Hefty penalties and accruing interest await those who failed to file their annual income tax returns by close of 30th June 2018.
This is according to the Kenya Revenue Authority Commissioner of Domestic Taxes Department Benson Korongo who says 3.2 million Kenyans were able to file their returns on time representing a 60 percent growth compared to the same period last year.
The authority had indicated that it would be targeting to track and streamline nil income tax returns and non-filers before the close of the last financial year with target to surmount revenue pressures.
Commissioner of Domestic Taxes Department Benson Korongo says in the last financial year which ended on 30th June, one million more Kenyans filed their tax returns, indicating an improvement of 60% compared to last year where 2 million Kenyans were able to conclude the exercise on time.
Subsequently, KRA warns of hefty penalties on late payments and filing of taxes which will attract interest.
Failure to file the tax returns attracts a Ksh 20,000 penalty.
In the 2018/2019 financial year, the National Treasury has given KRA a revenue collection target of Ksh 1.74 Trillion which now means the taxman will be embarking on widening the tax net in the wake of missed revenue targets.