taxNews
Konnectplus
Kenya

KRa to collect sh 10 bn more this year

id : 106 Tax Administration   
posted by : Tnews
 DOQ : 2020-10-10 19:24:04
   Tnews
  
106_20100718.jpg

KRA to collect Sh10bn more after raising tax.
The government expects to collect an additional Sh10 billion this financial year after it raised tax on some 31 products beginning October 1. 
KRA yesterday said even though it had considered the fact that businesses have been hit by the Covid-19 pandemic since the beginning of the year, it had to adjust excise duty on the products, to avoid a situation where the rising inflation rate affects the country’s revenues.
Among the products that were slapped with the additional tax include alcoholic products, cigarettes and fuel.
“We expect annually to collect an additional about Sh10 billion from adjustment of excise duty rates. Of course we appreciate the fact that there are other factors affecting consumption in this financial year and that adjustment has also been considered,” said KRA’s domestic taxes deputy commissioner for policy and tax advisory Caxton Masudi.
He said the authority had noted the impact Covid-19 restrictions such as ban on travels, opening of businesses and the curfew had on businesses, which affected its collections for the first half of 2020.
“There have been some significant implications to businesses relating to Covid-19 especially in relation to the measures the government has put in place to fight the disease,” Mr Masudi said,
“In the last three months, KRA’s tax performance has improved from 82 to 91 per cent.


You may also like...

109_21040304.jpg

By John Muiruri Reviewed April 06, 2021 The difference between being an independent contractor

108_21040845.jpg

The Kenya Revenue Authority (KRA) on Monday suffered a blow after the High Court sitting in Nairobi
Court case: Treasury agreements aiding the rich evade paying taxes This claim is contained in a cou

106_20100718.jpg

106_20100718.jpg

KRA to collect Sh10bn more after raising tax. The government expects to collect an additional Sh10

103_20050450.jpg

103_20050450.jpg

Goods can be stored in a Custom Bonded Warehouse up to nine months without having to pay VAT or othe

100_20051237.jpg

100_20051237.jpg

Tax Laws (Amendment) Act 2020 (the Act) was assented to by the President on 25/05/2020. Key chang

my Views
(0)
taxBaddy.com @2014-2021 All rights reserved
Powered by : gravityworks@taxbaddy.com