More than 2.5 million Kenyans have three days to file their tax returns before the June 30 deadline or face fines from the Kenya Revenue Authority (KRA).
The KRA data shows about five million people had filed their returns by June 27 against 7.5 million on its database.
The five million figure is 16 percent more compared to a similar period last year.
Read: 4.4 million Kenyans file tax returns ahead of deadline
Failure to meet the deadline is an offence which attracts a Sh10,000 fine or 25 percent of salaried workers’ tax bill, Sh5,000 in case of SMEs paying turnover tax, and Sh20,000 or five percent of tax liability on other business incomes.
Companies face a penalty of Sh20,000 or five percent of the tax payable in the year the return captures or whichever is higher.
“About 5 million taxpayers had filed their tax returns as of June 27 which is 16 percent more compared to those who filed their returns at the same period last year,” said the taxman on Tuesday.
The KRA has been processing more than 120,000 filings daily, it reported on Thursday last week. Annually, the daily numbers are known to rise close to the deadline.
Filling the returns has emerged as one of the taxman’s preferred ways to net tax cheats and grow the income tax segments amid struggles to meet collection targets.
The law requires anyone with a personal identification number to file returns irrespective of employment status.
Read: KRA must walk the talk on tax refunds
The KRA missed its revenue collection targets by Sh27 billion in three months to December amid President William Ruto’s aggressive push to weed out tax evaders and boost receipts.
→ [email protected]
(This article is generated through the syndicated feed sources, Financetin doesn’t own any part of this article)