kra to monitor businesses on daily bases
KRA will now know how much your business makes daily
KRA to monitor business daily
Kenya Revenue Authority (KRA) says it plans to launch and install electronic tax registers system to businesses across the country that will help them access invoices issued by the traders.
, NAIROBI, Kenya, Jul 18- Business owners will have their daily sales tracked by a new technology system which will be installed by Kenya Revenue Authority to help catch tax evaders.
According to the Authority, all traders, manufacturers and suppliers will be forced to have internet-enabled electronic tax registers which will give KRA real time access to invoices issued at the premises.
“TIMS will enable KRA to make enhancements to iTax to increase its efficiency and effectiveness in tax administration through simplification of its user’s interaction,” KRA said in a notice.
Businesses that generate over Sh5 million per month will not have a choice as the Authority has made compulsory for them to adopt the system.
Failure to submit information on the system will see traders prohibited from conducting their businesses. This means that traders who will have not logged in their correct business transactions of the will be stopped from operating the following day until they submit correct information.
“The control unit should send end of day summary after all the invoices for the respective day have been transmitted, and before starting invoice transmission for the next day,” the Authority said.
The new development comes at a time when KRA has missed its revenue targets and is now working towards increasing its tax base.
In the new financial year, KRA has been given a target of Sh1.87 trillion, up from Sh1.65 trillion in the last financial year