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New KRA Protocol and How it Affects You
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|New KRA Protocol and How it Affects You by Saocv(1): Tue 07, April, 2020 10:54pm|
The Kenya Revenue Authority (KRA) on Tuesday, April 7, announced new procedures that are set to change the order of business for every Kenyan.
In the notice published on major publications, the taxman announced that there would be no more physical submission of documents at any of their stations, unless under special authorization.
"Taxpayers are supposed to submit documents and in some instances, appear in person at our premises. This is not tenable in the current environment," reads the statement in part.
The tax authority went on to announce the new mode of operation and urged Kenyans to ensure that any tax liabilities were remitted in a timely manner.
"Taxpayers will be duly notified of when they can appear in person. In the interim, taxpayers are advised to submit evidence of transactions through email@example.com." the statement further reads.
The taxman also issued a warning to individuals who deliberately evaded taxes and urged any Kenyan currently unable to fulfil their tax obligations to get in touch with their debt team.
"In the event that a taxpayer is not able to honour the agreed payment plan, it's mandatory that the same is reviewed and agreed with our debt team," reads an excerpt of the notice.
To mitigate the effects of the Coronavirus pandemic on the Kenyan economy, KRA outlined the various proposed measures as follows:
1. Reduction of personal income tax top rate (PAYE) from 30% to 25%
2. 100% tax relief for persons earning up to Ksh 24,000.
3. Reduction of the resident corporate income tax rate from 30% to 25%.
4. Reduction of the turnover tax rate for Small and Medium Enterprises (SMEs) from 3% to 1%
5. Immediate reduction of the VAT rate from 16% to14%.
The draft Tax Laws Amendment Bill 2020 published by the National Treasury on April 2, spells out a wide array of tax relief measures affecting both individuals and corporations.
For example, firms setting up hotels, hospitals, petroleum or gas storage facilities, and manufacturing premises, would be allowed to claim up to 50% of their investment as tax allowances for the first year of operations.
The National Assembly was set to deliberate on the various amendments on April 7 & 8, but speaker Justin Muturi announced that the sittings were cancelled following President Uhuru Kenyatta's directive on April 6, that called for a cessation of movement in and out of 4 counties that were identified as Covid-19 high-risk areas namely: Nairobi, Mombasa, Kilifi, and Kwale.
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