× Digital News Videos Africa Health & Science Opinion Columnists Education Lifestyle Cartoons Moi Cabinets Arts & Culture Gender Planet Action Podcasts E-Paper Tributes Lifestyle & Entertainment Nairobian Entertainment Eve Woman TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×
VAS

ELECTION 2022

KRA to speed up tax refunds

CARTOON
By | Oct 22nd 2009 | 1 min read

by Morris Aron

President Kibaki has directed Treasury and Kenya Revenue Authority to speed up value added tax (VAT) refunds.

He also ordered the taxman to clear all pending arrears.

"Treasury and KRA should look into ways of ensuring that no Vat refund arrears buildup in future, and fast-track the process of refunding traders," said Kibaki.

Following the directive, KRA and Treasury have announced they will soon be implementing a new compliance model, that will see prompt taxpayers refunded Vat between 60 and 90 days. The new model will be implemented next month, and is based on a principle that rewards prompt taxpayers by processing their refunds early, instead of waiting until an audit of their tax returns is carried out.

"Traders and companies will be classified as high, medium and low risk, with the low risk firms receiving refunds before returns are audited," said Finance Minister Uhuru Kenyatta.

Firms or traders with a history of non-compliance will not enjoy the incentive.

Before the deal, KRA settled tax refunds on a first in first out basis and all returns were subjected to an audit before approval.

Share this story
France gives energy projects Sh12b boost
Kenya’s efforts to harness and distribute more power to the national grid has received a major boost.
When Njonjo almost resigned over coffee smugglers
Known as the era of black gold, it began in 1976 when Ugandan farmers decided to sell their coffee in the private market.

.
RECOMMENDED NEWS

;