Central Bank of Kenya [Photo/The Star]
Kenya Revenue Authority (KRA) has teamed up with the Central Bank of Kenya (CBK) to help curb tax fraud.
As a result customers wishing to open new bank accounts will have to provide the respective bank with their KRA PIN. This will allow KRA to monitor tax payers financial activities and ensure that they are complying with the law.
According to reports the new regulations started on November 1 and as a result banks have been directed to secure customers KRA pins prior to opening an account.
According to Cabinet Secretary, Henry Rotich the new rules and regulations will also eliminate the need for the authority to seek a court order prior to accessing the financial information of the taxpayer.
“The iTax system has been crucial in expanding our tax base allowing us to link information from Ifmis (Integrated Financial Management Information System) bank accounts to ensure there are no leakages,” CS Rotich said.
KRA Commissioner General John Njiraini says that the new regulations will help the authority monitor any illegal activities, taxpayers sources of income and also help put an end to tax fraud.