Ideal Ledgers

Our accounting and bookkeeping team is qualified and competent to handle all your accounting and bookkerping tasks in kenya .We are prompt,efficient,easy to deal with and keen to details .Visit our website..www.idealledgers.co.ke to learn more

Ideal Ledgers – Certified Public Accountants To create value and make a difference everywhere we engage and To inspire moments of optimism through our absolute commitment to entrepreneurial & technical innovation and wealth creation for our clients.

Value Added Tax (Electronic Tax Invoices) Regulations, 2020

These Value Added Tax (Electronic Tax Invoices) Regulations, 2020 have been enacted to ensure that daily supply of goods and services is monitored for purposes of taxation. As such, these Regulations require every VAT registered person under section 34 of the Value Added Tax Act (“VAT Act”) to have a register.

A register is defined under these Regulations as “an electronic tax invoicing or receipting system that is maintained and used in accordance with these Regulations.”

Use of the Register
The register is used to ensure that each sale is recorded at the point of sale. An invoice is recorded with respect to each sale and thereafter the invoice generated is transmitted to the purchaser and the invoice details transmitted to KRA on a daily basis.
Requirements in A Tax Invoice
The Taxpayer shall ensure that that the PIN of the registered user, time and date of the invoice, buyers PIN, total gross amount ,total amount, item code of supplies for exempt, zero-rated supplies as provided by the Commissioner is entered, brief description of goods and services, quantity of supply, unit measure, tax charged, unique register identifier, unique invoice identifier , quick response (QR) code and any other requirement as may be specified by the Commissioner.
Specifications of the Register
In order for the register to be effective it should: be capable of being connected with information technology networks; have sufficient storage to maintain records; display clear messages in the official languages; be secure and tamperproof; be capable of being integrated with the Authority’s system; be capable of transmitting data to the systems; allow for updating of changes tax laws; and be capable of capturing information required by the regulations.
Offence
Failing to comply with the Regulations will result in a conviction and one shall be liable to pay a fine not exceeding one million shillings, or to imprisonment for term of not exceeding 3 years, or both.
Timeline
Kenya Revenue Authority (KRA) wishes to inform the public that the roll out of the Electronic Tax Invoice pursuant to the provisions of the Value Added Tax (Electronic Tax Invoice) Regulations, 2020 shall commence on 1st August 2021.
All VAT registered taxpayers shall thereafter be required to comply with the requirements of the regulations on implementation of the Electronic Tax Invoice within a period of twelve (12) months from the date of the roll out.

If you haven't yet, make a point on doing it before the deadline! File your returns today and avoid the hussle of doing it last minute.
Hepa fine!!
Contact us 0728922795 or Email [email protected]
Website www.idealledgers.co.ke

The June Tax filing deadline is fast approaching.

Don’t risk getting penalized by KRA or losing your KRA PIN when you can easily contact us from wherever you are and get a professional to sort out all your tax
Website.www.idealledgers.co.ke
[email protected]
Tel 0728922795

Ideal Ledgers – Certified Public Accountants To create value and make a difference everywhere we engage and To inspire moments of optimism through our absolute commitment to entrepreneurial & technical innovation and wealth creation for our clients.

Have you filed your 2020 income tax returns? Don't wait until the last minute. File your tax return today! call us on 0728922795 ,email [email protected] , visit our website www.idealledgers.co.ke .
File today ahead of the 30th June deadline.

IT IS TIME TO TIME TO FILE YOUR RETURNS
CALL US ON 0728922795 OR EMAIL [email protected]

We provide small business owners and individuals with accurate ,timely financial information and a single point of contact for all the financial requirements of their business at an affordable fee .Like our page or visit us on our website for more information: https://idealledgers.co.ke

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