Kenya Revenue Authority (KRA) has urged all businesses, including those not registered for Value Added Tax (VAT), to electronically generate and transmit their invoices via the eTIMS platform. This requirement is in accordance with the amended Finance Act 2023, setting a compliance deadline of September 1, 2023, and strict implementation by January 1, 2024. Failure to have a valid electronic tax invoice from January 1, 2024, will result in non-deductibility of business expenditures for income tax purposes. Businesses have until March 31, 2024, to register on the eTIMS platform without penalties. KRA emphasizes that non-VAT registered taxpayers joining during this period will not be penalized. The authority pledges to provide support, conduct awareness campaigns, and simplify the onboarding process to ensure compliance. Confusion persists over the implementation, readiness of small businesses, and the criteria for exemption.
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KRA Mandates Electronic Invoicing: Deadline, Penalties, and Support for Businesses
- by Hapakwetu
- December 28, 2023
- 2 minute read
Hapakwetu
EditorHapakwetu is an experienced Digital and Broadcast Journalist with a demonstrated history of working in the broadcast and online media industry for over 5 years. Skilled in News and Entertainment Writing, Communication and Editing. He is always telling stories tailored to inform and educate the masses.