Robots Kenya – Tech News & Gadget Reviews
    What's Hot

    How to Disable a Private Number 2022

    May 27, 2022

    How To Make Calls With A Private Number in Kenya

    May 27, 2022

    TuneCore Partners with International Social Networking App, Ayoba

    May 26, 2022

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Robots Kenya – Tech News & Gadget Reviews
    • Home
    • Tech News

      Top Fintech Companies in Kenya

      February 16, 2022

      How to File KRA Nil Returns online

      November 9, 2021

      How to Apply for KRA Tax Compliance Certificate -TCC

      November 5, 2021

      How to Transfer Money from Equity to Mpesa via Equitel

      December 7, 2020

      KRA to Snoop on MPESA and Bank Accounts

      November 7, 2020
    • Cryptocurrency

      Crypto Trends to expect from Africa in 2022

      January 12, 2022

      Make a Cryptocurrency Switch for the Better with BitiQ

      January 12, 2022

      Bitcoin tops $20,000 milestone and continues to surge to record highs

      December 18, 2020

      How to trade Bitcoins on Chipper Cash

      October 28, 2020
    • Cyber security

      Top Cybersecurity Companies in Kenya

      December 21, 2020

      Kaspersky warns of top IT security threats in Africa

      October 27, 2020

      Steps SMEs can take to improve their Cybersecurity

      October 27, 2020

      Dimension Data revamps its Threat Intelligence Centre

      October 13, 2020

      The Underlying Privacy Issue behind Smart City Establishments

      October 12, 2020
    Robots Kenya – Tech News & Gadget Reviews
    Home»Technology»Kenyan tax agency urged to reprogram systems to hit revenue targets
    Technology

    Kenyan tax agency urged to reprogram systems to hit revenue targets

    AdminBy AdminNovember 25, 2020No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    By Steve Umidha

    The Kenya Revenue Authority (KRA) has been challenged to reprogram its tax systems during this pandemic period if the agency is to improve compliance and meet its annual targets.

    KRA missed its target by Sh350 billion, the highest in five years that saw the Government net Sh1.43 trillion in taxes in the last financial year against an initial target of Sh1.8 trillion the national treasury had set for the taxman.

    The taxman has constantly been missing its target, but that figure was the highest owing to the devastating impact of Covid-19 which hit the economy hard.

    Now a new report by a tax advocacy group wants the agency to tighten and reprogram its systems if the worrying trend is to improve.

    “First, the raising of additional tax revenues must be progressive. Where the pandemic itself has actively exacerbated inequalities, the response must mitigate these by ensuring that those most able to contribute more, do so – and that ultimately we build back better, rather than replicating the gross inequalities that currently characterize our societies,” reads a report released last Friday by the Tax Justice Network (TJN) report.

    The State of Tax Justice 2020 has also recommended a clear-cut consideration to companies particularly those operating virtually and individuals hit hard by the pandemic with most of them having had to close shops in totality.

    “Additional tax revenues should be raised above all from those who are profiting most in these difficult times, not from their own ingenuity or hard work but from sheer luck that enables them to benefit from the unprecedented state interventions in the economy. Enormous, unearned profits are accruing to the owners of businesses like Amazon, purely because most of their physical competition has been closed by order,” reads the report.

    KRA’s fiscal deficit – which is the difference between a country’s spending and tax revenues was the deepest budget hole since June 2017 when the government borrowed Sh788 billion to finance mega infrastructural projects, including the Standard Gauge Railway (SGR) and is expected to push the country’s total debt to around Sh6.7 trillion.

    Negative effects of Covid-19 is expected to further hamper tax collection even harder in the current financial year with the budget deficit also expected to widen in the current fiscal year, at a time the National Government will borrow Sh840 billion in the 12 months to June 2021 to run its projects including payment of salaries and wages to its public servants.

    Lack of modern and well-understood tax policies has also been blamed for continuing trend in which wealthy and corrupt individuals as well as big companies are using the system to avoid paying their share of taxes to the tax agency

    It now wants a longer-term agenda to reprogram the global tax system must include the potential for wealth taxes and much more effective capital gains taxes in relation to offshore assets and income streams.

    “Third, the additional tax revenues should be raised above all from those who are profiting most in these difficult times, not from their own ingenuity or hard work but from sheer luck that enables them to benefit from the unprecedented state interventions in the economy.

    Enormous, unearned profits are accruing to the owners of businesses like Amazon, purely because most of their physical competition has been closed by order,” commented Clifford Omondi, a Kenyan tax expert who has also called for a thorough check into operations of informal sector which has been accused of dodging their tax obligations.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    Top Fintech Companies in Kenya

    February 16, 2022

    Journey to a connected Kenya subsea fiber optic

    January 14, 2022

    Tech trends of 2022: Future Innovations that will reshape business in Kenya

    January 12, 2022

    Leave A Reply Cancel Reply

    Advertisement
    Don't Miss
    How To

    How to Disable a Private Number 2022

    By Victor KeitanyMay 27, 20220

    Many phone companies will let you disable caller ID on your line so your number…

    How To Make Calls With A Private Number in Kenya

    May 27, 2022

    TuneCore Partners with International Social Networking App, Ayoba

    May 26, 2022

    How To File Nil Returns Online 2022

    April 28, 2022

    Subscribe to Updates

    Get the latest ICT & Tech News from Robots. We also have a monthly publication. Subscribe!

    Our Picks

    How to Disable a Private Number 2022

    May 27, 2022

    How To Make Calls With A Private Number in Kenya

    May 27, 2022

    TuneCore Partners with International Social Networking App, Ayoba

    May 26, 2022

    How To File Nil Returns Online 2022

    April 28, 2022
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Robots Kenya – Tech News & Gadget Reviews
    Facebook Twitter Instagram
    • Home
    • About Us
    • Privacy Policy
    • Contact Us
    © 2022 Robots Tech News. Designed by Afritech Media.

    Type above and press Enter to search. Press Esc to cancel.