Thursday, July 25, 2024

954,000 Kenyans face fines after failing to file KRA returns

Nearly one million Kenyans who are eligible to file tax returns are staring at fines from the Kenya Revenue Authority (KRA) after failing to file KRA returns by deadline day.

Data from the KRA showed that at the ens of June 30 2024, the number of taxpayers who filed their returns for the year 2023 stood at 8,046,971.

This was against the targeted number of 9 million. 953,971 taxpayers did not file their returns. However, the number of taxpayers who filed their returns this season was higher by 1.7 million when compares to the number of taxpayers who filed their returns by June 30 2023 for the 2022 year.

Co-Op post

In the days leading up to the deadline, the KRA experienced a spike in the number of filings, with about 100,000 daily returns being filed for processing.

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The nearly one million Kenyans who did not file KRA returns will now be subjected to fines of Sh. 2,000 each or 5 five percent of each individual’s tax bill, whichever is higher.

NCBA

Companies pay penalties of Sh. 10,000 or 5 percent of the tax payable in the year of return or whichever is higher.

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