Sharp Daily
No Result
View All Result
Sunday, October 19, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Business

KRA calls on taxpayers to resolve legacy system balances before year-end

Huldah Matara by Huldah Matara
December 17, 2024
in Business
Reading Time: 1 min read

The Kenya Revenue Authority (KRA) has issued a public reminder urging taxpayers to resolve any concerns related to migrated legacy system balances for VAT and Income Tax by December 31, 2024. This move aims to address discrepancies following the migration of tax ledger records to the new iTax system.

According to the notice, the KRA has communicated these migrated balances to individual taxpayers through their registered iTax email addresses. Taxpayers can access the details via their iTax profiles under the ‘General Ledger’ section, selecting the ‘Account Type – Taxpayer Legacy Account’ menu. Additionally, detailed statements are downloadable under the ‘Debt & Enforcement’ menu of their accounts.

Taxpayers with outstanding debit balances have been advised to settle their dues promptly. For those with credit balances qualifying as overpayments, the authority noted they would be utilized to offset any tax liabilities as per Section 47(1)(a) of the Tax Procedures Act.

The KRA emphasized the importance of addressing any discrepancies by the stated deadline. Failure to do so could leave unresolved tax issues lingering. The notice further stated: “Taxpayers are encouraged to take prompt action to ensure their records are up to date and avoid unnecessary penalties or enforcement measures.”

RELATEDPOSTS

Lessons from KRA’s VAT turnaround

June 12, 2025

Kenya Revenue Authority (KRA) dismisses 19 staff in a renewed anti-corruption drive

February 13, 2025

For additional guidance, taxpayers have been directed to consult KRA’s official website or reach out via the provided email support system. The KRA reassured taxpayers of its commitment to facilitating a smooth resolution process: “We thank taxpayers for their cooperation and commitment to fulfilling their tax obligations.”

Taxpayers are advised to proactively verify their migrated balances and take necessary steps to resolve discrepancies ahead of the year-end deadline.

Previous Post

Air Tanzania banned from EU skies as safety standards fall short

Next Post

Kenyan agricultural exports: A necessary redemption for forex reserves

Huldah Matara

Huldah Matara

Versatile multimedia journalist with a keen interest in compelling stories that resonate with my audience. Reach out on huldahmatara12@gmail.com

Related Posts

Business

COMESA’s digital retail payments platform enters trial phase

October 14, 2025
Business

Kenya’s Regulated SACCOs Cross Trillion Shilling Mark

October 2, 2025
Business

Airbnbs or Ubers? The first-time investor in Nairobi

September 18, 2025
Analysis

Kenya’s new banking policies: A turning point for the financial sector

September 11, 2025
Analysis

Why private credit gaining traction in emerging markets

August 21, 2025
Analysis

EABL posts 12.2% profit surge, strengthens regional footprint despite rising illicit trade

August 1, 2025

LATEST STORIES

The Challenge of Preserving Retirement Savings in Kenya

October 16, 2025

Understanding Segregated vs Guaranteed Pension Schemes

October 16, 2025

The Sanlam-Jubilee deal

October 16, 2025

Kenya’s industrial real estate awakening

October 16, 2025

Stanbic Kenya in advanced talks to acquire NCBA: A game-changer in Kenya’s banking sector

October 16, 2025

CBK flags surge in financial fraud as losses triple to KES 1.6 billion

October 15, 2025

StanChart Kenya retirees face fresh legal stalemate over KES 7.0 billion pension payout

October 15, 2025

U.S. bank earnings take center stage amid government data freeze

October 15, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024