Kenya Revenue Authority(KRA) is targeting a 9% growth in revenue collections from large taxpayers.
The taxman says that it aims to collect KSh 1.1 trillion from large taxpayers in 2023/24, up from KSh 818.0 billion in 2022/23.
Large taxpayers are firms or individuals with an annual income of up to KSh 1.3 Billion.
There are currently 2,089 registered large taxpayers from various sectors of Kenya’s economy. They include Safaricom, Kenya Breweries Limited and Kenya Commercial Bank (KCB) Kenya Limited.
“…we have established a dedicated office for our large taxpayers known as the ‘Large Taxpayers Office’ (LTO), which will continue to engage and partner with you through a Relationship Management Framework,” KRA Commissioner General Humphrey Wattanga said during an engagement with large taxpayers .
Through the ongoing engagements with taxpayers, KRA also aims to provide feedback on the concerns raised by taxpayers and highlight the ongoing tax amnesty program. Under the Finance Act 2023, the government has offered a partial tax pardon which will automatically waive accumulated penalties and interest for taxpayers with no principal tax arrears for the period until December 2022.
Taxpayers with outstanding principal taxes for the period ending December 2022 qualify for the amnesty if they apply between September 2023 and June 2024 and clear the arrears within the same time frame.
The Authority projects that about 2.8 million taxpayers will get automatic waivers for accrued interest and penalties amounting to Sh230 billion at the end of the ongoing 10-month tax pardon in June 2024.
