misdemeanour wrote:okay...so what happens after the deadline has passed and i still havent filed my returns?
youcan'tstopusnow wrote:You go to jail
@youcan'tstop..
I will try stop you from scaring people.
KRA has no interest in sending people to jail; even though they do have that option.... after taking you to court.
KRA's primary aim is to collect the tax.
So, if you miss the deadline for VAT, you incur an automatic penalty of 20% of the tax due or sh10,000 whichever is higher.
Thus even if your had a "nil- return", you will be fined sh10,000.
After that, the tax due attracts 2% interest per month delayed.
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.