Home Business KRA unable to trace money wired into the country from offshore accounts

KRA unable to trace money wired into the country from offshore accounts

The Kenya Revenue Authority cannot trace money wired into the country from offshore accounts after it offered a reprieve to the money owners.

According to KRA’s statement in March, 16,000 Kenyans had wired Ksh 1.014 trillion back t the country from various offshore accounts.

The government provided Kenyans with a three-year reprieve period from 2016 to move billions tax-free. Also during that time, they wouldn’t need to declare the origin of their wealth or even account for tax arrears from previous years.

Return of stolen money quietly

However, reports indicate that after the declaration, most of the funds stolen from either coffers or the public was wired immediately back into the country unnoticed.

This was after the state cleared the funds allowing the looters to bring money back safely.

While speaking to Business Daily, KRA stated that the seekers only required to declare their repatriate and foreign earned income to the taxman by June 3, 2019.

Failure to do o would see funds repatriated later on or by June 30, 2024, accrue an amount of 10 per cent penalty.

Hidden money

Most of the missing money from Kenya was hidden in countries with limited tax restrictions such as Channel Islands, Liechtenstein, Cyprus, and Switzerland.

Having cleared the funds to come back into the country, the taxman doesn’t have the legal obligation to chase after the money owners who have likely stolen from the state.

Additionally, KRA has entered into a signed agreement with over 130 countries that would help the agency track down the wealth of Kenyans investing abroad.

Related news

Governments urged to embrace new technology to transform the agriculture sector.

The 10th edition of the annual African Green Revolution Forum (AGRF) was held in Kigali Rwanda between the 8th and 13th of September, 2020....

Diesel and kerosene price drop as the cost of petrol goes up

Following the mid-month review by the Energy and Petroleum Regulatory Authority (EPRA), petrol prices will increase by Ksh 1.48 starting Monday midnight. However, the procedural...

Equity Bank CEO accused of grabbing land in Muthaiga

Equity Bank CEO James Mwangi has been arraigned in court for allegedly grabbing a three-acre piece of land in Muthaiga, Nairobi, which belongs to...

FOLLOW US

15,777FansLike
3,536FollowersFollow

Popular Stories

Diesel and kerosene price drop as the cost of petrol goes...

Following the mid-month review by the Energy and Petroleum Regulatory Authority (EPRA), petrol prices will increase by Ksh 1.48 starting Monday midnight. However, the procedural...

Equity Bank CEO accused of grabbing land in Muthaiga

Equity Bank CEO James Mwangi has been arraigned in court for allegedly grabbing a three-acre piece of land in Muthaiga, Nairobi, which belongs to...

Governments urged to embrace new technology to transform the agriculture sector.

The 10th edition of the annual African Green Revolution Forum (AGRF) was held in Kigali Rwanda between the 8th and 13th of September, 2020....

Equity Group CEO wins 2020 Oslo Business for Peace Award

The Equity Group CEO James Mwangi has been selected as one of the 2020 Oslo Business for Peace Award winners. The CEO was chosen by...

Landlords issue Government of Kenya with new demands

With the country struggling with the economic tough times, due to the Covid-19 pandemic, there seems to be a dispute between tenants and landlords...

SGR to be shut down over Sh38 Billion debt

The standard Gauge Railway (SGR) may soon stop its operations due to Sh8 billion debt Kenyans owes a Chinese firm. In a report by a...
Loading...