Tax Update

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Donwick Accounts and Tax Consulting

• KRA Regulations

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2
Kenya Revenue Authority (KRA) Update CRS/AEOI
Filing Returns Posted by Donwick Accounts
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• Overview of KRAs Update
• Extended Filing Deadline
• No Penalties Until Extended Deadline
• Support and Facilitation by KRA
• Legal Framework

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• Extended Filing Deadline
• Original Deadline 31st May 2024New Deadline
  31st August 2024Analysis
• Additional Time 3-month extension for RFIs
• Purpose Facilitate smoother compliance and
  system adjustments

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• No Penalties Until Extended Deadline
• Implication No penalties for non-compliance
  until 31st August 2024Analysis
• Encouraging Compliance Allows RFIs more time
  without the risk of penalties
• Supportive Approach Mitigates operational
  challenges

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• Support and Facilitation by KRA
• Actions by KRA
• Stakeholder engagements
• Awareness campaigns
• Sensitization for different RFIs
• Analysis
• Collaborative Compliance Ensures RFIs understand
  obligations
• Resource Provision Helps with smooth transition
  and better understanding

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• Legal Framework
• Relevant Legislation
• Section 6B of the Tax Procedures Act
• Tax Procedures (Common Reporting Standards)
  Regulations, 2023
• Analysis
• Legal Basis Reinforces the CRS/AEOI reporting
  requirements
• Compliance Ensures RFIs are aware of the legal
  obligations

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• Conclusion
• Balanced Approach Extension and support provided
  by KRA
• Goal Enhance CRS/AEOI system effectiveness
• Commitment Improve tax compliance and foster
  cooperative relationships

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Contact Information Donwick Accounts Website.
https//donwickconsultancy.com/the-kenya-revenue-a
uthority-kra-recent-update-on-filing-of-common-rep
orting-standard-crs-automatic-exchange-of-informat
ion-aeoi-returns/