractices by global multi-nationals.
The national efforts to strengthen the country’s bilateral tax treaties, have received a boost with the signing of a multilateral convention to end tax avoidance in France.
This week, the country signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting Convention at the 10th Anniversary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) in Paris.
The Convention is the first multilateral treaty of its kind, allowing international collaboration initiatives to end tax avoidance among multinational firms under the OECD/G20 BEPS Project.
The OECD/G20 BEPS Project delivers solutions for governments …