KRA Issues a 100% Waiver to Any undisclosed Income

3
KRA Issues a 100% Waiver to Any undisclosed Income
KRA Issues a 100% Waiver to Any undisclosed Income

Africa-PressKenya. Kenya Revenue Authority (KRA) has announced a 100% waiver on interest and penalties for any undisclosed income and taxes due from July 1, 2015, to June 30, 2020.

The Voluntary Tax Disclosure Programme (VTDP) is a programme in which a taxpayer confidentially discloses tax liabilities that were previously undisclosed to the Commissioner, for the purpose of being granted relief of penalties and interest of the tax disclosed.

The programme was started in January 2021 and is in effect for a period of three years up to 31st December 2023.

Some of the tax liabilities covered under VTDP include Individual Income Tax, Corporate Tax, Withholding Income Tax, Capital Gains Tax, Value Added Tax, Excise duty, Turnover Tax and Monthly Rental Income Tax

A person who wishes to take advantage of VTDP shall apply online on iTax in a prescribed return for the specific tax head under disclosure. When the submission is complete, the person shall receive an acknowledgement slip.

Also, a person may submit a manual application to their respective Tax Service Office before the rollout of the module in iTax or in the event of temporary system downtime.

However, KRA has noted that a taxpayer will not be eligible for VTDP where the taxpayer: –

Is under audit or investigation for the undisclosed tax, or has been served with a notice of intention to investigate or carry out an audit/compliance check for the undisclosed tax, or is a party to ongoing litigation in respect to the tax liability or any matter relating to the tax liability.

KRA has also urged Kenyans to declare and pay these taxes before 31st December 2021.

LEAVE A REPLY

Please enter your comment!
Please enter your name here