Mixed Reactions as KRA exempts small businesses from issuing eTIMs invoices.
Mixed Reactions as KRA exempts small businesses from issuing eTIMs invoices: Small businesses will only be required to show a record of transactions rather than generate electronic invoices as the Kenya Revenue Authority works on a separate system to accommodate their operations.
Every transaction has to be supported by an electronic invoice but KRA wants to shield small businesses from this requirement owing to high compliance costs and concerns of gaps in technology adoption.
Under the new system, rather than generating and transmitting electronic invoices through the electronic Tax Invoice Management System (e-Tims), small businesses will only show transactions.
KRA chief manager stated,”So what happened is that we have worked on a further simplified solution for the lower-end taxpayers.
Netizens have reacted to this News;
Mike expressed,”No relief here. If you run a small business doing less than 5M a year, just onboard on eTIMS. Remember, the requirement that business expenditure must be supported by an eTIMS generated invoice has not been removed.”
Amboko opined,”The major change (final regulation vs the draft) is that now any resident person whose annual turnover is <Kes5.0M has been EXCLUDED from mandatory issuance of eTIMS generated invoices.This is one huge sigh of relief for small businesses.”
Mwango wrote,” But surely why have them in the draft regulations in the first place? Seems like a lack of research & proper consultation BEFORE drafting such regulations.Small businesses have been stressed for months now on eTIMS registration.Anyway, keep making noise.”
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