KRA, manufacturers, importers to deliberate on proposed tax regulationsNovember 5, 2019
NAIROBI, Kenya, Nov 5- Tax professionals, manufacturers and importers of excisable products, suppliers of vat-able products and member of the public are this week expected to convene at two-day forum to deliberate on three proposed Tax Regulations.
The forum which is organised by the Kenya Revenue Authority will be held on Thursday and Friday and will see stakeholders give their insights on the Excise Duty Regulations 2019, Value Added Tax (Electronic Tax Invoice) Regulations 2019 and The Tax Procedures (Alternative Dispute Resolution) Regulations, 2019.
The Excise Duty Regulations, 2019 proposes harsh measures for the production of excisable goods such as beer, tobacco, and juices in what is aimed at sealing revenue leakages.
Under the VAT (Electronic Tax Invoice) Regulations, 2019 Treasury wants traders to record daily sales and provide Electronic Tax Register receipts to the taxman.
This means all business owners will be required to incorporate an ETR into their operations if the proposal by Treasury is passed.