Tax -Rich class will have to pay all tax arrears they owe the government. Latest government reports have indicated.
In the new directive issued by the Treasury, so many rich individuals had devised means of evading taxes what has reportedly brought around country’s revenue falls for many years.
Therefore starting this July, the National Treasury will be pursuing the suspects and if found one will have to lose his or her KRA PIN Number. They will also have their assets frozen as well as suffer travel bans.
In the same report, KRA had already identified all such individuals whom it classified as wealthy and crooked businessmen who had cost the country a whopping sh 260 billion.
“IMF discloses that rich self-employed professionals like doctors, real estate investors, and lawyers as well as wealthy individuals will be in the crosshairs of the taxman. The tax cheats risk travel bans, collection of duty directly from their suppliers and bankers, and prosecution in what promises to be the biggest crackdown yet on high net-worth persons,” a report said as quoted by the Business Daily.
This pressure was informed by the new International Monetary Fund IMF requirements for the country to make efficient tax collection so as to be able to refund whatever they have been borrowing.
