Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
KRA Commissioner Githii Mburu Saturday said the agency surpassed its target collection for the first time in 8 years/CFM/FILE

Finance

KRA to prolong tax remittance period for distressed businesses in wake of COVID-19

NAIROBI, Kenya, April 8 – Kenya Revenue Authority has given an open window to businesses who may fail to remit their taxes on time as a result of COVID 19 which has slowed down economic activity.

KRA Commissioner General James Githii Mburu in a statement on Tuesday further advised  businesses and individuals experiencing challenges to agree with the authority’s debt team on a favorable repayment plan.

“In the event that a taxpayer is not able to honor the agreed payment plan, it is mandatory that the same is reviewed and agreed with our debt team,” said Mburu.

He further said the authority will act against anyone who intentionally fails to submit their taxes.

“Whereas all efforts will be made to facilitate payment of taxes, KRA will decisively handle any matter that pertains to deliberate non-payment of taxes,” he added.

This comes even as President Uhuru Kenyatta introduced new tax reliefs already in play to cushion Kenyans affected by COVID 19.

President ordered the National Treasury to give employees earning less than Sh24,000 a 100 percent tax break.

Those earning more than this will pay a maximum of 25 percent, down from the current 30 percent while the micro, small and medium enterprises (MSMEs), now have a reduction Turnover Tax also the current three percent to one percent.

Currently, Kenya has confirmed 172 infections and six deaths caused by the disease.

Advertisement. Scroll to continue reading.

Health Cabinet Secretary Mutahi Kagwe on Tuesday asked Kenyans to brace for tough times ahead, saying community transmissions are on the rise.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...