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    Rubis Energy Kenya launches its first additivized fuel in Nairobi

    Rubis Energy Kenya launches its first additivized fuel in Nairobi

    Crown Paints donates Ksh 1m for vulnerable Muslim families

    Crown Paints donates Ksh 1m for vulnerable Muslim families

    Inaugural IUCN Africa protected areas congress launched

    Inaugural IUCN Africa protected areas congress launched

    Court orders brothers to share inheritance with married sisters

    Court orders brothers to share inheritance with married sisters

    HELB clearance will now be free for non beneficiaries

    Students who have overstayed in Universities to pay their own fees

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    KRA intercepts 6000 litres of suspected ethanol worth Kshs.2.2 million tax

    KRA intercepts 6000 litres of suspected ethanol worth Kshs.2.2 million tax

    Kenyas Corruption Lock out US firms from tenders

    Kenyas Corruption Lock out US firms from tenders

    Cash strapped Posta pushing for Ksh1 billion annual allocation

    Cash strapped Posta pushing for Ksh1 billion annual allocation

  • Markets
    Gamer overcomes 15,728 odds to bag winnings

    Gamer overcomes 15,728 odds to bag winnings

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    Gamer overcomes 15,728 odds to bag winnings

    Absa Bank Launches An Asset Management Subsidiary

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    Tough times for Kenyans as Tomato retails for Ksh 25

    Tough times for Kenyans as Tomato retails for Ksh 25

    AKADEMIYA2063, African Economic Research Consortium sign MOU to Support Evidence-based Policymaking

    AKADEMIYA2063, African Economic Research Consortium sign MOU to Support Evidence-based Policymaking

    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

    Maize Flour Prices to Rise Millers Association Warns

    Maize Flour Prices to Rise Millers Association Warns

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Network International appoints Hany Fekry as Regional President

    Network International appoints Hany Fekry as Regional President

  • Real Estate
    Kenyas economic outlook turned negative due to Covid-19 says report

    Gigiri and Karen performed better in rental yields despite covid-19 – Cytonn

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Nairobi Ranked the Best City in Africa

    Nairobi Ranked the Best City in Africa

    Investors still Consider Land A Good Investment Asset in the Long Term

    Investors still Consider Land A Good Investment Asset in the Long Term

    Residential rents declined by 19% says new report

    Residential rents declined by 19% says new report

    This is how to get awarded Sh50,000 by Cytonn Real Estate

    The Kenyan retail sector performance softened in 2019 with rental yields declining 1.6%

    Cytonn’s Affordable Housing Investment Plan (CAHIP)

    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

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    LG bags 31 prestigious design awards

    LG bags 31 prestigious design awards

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    Cryptocurrency: Bitcoin is the Fastest Asset to Reach a $1 Trillion Market Cap

    Cryptocurrency: Bitcoin is the Fastest Asset to Reach a $1 Trillion Market Cap

    You Can Now Buy Airtime Using Fuliza From Safaricom

    You Can Now Buy Airtime Using Fuliza From Safaricom

    Nokia to launch 6 cheaper and durable smartphones today

    Nokia to launch 6 cheaper and durable smartphones today

    Safaricom Appoints Sitoyo Lopokoiyit As Head of New Mpesa Africa Joint Venture

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    60 graduate from Multichoice Talent Factory academy

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    Digital Partnership: Mastercard,Uber to boost payment digitization, advance financial inclusion across MEA region

    Digital Partnership: Mastercard,Uber to boost payment digitization, advance financial inclusion across MEA region

    Kenyans abandon 500million in their mobile accounts for fear of being known

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  • World Business
    Businessman Makes Ksh 2 trillion, Then Lost It All in Just 2 Days

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    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    IMF maintains Kenyas debt is still sustainable, Says loan is for the good of Kenyans

    IMF maintains Kenyas debt is still sustainable, Says loan is for the good of Kenyans

    Facebook Fined Ksh67 Million In Cambridge Analytica scandal

    Sensitive data of 533 million Facebook users have been leaked online

    Realme C11 a ‘hot cake’ as it makes top sales in Kenya

    Realme C11 a ‘hot cake’ as it makes top sales in Kenya

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    Fire destroys servers at Europe’s largest cloud services firm

