KRA starts crackdown on Treasury bond tax cheats - 6 days ago, 08:07
The Central Bank of Kenya has notified all buyers of Treasury debt papers to submit their PIN and contact details afresh for forwarding to the taxman in a renewed effort to map the wealth of individuals and companies that lend to the government.
Financial institutions are by law expected to demand copies of personal identification number (PIN) certificates when opening individual or company accounts, but some had over the years fallen behind in updating their customers’ records.
CBK, which last year instructed commercial banks to strictly enforce the requirement, has now joined in with the directive to buyers of Treasury bills and bonds to update their tax details.
Investors in Treasury debt papers are required to open Central Depository System (CDS) accounts with the regulator, at which point they are also supposed to submit their tax payment details.
Tax on interest income earned from government securities is withheld by the regulator before it is ...
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