The Central Bank of Kenya, CBK, is a public institution established in 1966 and its functions are clearly spelled out in article 231 of the Constitution of Kenya and the Central Bank of Kenya Act.Its primary mandate is to formulate monetary policy to achieve and maintain price stability, promote stable and sound cfinancial system, and ensure and effective and efficient payment, clearing and settlements system.
Treasury CS Ukur Yatani in a past function.The term loans has been trending lately courtesy of the gorvenment's insatiable appetite for external borrowing with the most recent one from international monetary fund eliciting the most uproar from Kenyans online.However, even as Kenyans blamed the gorvenment for over-borrowing, a good number of them are listed by the credit reference bureau for defaulting on their loans.
Government through the National Treasury is looking forward to bring back the hefty excise duty on betting, a step that will push the gamblers and betting companies against the wall.The excise duty is set at the rate of 20% of the money in every bet.This move will see the punters and gambling companies contribute billions of money to the government through the Kenya Revenue Authority yearly.
Kenya Revenue authority made changes on the earlier announcement that they made concerning the filing of returns.In the first notice to the general public they had put in place very tough penalties for those who will not have filled return.In what happens to be a major relief to Kenyans, in the second announcement they did away with the list that contained the names of people whom they wanted to deregister their KRA pins for failing to file returns.
President Uhuru Kenyatta is moving with speed to ensure that he leaves behind a legacy that will be remembered by Kenyans.Mr Yatani walks a tight rope balancing between facilitating revival of the economy from the effects of the Covid-19 pandemic and raising the revenue needed to finance the President's legacy projects.
Cabinet Secretary for Treasury Ukur Yattani,has presented the proposed 2021/2022 Financial Year budget, which will costs shillings 3.6 billion Kenyan shillings to Parliament for discussions.In the proposed budget,the Executive will have shillings 1.879 trillion, Parliament will be allocated 37 billion while Judiciary will receive shillings 17 billion.
Kenya Revenue Authority (KRA) is responsible for collecting taxes in our country.The taxes are very important to our nation because money generated from taxes are used in different sectors.Furthermore, money generated are used to pay civil servants, improve communication and infrastructure in our country.
Both households and businesses can now breath with a sigh of relief and expect cheaper Bank Loans in the near future.This follows after the treasury after the treasury has scrapped off the 20 percent excise duty on bank loans fees.According to todays business daily newspaper, the removal of the excise tax is contained in the finance Bill a move that will see the banks save upto Ksh.
High court has today ruled in favor of tax paying Kenyans to not allow the government to increase tax by 1 percent.This comes as a relief to many Kenyans who had been scared that the increase in taxes could result in more burden to them.Picture courtesy.
A Kenyan Lawyer has this morning threatened to walk to court to question government over taxation on gas products.Philip Omoiti has vowed to fight the 2020 finance bill which he has termed as very unrealistic owing to external oil markets. "I am seeking proper instructions to go to court and challenge the 16% VAT on LPG introduced by the finance bill 2020" stated Omoiti on his page.
You Are On Your Own: KRA Releases The Latest Statement That Should Be Taken Serious By All Taxpayers
All Kenyans with Kenya Revenue Authority (KRA) personal identification number (PIN) is supposed to fill tax return online.KRA pin has become compulsory to all citizens who want to open a bank account as well as those who want government services that involve money transactions.
All Kenyans who are working in any formal sector is paying tax.This include those who are working in public and private sectors.For them to pay tax, they have personal identification number called KRA pin.The government has almost made it a compulsory for any citizen to have a KRA pin.
Every year, each Kenyan can tell the headache of filling Kenya Revenue Authority tax returns.Each Kenyan while employed or not is entitled by law to file a tax compliant form or risk huge penalties.The ignorance of most Kenyans has always seen the tax man extend the set deadlines.
The Kenya Revenue Authority (KRA) have been tough on Kenyans who have been evading to pay taxes as they want them to pay them in large amounts.Brookhouse International School has now found themselves in big trouble as they have to pay a huge sum of money to the Revenue Authority.
All tax payers have until 30th June this year to fill their returns, in a notice Kenyan revenue Authority (KRA) said people who have already failed to fill their respective tax returns without indicating cause will lose their KRA pins.The taxman said this move will help them enforce tax return compliance as provided for by 2015 tax procedure act.
Kenyans who will fail to file their tax return before June 30, will lose their Kenya Revenue Authority pin.Reports from the notice published today on Monday 3rd May, states that whoever will fail to file his/her tax returns and still fail to show the cause of not filing, will lose the pin after 30 days and it will be de-registered and cancelled from the KRA system.
Kenyans are supposed to file for their tax returns once in every year.This is according to our constitution that gives the national government through the Kenya Revenue Authority (KRA) to impose tax.This year the deadline for filing tax returns is June 30.This gives Kenyans more than a 50-day window to finish their returns and get on with their lives.
The court today 19th of April 2021 issued a controversial statement after restraining KRA from implementing a 1% further minimum tax.The case was filed by Kitengela bar owners filed the case challenging it's legality.Justice George Vincent According to the source ruled in the favor of the bar owners from Kitengela.
The High court on 19th April overturned the Kenya Revenue Authority's one percent minimum tax that was introduced earlier this year by the government.Led by Justice George Odunga, the landmark ruling by the high court barred the government from demanding the payment of the minimum tax.
In a submission to obtain the Ksh 255 billion loan from the International Monetary Fund, the National Treasury and the Kenya Revenue Authority schemed a strategy of targeting wealthy individuals in Kenya to consolidate tax collection. This is in line with the letter written to IMF by Treasury Cabinet Secretary Ukur Yatani and the Central Bank of Kenya Governor Patrick Njoroge. According to the plan, business and property proprietors had to be subjected to wealth tax to lift revenue for the financial year 2020/21