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    1ST Commonwealth women’s Entrepreneurship Summit launched

    1ST Commonwealth women’s Entrepreneurship Summit launched

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

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    Rubis Energy Kenya launches its first additivized fuel in Nairobi

    Rubis Energy Kenya launches its first additivized fuel in Nairobi

    Absa Group CEO abruptly steps down

    Absa Group CEO abruptly steps down

    Inaugural IUCN Africa protected areas congress launched

    Inaugural IUCN Africa protected areas congress launched

    LG bags 31 prestigious design awards

    LG bags 31 prestigious design awards

    Employee Now Wants Ksh100 Million for Wrongful Dismissal

    Employee Now Wants Ksh100 Million for Wrongful Dismissal

    Court orders brothers to share inheritance with married sisters

    Court orders brothers to share inheritance with married sisters

    HELB clearance will now be free for non beneficiaries

    Students who have overstayed in Universities to pay their own fees

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Kenyas Corruption Lock out US firms from tenders

    Kenyas Corruption Lock out US firms from tenders

    • Agribusiness
    • Banking
      Absa Group CEO abruptly steps down

      Absa Group CEO abruptly steps down

      Family Bank Redeems Ksh2 B Medium Term Note On Maturity

      Family Bank Redeems Ksh2 B Medium Term Note On Maturity

      Equity Restructures Ksh92 Billion Loans To cushion Customers Against COVID-19

      Equity CEO James Mwangi accused of running a Ponzi scheme, swindling staff

      CBK okays liquidation of Chase Bank

      CBK okays liquidation of Chase Bank

      Absa Bank Launches An Asset Management Subsidiary

      Absa Bank Launches An Asset Management Subsidiary

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      SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

      Equity beat KCB as Kenyas’ most profitable lender

      Equity beat KCB as Kenyas’ most profitable lender

      Government looking to re introduce loan relief measures

      Government looking to re introduce loan relief measures

      Family Bank defy pandemic to grow profits to Ksh1.4 B

      Family Bank defy pandemic to grow profits to Ksh1.4 B

    • Insurance
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      AAR Insurance Net profits down 55 percent

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      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

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      Pension Schemes Maintain Positive Performance in Q4 of 2020

    • Manufacturing
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      OPINION: Energy Efficiency Will Decide Whether We Meet Our Global Climate Targets!

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      Opinion: Now is The Time to Redeem the Nursing Profession

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      IoT predictions for 2021: Smarter tech will make better business

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Kenyan Business Feed
  • Home
  • News
    Rubis Energy Kenya launches its first additivized fuel in Nairobi

    Rubis Energy Kenya launches its first additivized fuel in Nairobi

    Crown Paints donates Ksh 1m for vulnerable Muslim families

    Crown Paints donates Ksh 1m for vulnerable Muslim families

    Inaugural IUCN Africa protected areas congress launched

    Inaugural IUCN Africa protected areas congress launched

    Court orders brothers to share inheritance with married sisters

    Court orders brothers to share inheritance with married sisters

    HELB clearance will now be free for non beneficiaries

    Students who have overstayed in Universities to pay their own fees

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    KRA intercepts 6000 litres of suspected ethanol worth Kshs.2.2 million tax

    KRA intercepts 6000 litres of suspected ethanol worth Kshs.2.2 million tax

    Kenyas Corruption Lock out US firms from tenders

    Kenyas Corruption Lock out US firms from tenders

    Cash strapped Posta pushing for Ksh1 billion annual allocation

    Cash strapped Posta pushing for Ksh1 billion annual allocation

  • Markets
    Gamer overcomes 15,728 odds to bag winnings

    Gamer overcomes 15,728 odds to bag winnings

    Gamer overcomes 15,728 odds to bag winnings

    Gamer overcomes 15,728 odds to bag winnings

    Absa Bank Launches An Asset Management Subsidiary

    Absa Bank Launches An Asset Management Subsidiary

    Tough times for Kenyans as Tomato retails for Ksh 25

    Tough times for Kenyans as Tomato retails for Ksh 25

    AKADEMIYA2063, African Economic Research Consortium sign MOU to Support Evidence-based Policymaking

