Do you require Kra Pin when Opening Bank Account

Do you require Kra Pin when Opening Bank Account

  • However, this directive is being followed so late after CBK and KRA started piling pressure on the banks.

    Some lenders have also instructed the existing account holders to supply the same details.

    The decision was made after the amendment of the Tax procedures Act (TPA) of the 2016 finance bill.

    The banks have never strictly adhered to this condition despite it being in the ‘know your customer policy.’

    The move by KRA is meant to seal revenue leakages and apprehend those evading tax payment.

    This is done with the hope that the tax collector will help raise revenue to fund the Ksh3 Trillion Kenyan budget.

    In the financial year 2017/2018, KRA fell short of Ksh100 Million lost through tax evasion.

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