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There is a silent tax compliance tsunami that is coming. The Government is running on a deficit. KRA has not been meeting its Tax Revenue Targets for a number of years now. Plans have been put in place to tighten controls around Income Tax and VAT. In particular, the revised ETR specifications requires a trader’s sales data to be connected to KRA’s Tax Invoice Management System (TIMS).
The implications of this data-driven transformation by KRA are huge. Sales data will be transmitted online to KRA. Automatically, a trader’s purchase data will be visible to KRA. VAT submission will be ultimately automated. All other taxes are tied to sales data and therefore tax-visibility will be very high. Compliance dead is August 2021.
The BRS team is fully prepared to offer all advisory services necessary to ensure comprehensive tax compliance of our clients.