    AKADEMIYA2063, African Economic Research Consortium sign MOU to Support Evidence-based Policymaking

    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

    Defiant Digital Taxi App Operators Given 30 Days Notice to Comply

    Maize Flour Prices to Rise Millers Association Warns

    Maize Flour Prices to Rise Millers Association Warns

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Eat’N’Go joins Kenyan Market after acquiring Dominos Pizza

    Network International appoints Hany Fekry as Regional President

    Network International appoints Hany Fekry as Regional President

  • Real Estate
    Kenyas economic outlook turned negative due to Covid-19 says report

    Gigiri and Karen performed better in rental yields despite covid-19 – Cytonn

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Mi Vida bets on 200 Years Experience To Bring Affordable Housing to Kenya

    Nairobi Ranked the Best City in Africa

    Nairobi Ranked the Best City in Africa

    Investors still Consider Land A Good Investment Asset in the Long Term

    Investors still Consider Land A Good Investment Asset in the Long Term

    Residential rents declined by 19% says new report

    Residential rents declined by 19% says new report

    This is how to get awarded Sh50,000 by Cytonn Real Estate

    The Kenyan retail sector performance softened in 2019 with rental yields declining 1.6%

    Cytonn’s Affordable Housing Investment Plan (CAHIP)

    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

  • Tech
    LG bags 31 prestigious design awards

    LG bags 31 prestigious design awards

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    OPPO Reno5 named official smartphone partner of PUBG MOBILE Esports

    Cryptocurrency: Bitcoin is the Fastest Asset to Reach a $1 Trillion Market Cap

    Cryptocurrency: Bitcoin is the Fastest Asset to Reach a $1 Trillion Market Cap

    You Can Now Buy Airtime Using Fuliza From Safaricom

    You Can Now Buy Airtime Using Fuliza From Safaricom

    Nokia to launch 6 cheaper and durable smartphones today

    Nokia to launch 6 cheaper and durable smartphones today

    Safaricom Appoints Sitoyo Lopokoiyit As Head of New Mpesa Africa Joint Venture

    Sitoyo Lopokoiyit takes over as M-pesa Africa Managing Director

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    60 graduate from Multichoice Talent Factory academy

    Digital Partnership: Mastercard,Uber to boost payment digitization, advance financial inclusion across MEA region

    Digital Partnership: Mastercard,Uber to boost payment digitization, advance financial inclusion across MEA region

    Kenyans abandon 500million in their mobile accounts for fear of being known

    Kenyans send 11.4 billion daily over mobile phone

  • World Business
    Businessman Makes Ksh 2 trillion, Then Lost It All in Just 2 Days

    Businessman Makes Ksh 2 trillion, Then Lost It All in Just 2 Days

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

    IMF maintains Kenyas debt is still sustainable, Says loan is for the good of Kenyans

    IMF maintains Kenyas debt is still sustainable, Says loan is for the good of Kenyans

    Facebook Fined Ksh67 Million In Cambridge Analytica scandal

    Sensitive data of 533 million Facebook users have been leaked online

    Realme C11 a ‘hot cake’ as it makes top sales in Kenya

    Realme C11 a ‘hot cake’ as it makes top sales in Kenya

    How a religious festival turned into a massacre

    How a religious festival turned into a massacre

    Fire destroys servers at Europe’s largest cloud services firm

    Fire destroys servers at Europe’s largest cloud services firm

    1ST Commonwealth women’s Entrepreneurship Summit launched

    1ST Commonwealth women’s Entrepreneurship Summit launched

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Rubis Energy Kenya launches its first additivized fuel in Nairobi

