Many have been filing returns in a bid to avoid stiff penalties. Failure to file annual returns by the due date attracts a penalty of additional tax equal to 5% of the normal tax, or Ksh. 10,000 for Non-Individual Taxpayers.
The 1st of January, 2021, marked the beginning of the tax return filing season for the 2020 income year. All annual tax returns for the year 2020 for individuals and for entities with a December year-end should be submitted online through the iTax platform on or before 30th June 2021. To handle increased traffic to both its website and offices, the tax man has extended working and will operate even on weekends.
As we reflect on 2020, the Kenya Revenue Authority (KRA) reminds all taxpayers that the filing of annual tax returns for the year 2020 is on course. The exercise is meant for individual taxpayers and business entities whose accounting period runs from January to December.
January 1st, 2021 marked the beginning of the tax return filing season for the 2020 year of income. All annual tax returns for the year 2020 for individuals and for entities with a December year end should be submitted online through the iTax platform on or before 30th June 2021.
The VDTP provides a platform for a taxpayer to disclose tax liabilities that were previously undisclosed to the Commissioner for the purpose of being granted relief of penalties and interest arising from the tax disclosed.
One of the platforms that KRA uses to engage scholars and members of the public on tax matters is the annual tax summit.
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