KRA Issues notice on VAT Return Filing, Changes Dates.
KRA Issues notice on VAT Return Filing, Changes Dates: The Kenya Revenue Authority (KRA) has adjusted the VAT return filing process.
Tax returns will now be pre-filled with tax information with effect from the February 2024 tax period, not the January 2024 tax period as earlier planned.
Through a notice issued on Monday, the tax authority said the modification is to ensure all VAT claims are supported by valid electronic invoices from KRA’s electronic tax register, the Tax Invoice Management System (TIMS).
KRA stated,” This adjustment is intended to ensure that all VAT claims are supported by valid TIMS/eTIMS generated tax invoices since any input VAT claim that is not validated through TIMS/eTIMS or against existing customs import declarations for import VAT claims will not be allowed.”
” In this regard, we remind all Taxpayers of their obligation to issue electronic tax invoices and transmit the invoice details to KRA,” read part of the notice.
Notably, KRA directed Kenyans to file their January VAT self-assessment returns by February 20.
KRA stated, “Upon rollout of the simplified VAT return, (taxpayers) will be required to confirm the accuracy of the declaration before submission of the return.”
During the end of last year, KRA upgraded its bulk invoice system for high-traffic businesses beginning in January, which would see establishments like supermarkets be required to support any expense with an electronic transaction.
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