    Rubis Energy Kenya launches its first additivized fuel in Nairobi

    Absa Group CEO abruptly steps down

    Absa Group CEO abruptly steps down

    Inaugural IUCN Africa protected areas congress launched

    Inaugural IUCN Africa protected areas congress launched

    LG bags 31 prestigious design awards

    LG bags 31 prestigious design awards

    Employee Now Wants Ksh100 Million for Wrongful Dismissal

    Employee Now Wants Ksh100 Million for Wrongful Dismissal

    Court orders brothers to share inheritance with married sisters

    Court orders brothers to share inheritance with married sisters

    HELB clearance will now be free for non beneficiaries

    Students who have overstayed in Universities to pay their own fees

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Family Bank Redeems Ksh2 B Medium Term Note On Maturity

    Kenyas Corruption Lock out US firms from tenders

    Kenyas Corruption Lock out US firms from tenders

    • Agribusiness
    • Banking
      Absa Group CEO abruptly steps down

      Absa Group CEO abruptly steps down

      Family Bank Redeems Ksh2 B Medium Term Note On Maturity

      Family Bank Redeems Ksh2 B Medium Term Note On Maturity

      Equity Restructures Ksh92 Billion Loans To cushion Customers Against COVID-19

      Equity CEO James Mwangi accused of running a Ponzi scheme, swindling staff

      CBK okays liquidation of Chase Bank

      CBK okays liquidation of Chase Bank

      Absa Bank Launches An Asset Management Subsidiary

      Absa Bank Launches An Asset Management Subsidiary

      SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

      SoftBank Under Investigation Over Risky ‘Nasdaq Whale’ Investments

      Equity beat KCB as Kenyas’ most profitable lender

      Equity beat KCB as Kenyas’ most profitable lender

      Government looking to re introduce loan relief measures

      Government looking to re introduce loan relief measures

      Family Bank defy pandemic to grow profits to Ksh1.4 B

      Family Bank defy pandemic to grow profits to Ksh1.4 B

    • Insurance
      AAR Insurance Net profits down 55 percent

      AAR Insurance Net profits down 55 percent

      The Association of Insurance Brokers of Kenya (AIBK) appoints Anthony Mwangi as board chairman

      The Association of Insurance Brokers of Kenya (AIBK) appoints Anthony Mwangi as board chairman

      Stima Sacco announce a Ksh.1.02 billion profit

      Stima Sacco announce a Ksh.1.02 billion profit

      Faulu eyeing lucrative agribusiness ecosystem in Limuru

      Faulu eyeing lucrative agribusiness ecosystem in Limuru

      Trouble at Britam as top executives face sack one month after new CEO takes office

      Trouble at Britam as top executives face sack one month after new CEO takes office

      AAR Insurance embrace paperless model with new mobile app

      AAR Insurance embrace paperless model with new mobile app

      Minet feted Insurance Broker of the Year

      Minet feted Insurance Broker of the Year

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Pension Schemes Maintain Positive Performance in Q4 of 2020

      Pension Schemes Maintain Positive Performance in Q4 of 2020

    • Manufacturing
    • Opinion
      OPINION: Energy Efficiency Will Decide Whether We Meet Our Global Climate Targets!

      OPINION: Energy Efficiency Will Decide Whether We Meet Our Global Climate Targets!

      Opinion: Now is The Time to Redeem the Nursing Profession

      Opinion: Now is The Time to Redeem the Nursing Profession

      IoT predictions for 2021: Smarter tech will make better business

      IoT predictions for 2021: Smarter tech will make better business

      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      Why Digital Services Tax is a retrogressive policy

      Why Digital Services Tax is a retrogressive policy

      How Citizen TV Became The Most Watched in Kenya

      How Citizen TV Became The Most Watched in Kenya

      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

      After fuliza, Safaricom introduces another way to borrow money

      OPINION: Why Safaricom’s Fuliza is a rip off!

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KRA’s new Hi-Tech kit system to track vehicles and property deals in real-time daily

by Kenyan Business Feed
October 28, 2019
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Times Tower, KRA headquarters.

The Kenya Revenue Authority (KRA) will start getting real time data on motor vehicle purchases, property deals and real estate investors seeking electricity meters after integrating its system with other agencies in a high-tech war against tax cheats.

