08/04/2021
Attention to all business owners.No more filing of NIL RETURNS TO KRA EFFECTIVE THIS YEAR.
Reference is made to the provisions of Section 12D of the Income Tax Act as introduced by the Finance Act 2020.
Under the provision, effective 1st January 2021, you are required to;
1. Compute minimum tax payable at the rate of 1% of the total sales on months preceding the fourth, sixth, ninth and twelfth months of the accounting period.
2. Compute Installment tax payable on the fourth, sixth, ninth and twelve months of the accounting period.
3. Make payment of the higher of 1 and 2 above on or before the twentieth day of the fourth, sixth, ninth and the twelfth months of the accounting period.
In this regard, we wish to remind you that the first installment tax or minimum tax payment for 2021 is payable on or before 20th April 2021.
Payment can be made through any commercial bank or MPESA pay bill number 572 572 with a valid payment slip generated from iTax.
Please note this does not stop KRA from conducting any further verification based on any information that might be received.
Let Erncel Ltd sort you out on all this.
Reach us on 0717 732379 or visit our offices in Thika Town,Clairbourn Towers 3rd Floor Rm C-13.