KRA suspends tax relief payments.
The Kenya relief authority, KRA suspends tax relief payments with effect from February 25, 2023.
According to KRA, this will allow for Investment Information and Credit Rating Agency (ICRA) to audit and enhance the tax relief processes and procedures.
KRA stated,”The current suspension and ongoing review of tax reliefs is also aimed at increasing the impact of tax expenditure on economic growth.”
“This will be achieved through minimising tax expenditure and aligning it with international best practices for better internal revenue. ICRA is optimistic that the enhancement of the tax relief process and procedures will offer a permissible issuance of tax exemptions; it will also ensure equitable processing of tax reliefs,” read part of the statement.
Additionally, the taxing authority stated that this is part of the revenue mobilisation plan aimed at enhancing revenue collection and redirecting resources to finance priority growth-supporting programs.
KRA stated,”This move is aimed at powering the Bottom-up Economic Transformation Agenda (BETA). In addition to enhancing trust and facilitation, ICRA remains committed to provision of excellent customer service to taxpayers. The Authority will continue working closely with taxpayers to resolve arising issues for ease of tax compliance.”
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