kra Archives - Daily Chronicles

businesses given deadline to deploy new machine or face Sh1 million fine

28Jun

By Nasra HusseinNo Comments

Business

businesses given deadline to deploy new machine or face Sh1 million fine

The Kenya Revenue Authority has given businessmen and traders only one month to purchase and install the new upgraded electronic tax register machines on their premises. Businesses and traders who fail to comply by July 1, risk a Sh1 million fine or three years of jail time. “If a VAT registered taxpayer does not comply within the specified period then we invoke section 53 of the VAT Act which says that you will either be fined Sh1 million or three years imprisonment or both if you don’t comply within the specified timeline,” said Hakamba Wangwe the chief manager in charge of Tax Invoice Management System (TIMS) operations. KRA has given 16 suppliers to offer the new gadgets which will also require the installation of new software. According to one of the approved supplier...

KRA To Set Up Forensic Lab To Nab Tax Cheats

11May

By Nasra HusseinNo Comments

Business

KRA To Set Up Forensic Lab To Nab Tax Cheats

Kenya Revenue Authority (KRA) will soon be armed with cyber forensic lab facilities to nab tax cheats as it hopes to build a state-of-the-art forensic lab. The lab is expected to equip KRA to recover all deleted files, mine hidden data including hidden accounts from tax payers computers to uncover tax and financial frauds."The proposed Digital Forensic lab will be set up to perform the activities of forensic Acquisition, Extraction and e-discovery of evidential materials," says KRA. While investigating cases of tax evasion in the country, the tax man hopes to build water tight evidence against those that it will take to the courts. The move comes in response to the rising trend among individuals and businesses as they switch to electronic record keeping which has become probl...

How KRA spied on Kidero bank accounts, worth Millions.

9Feb

By Nasra HusseinNo Comments

local news

How KRA spied on Kidero bank accounts, worth Millions.

The Kenya Revenue Authority (KRA) spied on bank accounts operated by former Nairobi governor Evans Kidero on a mission that saw it net Sh427 million as unpaid tax for a period of five years. The authority also snooped on the former governor’s rich list of high-end properties, gleaning information about the rental income that was flowing into Mr Kidero’s accounts. His land and buildings are estimated to be worth at least Sh9 The KRA’s espionage was revealed in court documents that on Tuesday prompted the High Court to order Mr Kidero to pay the taxman Sh427 million. The revelation looks set to raise questions about the confidentiality of banking transactions Mr Kidero defended the millions of shillings that flowed through his account, saying it was part of contributions ...

27Sep

By Nasra HusseinNo Comments

Business

Fuel, beer prices set to go up, again

Consumers in Kenya are facing yet another increase on at least 31 products. This comes with the adjustment of the excise duty rate by the Kenya Revenue Authority (KRA), a move that will force manufacturers and importers to pass costs to consumers. It will see fast-moving excisable goods such as fuel, beer, cigarettes, bottled water, energy drinks, and juice cost more from October 1, with consumers who are reeling from the effects of Covid-19, amid reduced spending power, forced to dig deeper into their pockets to access these products. In a notice issued on August 10, Kenya Revenue Authority (KRA) Commissioner General said the taxman would adjust the rate of excise duty using 4.97 per cent, as the average inflation rate covering the 2020/21 financial year. PRICE CHANGE ...

11Apr

By Nasra HusseinNo Comments

Business

KRA risks losing Sh2.2bn in row.

In July 2018, the Kenya Revenue Authority (KRA) contracted Keysian Auctioneers for an assignment. Diplomatic Duty Free Ltd, a company linked to Goldenberg architect Kamlesh Pattni, owed Sh2.2 billion in tax arrears and the auctioneer was to issue a notice of distress to recover the money or attach the company’s property. But when the auctioneers went to the premises of Diplomatic Duty Free Ltd at the Jomo Kenyatta International Airport (JKIA), there was a new company, Suzan General Trading Ltd (trading as Suzan Duty Free), whose staff denied knowledge of a company by the name Diplomatic Duty Free Ltd and they, therefore, refused to sign the papers. The notice of distress was giving Diplomatic Duty Free Ltd 10 days to pay the arrears or have its property attached. At the end of t...