The Kenya Revenue Authority (KRA) has warned students to file their tax returns to avoid incurring hefty penalties.
Every person with a KRA pin is required by law to file tax returns every year. Failure to file your tax returns attracts defaulting penalties that vary depending on your tax obligations.
All students were required to apply fir KRA pins before applying for Higher Education Loans Board (HELB) loans and therefore were effectively registered as tax payers.
Whether you are earning or just consuming, you are a tax payer and therefore need to file your returns yearly.
While failure to file returns previously attracted a penalty of Ksh.1,000 annually, the penalty has been increased. Today, students who fail to file their tax returns will have to incur a penalty of Ksh. 10,000.
Help file KRA Returns
Since as a student you do not have a source of income, KRA expects that you file “Nil Returns” every year. In 2018, the Kenya Revenue Authority produced new guidelines to guide the process of filing Nil Returns.
‘Nil’ income tax returns indicate that a taxpayer falls below the taxable income bracket. Therefore the individual did not qualify to pay taxes during the reported year.
Genuine Nil filers are allowed under the law to avoid any late or non-filing penalties.
The KRA is now expected verify information provided by the ‘Nil’ through their PIN transactions.
At The Campus Lady Magazine, we understand the hustle that filing tax returns can be for you as a student. With classes, CATS, assignments and even an exam weighing you down, getting even five minutes to file tax returns can be impossible.
Therefore, we are providing you with an easy way out by helping you file your returns in a very simple step. To have us help you file your KRA Nil Returns Whatsapp us at 0775 574 095.