Wednesday, February 28, 2024

Local banks start sharing customer details and balances with KRA

Banks in Kenya have started sharing customer details of their foreign account holders with the Kenya Revenue Authority (KRA).

According to a report that appeared in a local daily newspaper on Friday, some banks have already alerted their customers about this latest development.

“Some banks on Thursday notified their customers that they had started implementing the common reporting standards (CRS) under which countries agree to seamlessly share information on taxpayers,” the report in the Business Daily newspaper stated.

The reported stated that for individual account holders, local banks will share details such as the account balance, the address, the place of birth, the date of birth, country or countries of tax residence, and account holders’ ID numbers with the KRA.

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It added that in the case of corporate clients, the local banks will share details including place of business registration, type of business, and controlling individuals in the business with the KRA.

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