The taxman is integrating its system with third parties like Kenya Power, National Construction Authority (NCA), the National Transport and Safety Authority (NTSA) and other agencies for speedy access to data on taxpayers’ spending patterns.

Car purchases, construction contracts and register of landlords seeking electricity bill meters for their premises will be viewed instantly by the taxman, removing the hurdle of making requests to third parties for the information.

KRA wants to match spending by wealthy Kenyans with the income they have declared to the taxman in its new strategy aimed at unearthing individuals whose lifestyles are not in tandem with the taxes they pay.

“KRA is undertaking system integrations with relevant institutions to facilitate faster access to data,” said Elizabeth Meyo, KRA commissioner in charge of domestic taxes.

The taxman says a sharp increase in imports of luxury items and multi-million-shilling investments in real estate has revealed a potentially massive tax leakage, which if tapped could yield billions of shillings in additional revenues to the Exchequer.

The taxman’s argument is supported by the fact that only a few Kenyans have officially registered as belonging to the high-income earners’ bracket despite the massive growth in conspicuous consumption in areas such as Nairobi.

A tie-up with the National Environment Management Authority (Nema) will reveal individuals seeking regulatory nod from the watchdog for megaprojects, which would reflect their financial muscle.

Ms Meyo said the move, which will involve real-time access to information about taxpayers, would boost tax collection efforts by using data.

Data from the Kenya Civil Aviation Authority (KCCA) will reveal individuals who own helicopters and light aeroplanes

Instant car registration details will be used to smoke out individuals who are driving high-end vehicles but have little to show in terms of taxes remitted.

Kenya Power meter registrations are helping the taxman identify landlords, some of who have been slapped with huge tax demands.

The taxman is using meter locations to tell where the properties are situated while the level of electricity consumption is used to estimate the size of the rental property. The defaulters are then effectively roped into the tax base. A recent wealth report showed that Kenya had about 356 billionaires, placing the country at number four in a ranking of top African countries based on the super wealthy persons. The AfrAsia Bank report says these individuals have net assets worth above $10 million (Sh1 billion).

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The taxman says these figures show a clear mismatch between actual wealth in the hands of individuals and what they have officially declared via their annual tax returns

Kenya is known to have a large group of super-rich individuals, who have hidden their wealth in trusts and a web of companies so as to evade taxes.

Some 50 police officers from the Directorate of Criminal Investigations (DCI) have been seconded to KRA to intensify investigations into tax defaults.

The taxman is racing to bring more people into the tax brackets and curb tax cheats and evasion in its quest to meet revenue targets that it has persistently missed in recent years.

KRA is also seeking taxpayers to pay their rightful share of taxes, especially business people.

By end of June next year, businesses will be expected to have installed new electronic tax registers connected through the Internet to KRA’s systems, allowing it to monitor all transactions real-time.

All businesses that have an annual turnover of at least Sh5 million are by law required to have electronic tax registers.

Under the new system, the taxman will receive sales data from all registered companies and traders on a daily basis.

“There is an ongoing implementation of the Tax Invoice Management System (TIMS), which upon rollout, shall enable KRA to have visibility of all business transactions on a real-time basis,” Ms Meyo said.

“Upon full roll-out in 2020, TIMS shall enable the prepopulation of the VAT return,” she added.

Kenya’s tax revenues for the year to June rose 9.6 percent compared to the previous year to Sh1.49 trillion, but KRA still missed its collection target by Sh91.2 billion due to sluggish corporate earnings, reduced economic activity and a freeze on hiring amid job cuts.

This has left the KRA and the Treasury under huge pressure to widen the tax net and clamp down on cheats amid growing expenditure needs, especially from county governments.

The authority has hired a team of auctioneers to help it track properties of individuals and companies who have failed to pay the tax due.

The taxman told Parliament that the property auctions will help clear mounting tax arrears — which stood at Sh192 billion in June 2017.

Vehicles, land, homes, office blocks and work place equipment will be on the KRA radar at a time the taxman has stepped up the war against tax cheats.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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Source: Business Daily
Via: Business Daily
Tags: KRANCAReal estate
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