Kenya Revenue Authority has put down a measure to have additional 66,000 landlords pay tax before the year 2021. In their new move, the taxman will skim through banks records and all the transaction details in a bid to have property owners pay tax.
KRA has high hopes of the move bearing fruits as over 29,000 property were roped in a similar activity in the year June 2016, way above their target number of 20,000 landlords.
Currently, they seek to rely on their Data Warehouse, and Business Intelligence (DWBI) platform information gathered from third parties to net the owners as this method saw them recruit 58,934 real estate owners between July 2015 and June 2018.
“Access to third-party data from banks and utility providers was instrumental in the identification of the landlords,” the tax collection agency said.
Property owners netting an income between Sh144,00 and Sh10 million per annum should complete a monthly tax return indicating their gross for computation of payable tax.
The KRA intends to use the DWBI platform to plug into the property owners’ third-party systems such as bank accounts, Safaricom’s Lipa Na M-Pesa till and pay bill numbers, Kenya Power and Nairobi Water and Sewerage Company transactions.
The Taxman will also make use of their iTax system in accessing and following up the profile of the property owner through the platform to ensure they comply to tax payment.
Currently, KRA has 3.94 million taxpayers and its targeting to expand the tax base by 3.06 million taxpayers before the end of June 2021.
PLOTS AND HOUSES FOR SALE
Kenya2U has Great Property Deals Just for You!
• Intercity Gardens in Kitengela@ Ksh1.895M
• Tinga Springs in Kajiado @ Ksh99,000
• Ruaka Ridge homes in Ruaka @ Ksh7.1M
• Grey Oak property in Nanyuki @ Ksh350,000
• Grey Oak property in Athi River @ Ksh450,000
• Blue Bells Apartment along Beijing Road @Ksh7.4M
• inFinity Properties in Kantafu @Ksh 625,000
Call 0742343908 to Book yours Now!