As of 9:59 pm on June 30, of every year, Kenyans have exactly two hours to file their income tax returns.
This is a declaration showing the income earned from all sources during a tax period, which is annual and the self-assessed tax paid during that period.
If you are yet to, the Kenya Revenue Authority requires that you file your returns for the period from January 1 to December 31, 2022.
This is supposed to be not later than the last day of the sixth month of the subsequent year, in this case, June 30, 2023.
This is according to Section 52B of the Income Tax Act (CAP 470).
Failure to file your returns today, any individual with a KRA pin will be subject to penalties.
Those who file late will be expected to pay a filing penalty of five per cent of the tax due, or a minimum of Sh2,000, whichever is higher.
Late filing for a company or partnership return will amount to a penalty of five per cent of the tax due or Sh20,000 whichever is higher.
Further, late payment interest at a rate of one per cent per month is charged until the tax is fully settled.
This also applies to non-individuals.
Submission of income tax returns is an online process done via iTax.
