Heavy price to pay for Kenyans who fail to file KRA tax returns by 30th June
KRA penalty for not filing returns – How much is penalty for late filing of Kra tax returns?
The Kenya Revenue Authority (KRA) will be closing its online tax filing deadline on 30th June 2018. The taxmen have since maintained this stand on not extending the deadline thereafter. Taxpayers who fail to file their returns will accrue charges of 20,000 shillings for every day that counts.
“Late filing of tax returns attracts a penalty of 5% of the tax due or Ksh 20,000 whichever is higher. Late payments of taxes leads to a penalty of 20% of the outstanding tax. Avoid unnecessary penalties by filing your tax returns today!” said KRA.For those who did not file their taxes on June 2016 and June 2017 will also pay a penalty of Sh 1,000.
One will also won’t be able to get a tax compliance certificate unless they first pay the penalty for 2017.That being said, most Kenyans are still in the dark on the reasons behind filing tax returns. According to the taxman most employers have already given their employees the P9-A forms and thus, the staff members do not have a reason of not filing their taxes.
Now that the deadline is this, employees are up and down trying to file their taxes while this could have been done earlier. Never wait for the deadline to file your taxes as this might heavily cost you.