Tax Amnesty Initiative yields Sh43.9 billion for KRA
A tax amnesty is a periodic measure targeted at a specific group of people or activities, designed to address a particular problem or achieve a specific goal.
The Kenya Revenue Authority collected Sh43.9 billion from the tax amnesty programme that ended on June 30, 2024, in the last Financial Year 2023-2024.
The taxman on Thursday highlighted that the funds were collected from 1,064,667 taxpayers.
More To Read
- KRA surpasses Sh2 trillion in revenue collection as growth hits 6.1 per cent
- Fuel stations given until June to integrate with KRA's eTIMS system
- 2025 Finance Bill changes may worsen cash crunch for Kenyan exporters
- Treasury revives plan to grant KRA real-time access to personal data in push for more tax
- KRA waives Sh158 billion in penalties for 2.9 million taxpayers in amnesty programme
- KRA launches new patrol boat to combat smuggling in Kenyan waters
Through the programme, KRA disclosed that it waived penalties and interest totalling Sh507.7 billion, benefiting 3,115,393 taxpayers.
"The waivers include those that were offered automatically after taxpayers filed their returns, declared and paid their principal taxes," said the authority.
The initiative, which ran from September 1, 2023, to June 30, 2024, aimed to provide much-needed relief to taxpayers with outstanding tax obligations.
The Kenya Revenue Authority (KRA) noted in a statement that the programme was most successful in June 2024, with the highest collection of Sh15.1 billion.
A tax amnesty is a periodic measure targeted at a specific group of people or activities, designed to address a particular problem or achieve a specific goal.
The Finance Act of 2023 established the tax amnesty programme, which allows taxpayers to request relief from penalties and interest on tax debt for periods ending December 31, 2022.
This came after the repeal of provisions on the abandonment and waivers of penalties and interest.
Under the programme, taxpayers were only required to pay the principal amount of their outstanding tax debts.
Top Stories Today
