Ruto Absolves Tax Penalties

Ruto Absolves Tax Penalties

Ruto Absolves Tax Penalties

President William Ruto waived the accrued penalty on overdue taxes incurred before to January 1, 2023 on Monday.The president stated that it was critical to resolve the issue because Kenyans were concerned about being caught with accruing interests.

“From September 1, 2023, to June 20, 2024, you will have the opportunity to settle only the principal tax amount of outstanding tax debts incurred before January 1, 2023, as we are waiving penalties and interests over the nine-month period,” Ruto declared.

He spoke during the official unveiling of the Central Bank of Kenya’s (CBK) Dhow Central Securities Depository (CSD), during which he praised the CBK for streamlining its operations.Ruto went on to say that the waiver will help Kenyans and is in line with the government’s objective for a more equitable and inclusive economy.”We are now offering our taxpayers the opportunity to pay only the principal.” “I expect the taxpaying public to benefit,” he said.

The President also mentioned that the Finance Act 2023 established a tax payer amnesty scheme for penalties and interest accrued as of December 31, 2022.According to Ruto, the amnesty scheme will relieve taxpayers of financial responsibilities while also stimulating economic growth and inclusion.Ruto further stated that with the assistance of relevant bodies, the government will collect enough revenue to be self-sufficient.The President has advocated for more effective and dependable methods of collecting income from government organizations and eliminating middlemen.

This he has done through the introduction of the single pay bill number 222222 and directing all government services to be on the eCitizen platform.”Mobile money pay bill numbers are a convenient and secure way for the government to collect payments from those seeking services. We must shut down the rest of the Pay Bill Numbers and remain only with one to channel all the money to the government through Treasury,” he announced in June.