Good morning,
It is on a beautiful Friday morning and President William Ruto’s administration is not taking anything for granted as far as making sure that maximum taxes are achieved.
Already, banks have started sharing customer data and balances with KRA to allow Ruto’s admin to pin down tax evaders.
The regulations require financial institutions to collect and report information relating to their customer’s account details.
The individual accounts will be categorized into two; low and high-value accounts. Lower-value accounts are accounts that have an amount that does not exceed Ksh160 million (1 million US dollars) while high-value accounts exceed the said threshold.
Banks will be required to provide the following details for low-value account holders including the residence status, address, telephone numbers, email address, and beneficiaries.
Do you think this move by the government is justified?
Here is the news making headline on Opera News App today:
Banks Start Sharing Customer Data, Balances With KRA
Banks have started sharing information about foreign account holders with the Kenya Revenue Authority (KRA) as the taxman steps up its purge of tax dodgers and beneficiaries of illicit wealth.
Breakthrough as Witness Identifies 2 Men Who Were Assisting Kevin Kangethe Out of Muthaiga Police
A witness who runs a kiosk beside the Muthaiga Police Station where the most wanted fugitive by the US escaped had finally spoken.
As relayed by a report covered in Friday’s Nation publication, the witness who runs a kiosk in the vicinity noted that he saw Kevin Kang’ethe running with two men in pursuit.
Date With Destiny: Maribe, Jowie to Know Fate Today
The judgement against former TV anchor Jacque Maribe and her ex-fiancé Joseph Irungu aka Jowie will be delivered Friday morning after being postponed on three occasions.
High Court judge Grace Nzioka brought the decision forward after indicating last month that she would deliver the judgment on March 15.