Kenyans Living Abroad To Face Huge Penalties For Not Disclosing Their Incomes

Kenyans who work, do business or own property outside the country are under close watch from the government.The government has announced that Kenyans who do not disclose their earning or have stashed wealth abroad have half a year to disclose them or face huge penalties for tax evasion.The Kenya Revenue Authority has given a one-year tax amnesty to December 31, 2017 for tax payers in the diaspora to file their returns for the year ended December 31, 2016.For those who fail to meet these new regulations will be investigated for assessment of taxes due, interest and penalties."We are asking these people to voluntarily come forward and take advantage of the tax amnesty. We are aware there are Kenyans holding assets overseas," the deputy commissioner in-charge of the policy and co-ordination unit at KRA James Ojee said.Mr Ojee also assured that those who declare their income during the amnesty period will have their taxes, interests and penalties for the previous years including 2016 waived.“Taxpayers willing to enjoy amnesty should declare the income for 2016, file returns and accounts the year by June 30, 2018 and transfer back to Kenya the funds voluntarily declared under the amnesty. "I expect KRA to issue guidelines on the same and urge taxpayers to cash in on this amnesty and clean up their records with the KRA," said Treasury Cabinet Secretary Henry Rotich in the 2017/18 Budget statement.