The Kenya Revenue Authority has announced the penalities for both individuals and companies upon late filing of tax returns. It’s a mandatory to file your tax returns evey year per the terms of Kenya Revenue Authority. KRA had announced the deadline of filing tax returns of 01/01/2019 to 31/12/2019 on date 30th of June 2020.
However, it has been noticed that some Individuals are reluctant in filing their tax returns where by Kenya Revenue Authority had imposed a penalty for the late filing of tax returns when one doesn’t comply with the deadline.
Kenya Revenue Authority has given a reminder for filing of 2019 tax returns and with the attachment of the penalities for both individuals and companies if hit with the deadline. In their post KRA reminded it’s customers that it’s 4 days remaining to meet the deadline and adviced to file the 2019 tax returns before deadline that’s on 30th June 2020.
According to Kenya Revenue Authority, individuals will pay a tax of Ksh 2000 or 5 per cent of the tax due. The companies will pay a penalty of Ksh 20,000 or 5 per cent of the tax due.
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