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Company Directors on the Run After KRA Raid

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  • Directors of a multi-million dollar company in Nanyuki escaped after the Kenya Revenue Authority (KRA) raided their premises tax evasion and fraud.

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    On Monday, April 26, the KRA revealed that Kenyan Beer Managers could not be reached. This was two weeks after the taxman closed the company in Nanyuki, Laikipia County.

    The authority accused the company of tax fraud, failing to keep tax files and use counterfeit stamps.

    “The directors and the chairman have not surrendered to the authorities. They were suspended under Section 20 of the Income Tax Act No. 24 of 2015, “the KRA said.

    Times Towers in Nairobi which is headquartered in the Kenya Revenue Authority. Thursday, February 20, 2020

    Simon Kiragu

    kenyagist.com

    Among the penalties identified in the section are the rising tariffs on goods manufactured by the company, and doubling the amount of excise duty paid as a result of the importation of goods owed to the tax stamp.

    KRA is considering further revoking the company’s license after analyzing the loss of revenue obtained from counterfeit documents and seals seized in the company.

    “The investigation is still ongoing and the intention is to suspend the license, set up a loss of revenue, prosecute the company and directors of tax evasion as soon as the investigation is completed,” the KRA warned.

    The entity seeks to raise Ksh1.57 trillion for the financial year 2020/21, with the money being transferred for the next financial year.

    In November 2020, the authorities announced new measures to control tax fraud and closing loopholes that contributed to revenue loss. These included the use of information technology to improve revenue collection through the use of third-party data and mechanical processes to improve Value Added Tax (VAT) collection, a thorough audit of exemptions to identify multiple use of a single exemption.

    Other measures include making appropriate tariff requirements and integration of government systems to allow third-party data collection to improve service delivery.

    Taxes soon a decrease of 1,309 companies and wealthy people who were accused of tax fraud and who are owed Ksh259 billion. This was after President Uhuru Kenyatta ordered an investigation into traders and their companies.

    “We lose money every year and the agencies mentioned have been set aside for further investigation and legal action for non-compliance. To reduce this crime, the tax authorities and government agencies responsible for financial investigations have stepped up their efforts to curb tax fraud, “KRA Commissioner General Githii Mburu Mburu announced.

    It is estimated that tax evasion in the liquor industry costs KRA approximately a loss of Ksh10 billion in revenue collection each year.

    KRA boss James Githii Mburu gives an address during the last ceremonyKRA boss James Githii Mburu gives an address during the last ceremony

    KRA boss James Githii Mburu speaks at a conference in 2019

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  • Source: KENYAGIST.COM

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