Kenway consultants

10/11/2024

02/07/2024

Believing in our Professionalism and trusting us...all we say Thank you🙏🙏🙏.

25/06/2024

You are still on time but its limited

24/06/2024

It takes less time to comply

23/06/2024

Take advantage💪 and do it on time ⏰⏰

21/06/2024

Take advantage to clear you penalties within amnesty period

20/06/2024

File your returns to avoid inconvenience

05/01/2024

The Finance Act 2023 was enacted on 26th June 2023. The Act amended Section 16(1) of the Income Tax Act and section 23A of the Tax Procedures Act 2015, providing electronic tax invoices for all taxpayers. Effective 1st January 2024, any expenditure or loss where the invoices of the transactions were not generated via an electronic tax invoice management system shall not be allowed for deduction against revenue unless the transactions have been exempted from tax.

This amendment means that each expenditure made by all registered taxpayers must be accompanied by the required Electronic Tax Invoice Management System generated invoice. This provision includes taxpayers not registered for VAT, but are registered for turnover tax, monthly rental income, partnerships, corporation tax and individual income tax (including non-residents with a permanent establishment in Kenya).

Implementing the Electronic Tax Information Management System (E-TIMS) is expected to play a pivotal role in strengthening compliance and sealing revenue leakage for the Kenya Revenue Authority. Through integration with (E-TIMS), businesses will benefit from real-time invoice transmission providing accuracy in tax invoice declarations, verification of expenditure, pre-filled VAT returns, the transmission of invoices to KRA, and reconciliation between filed returns and payments.

The exemptions from E-TIMS include the following;

Non-resident suppliers of digital services

Employment income

Interest income

Investment allowances

Imported goods, and services

The onboarding of taxpayers onto E-TIMS marks a significant step towards a more technologically advanced, user-friendly, and efficient tax administration system, benefiting both taxpayers and the tax authorities. Taxpayers will be required to fill in the E-TIMS commitment form and make an application for the preferred E-TIMS software. Taxpayers will be required to choose one software option at any given time before KRA officers process the appli