KRA Tracking System: The Kenya Revenue Authority (KRA) is set to start tracking and monitoring traders’ daily sales. This follows the publication of a new law. The new law will allow KRA to track these sales using Internet-enabled electronic tax registers.
According to a report that appeared in the Business Daily on Monday, the new regulations were published by Treasury Cabinet Secretary Ukur Yatani on Friday, and all businesses to install new electronic tax registers connected to the KRA’s systems
“All businesses that have an annual turnover of at least Sh. 5 million are by law required to have electronic tax registers. Under the new system, the KRA will receive sales and invoice data from all registered companies and traders on a daily basis in a fresh push to boost revenue collections and curb tax evasion,” the report said.
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The report further added that businesses will be expected to have installed the new electronic tax registers connected by September next year.
“Traders will also be required to seek the taxman’s permission to perform any other business the next day under the system, meaning incorrect or incomplete data logged the previous day could lock them out. The KRA will also start receiving real time data on motor vehicle purchases, property deals and real estate investors seeking electricity meters after integrating its system with other agencies,” the report added on the KRA tracking system.
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