KRA issues ultimatum to all unregistered businesses
KRA (Kenya Revenue Authority) issues notice to all unregistered businesses on eTIMS to comply by January 1, 2024
KRA (Kenya Revenue Authority) issues notice to all unregistered businesses on eTIMS to comply by January 1, 2024.
The Kenya Revenue Authority (KRA) on Tuesday called upon businesses to transmit invoices through the Electronic Tax Invoice Management System (eTIMS).
KRA sent out a notification asking all businesses, including those not registered for Value Added Tax (VAT), to create and send invoices via the system.
KRA stipulated that starting on January 1, 2024, no business whose invoices are not generated via the system will be deductible for tax purposes.
“KRA will continue to support and facilitate all taxpayers to comply with the requirements of the law,” read part of the notice.
Notably, the system allows businesses to transmit tax invoices, in real-time at their convenience.
The new directive is in line with the Finance Act 2023, passed to help the government collect more taxes.
KRA has set a target to collect Ksh2.768 trillion by the end of the Financial Year 2023/2024 and surpass the Ksh3 Trillion mark by the Financial Year 2024/2025.
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“KRA is confident that it will achieve this target and enable the government to finance its Bottom-Up Economic Transformation Agenda (BETA) and sustain the country’s economy,” read part of a statement from the authority.
The authority will execute changes to tax law as well as administrative measures to taxation in order to accomplish this.
President William Ruto set the KRA’s debt-reduction goal at Ksh4 trillion in November 2022.
In order to catch up to countries that share Kenya’s economic status, he urged the tax collectors to increase collection from 14% to 25%.
The increased taxes in the country have pushed Kenyans to the edge with some living hand to mouth as the cost of living skyrockets.
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