Blogs and News On Accounting, Audit and Taxation
KRA has restricted the addition of VAT obligation and set the following conditions and mandatory documentary requirements for approval of the same; 1. Original CR12 for companies 2. Identity documents from directors including National Identity cards, passports or Alien Identity Cards 3. Business permit from relevant bodies 4. Work permits for aliens 5. Directors’ Tax…
Read More “Kenya VAT Obligation Registration Requirements” »
Installment tax is an estimated income tax paid to KRA in advance and in anticipation of tax payable for the year of income. Installment tax is paid in four installments. A projection of the income tax payable is done at the beginning of the financial year based on prior years’ tax paid or current year’s…
Read More “Installment Taxes in Kenya: What you need to know” »
Frequently Asked Tax Questions…. Get in touch with us on info@optima-accounting.co.ke or call 0700 053980.
In case you have forgotten your iTax Log in credentials, do not worry. The iTax password recovery process is fairly simple and straight forward. Step 1: Access KRA Online Portal Access the KRA iTax portal by clicking this link KRA iTax Portal. Enter you KRA Pin Number/User ID then click continue Below the login button click…
Read More “How to change your KRA iTax Portal Log in details” »
The Finance Act 2020 has amended the provisions of claiming of input VAT by including an additional requirement. It states that a person claiming input tax will only be able to do so if the input tax claimed has been declared as output tax by the supplier for VAT purposes. The input-output matching concept of…
Read More “Finance Act 2020: Amendment on Input VAT Provisions in Kenya” »
What do you do when you receive that dreaded call that Kenya Revenue Authority officials will be undertaking an audit of your business? Do you close down your business, shave your head and disappear to the mountains to live the rest of your life as a monk? Absolutely not! A tax audit is an unavoidable…
Read More “When the tax man comes calling: Fight or flight?” »
