Tax Amnesty Programme Yields Over Kshs. 200 Billion in Penalty and Interest Waivers for Taxpayers

The Finance Act of 2023 ushered in the Tax Amnesty Programme, a significant initiative allowing Taxpayers to seek waiver for penalties and interest accrued until December 31st, 2022, provided they settle their corresponding principal taxes in full by June 30th, 2024. The KRA Tax Amnesty program operates from September 1st, 2023 through June 30th, 2024.

READ ALSO: National Treasury Urges Business Community to Proactively Engage in Tax Payments and Compliance Initiatives

As of February 20th, 2024, the Kenya Revenue Authority (KRA) reports that 227,071 Taxpayers have availed themselves of the amnesty, resulting in the waiver of penalties and interest totaling Kshs. 209 billion. These individuals have contributed a cumulative sum of Kshs. 14.5 billion towards principal taxes.

Kenya Revenue Authority (KRA) has emphasized the importance for Taxpayers with outstanding principal taxes to seize the opportunity presented by the amnesty programme. Additionally, Taxpayers who have yet to file their returns during the amnesty period are strongly encouraged to do so to benefit from the Tax Amnesty Programme.

Furthermore, Taxpayers engaged in ongoing tax disputes are urged to prioritize the resolution of their cases within the Amnesty period, considering out-of-court settlements through the Alternative Dispute Resolution (ADR) framework. This approach will enable them to capitalize on the ongoing Tax Amnesty, recognizing that the provisions regarding penalty and interest waivers, as well as tax abandonment, were nullified by the Finance Act of 2023.

READ ALSO: KRA Strengthens Partnerships and Collaboration with Cross-Border Traders to Foster Regional Trade Growth

Kenya Revenue Authority (KRA) is also reminding Taxpayers whose fiscal year concludes on December 31st, 2023, to file and submit their Income Tax Returns (KRA Returns) by June 30th, 2024.

Source: Kenya Revenue Authority (KRA)



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