KRA Tax Returns deadline 2018 and Late Filing Penalties

Each Income generating citizen is supposed to pay Tax to KRA. But we all get into issues while filing tax returns. The Tax returns deadline for the 2017/2018 financial year is 30th June 2018. Each person who has a KRA pin is required to file tax returns before the deadline expiry.

The Kenya Revenue Authority (KRA) is a government entity charged with the responsibility of collecting and accounting for all taxes on behalf of the government. The Times Tower is the headquarters for KRA operations.

Applicable Penalties for Late KRA returns Submissions

The Kenya Revenue Authority imposes fines on organizations and individuals who fail to file their Tax returns on time. The offenders pay a penalty of Kshs.20,000 or five percent of the assessment due, whichever is higher. For assessable salary, the punishment for late filing is 5% or Kshs 10,000 whichever is higher. On turnover assess, the fine is Kshs 5,000. Some other case is 5% of the expense due For inability to present a KRA charge archive a penalty of Kshs 1,000 every day up to most extreme Kshs 50,000. KRA expense forms due date 2018 are 30th June 2018.

KRA tax returns forms

Another framework has been introduced from the past Integrated Tax Management System (ITMS) that was utilized by KRA to submit Tax returns. Subsequently, notwithstanding getting KRA PIN on the ITMS stage is at moment disabled. Movement to the new iTax online stage currently allows you to fill the form online on the KRA portal. You should visit KRA online gateway. Since 2014 the Kenya Revenue Authority suspended the manual accommodation of government forms. Set up, another electronic stage has been set up set up to offer tax return filing.

KRA income tax returns online

The KRA Personal Identification Number (PIN) is a must-have while filing returns in the KRA online portal. It serves the purpose of identifying an individual for Tax related purposes. In essence, the PIN is pivotal for reasons for preparing tax discounts, application for assess exception and securing Tax Clearance/Compliance Certificates. Use the significant duty rates to process and decide your assessment commitment, cases, and relief that you are entitled. On the off chance that you have a come up short on government forms KRA, you are required to pay the levy. If you have an excessive charge, then you may apply for a refund.

How to file KRA tax returns

To improve Tax payers compliance, KRA is introducing iTax with Integrated Financial Management Information System (IFMIS). The new platform, IFMIS is the new system of payment introduced by the Government.

Have you filed your 2017/2018 Tax returns, visit the KRA Portal and file the returns as early as now. The KRA systems tend to be slow when the deadline approaches since most people wait till the final day.


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