Compliance with VAT regulations 2020
The Value Added Tax (Electronic Tax Invoice) Regulations 2020 were published in by the Cabinet Secretary for National Treasury and Planning through Legal notice 189 dated 10th September 2020.
The regulation states that every VAT-registered business or tax payer must have a tax register in place by August 1, 2022, and it must be able to communicate data to KRA in real time and adhere to all other requirements outlined in the laws.
It is advised that you get in touch with the ETR vendors listed on the KRA website.
Failure to abide by these regulations will result in a fine of no more than KES 1 million, imprisonment, or both.
Tax Obligation |
Due Dates |
|---|---|
|
VAT, MRI, WHT, WHT VAT, DST & TOT |
On or before the 20th of the following month |
|
PAYE |
On or before the 9th of the following month |
|
Filing Corporate & individual income tax return |
Due on or before the sixth month after accounting year end |
|
First installment tax * |
On or before the 20th of the fourth month after accounting year end. |
|
Second installment tax* |
On or before the 20th of the sixth month after accounting year end |
|
Third Installment tax* |
On or before the 20th of the ninth month after accounting year end |
|
Final Tax* |
On or before the 30th of the fourth month after accounting year end |
For more information contact
CPA NIMROD KURGAT
PARTNER, TAX, AUDIT & IT
CPA Nimrod is a Partner of the firm in charge of Audit, Tax and IT. He holds a Bachelor of Commerce Degree (Finance Option) from the Catholic University of Eastern Africa. He is a member of the Institute of Certified Public Accountants (Reg. No.6969) and a member of the Information Systems Audit and Control Association (ISACA). He is also a Certified Information Systems Auditor (CISA).