KRA to Offer 100% Waiver on Penalties During Taxpayers' Day

 

Taxpayers Day will be held at Nakuru State House for the first time on Friday, October 27. KRA South Rift regional coordinator Alice Kiptoo said the government's principal revenue collector will use the day to recognise businesses and individuals who have been tax compliant. Deductions to Increase "Additionally, KRA will offer an amnesty to individuals owning the revenue collector penalties and interests accrued up to 2022. All they have to do is visit the KRA website and apply for the waiver, and we shall process it automatically,” Kiptoo said. Kiptoo explained that defaulters will required to pay the principal amount, and they will get a 100% waiver on penalties and interest. What is KRA's tax amnesty programme? KRA announced the introduction of the tax amnesty on interest and penalties accrued to late payment and filing of tax returns. It noted that the tax amnesty applies to taxpayers with penalties and interest but has no principal taxes owing for periods up to December 31, 2022. A taxpayer with principal tax accrued up to December 31, 2022, but pays the outstanding principal tax debt by June 30, 2024, will also be eligible for the waiver. The taxman has increased its tax collection after introducing the tax amnesty programme. KRA collected KSh 3.4 billion from the 10-month programme that began in September 2023. "More than 17,000 taxpayers have applied for the amnesty, which commenced on September 1, 2023, and we expect the number to grow immensely as we continue to create awareness," KRA chief manager of the domestic tax department Caroline Rotich said. Why KRA will freeze bank accounts, PINs The taxman said it will implement enforcement measures to curb the abuse of its tax amnesty programme. This will include freezing bank accounts and blocking the KRA PINs of taxpayers who default on payment plans. KRA noted the measures will seal tax evasion loopholes.   BY TUKO NEWS