The Finance Act of 2023’s ongoing Tax Amnesty Program has received a significant reaction from taxpayers, according to the Kenya Revenue Authority (KRA).
KRA said on February 20, 2024, that 227,071 taxpayers have benefited from the effort as a whole, with a total waiver of Ksh. 209 billion in fines and interest.
The Tax Amnesty Programme allows taxpayers to apply for the waiver of penalties and interest accrued on overdue taxes up to December 31st, 2022. It began on September 1st, 2023, and ends on June 30th, 2024. By June 30th, 2024, taxpayers must have fully settled their principal taxes in order to be eligible for the amnesty.
The amnesty policy has been utilized by taxpayers who have paid a total of Ksh.14.5 billion in main taxes, as per the most recent data from KRA.
“KRA reminds Taxpayers with outstanding principal taxes to take advantage of the amnesty programme. Further, Taxpayers who have not filed their returns for the amnesty period are urged to file the returns in order to benefit from the Tax Amnesty Programme,” the taxman stated in a statement on Tuesday.
KRA invites taxpayers involved in ongoing disputes to think about utilizing the Alternative Dispute Resolution (ADR) framework in an effort to speed up the resolution of tax issues.
“This (out-of-court settlement) will enable them take advantage of the ongoing Tax Amnesty, noting that the provisions on waiver of penalties and interest and on abandonment of taxes, were repealed by the Finance Act, 2023,” added KRA.
To ensure that their income tax returns are timely filed by the deadline of June 30, 2024, KRA has sent out a reminder to taxpayers whose Year of Income ends on December 31st, 2023.
