Here’s a concise guide on how to file VAT returns in Kenya
Here’s a concise guide on how to file VAT returns in Kenya and Understanding VAT in Kenya.
- Access the iTax Portal:
- Visit the Kenya Revenue Authority (KRA) iTax portal here.
- Log in using your KRA PIN and password. If you’re not registered, create an account first.
- File Returns:
- Under the ‘Returns’ menu, select ‘File Returns.’
- Choose ‘VAT’ as the tax obligation.
- Download the Excel Template:
- Click on ‘Download Auto-populated VAT return’ to get the pre-filled Excel template.
- Prepare Your Return:
- Open the downloaded Excel template.
- Verify pre-filled details (PIN, return type, tax period, etc.).
- Fill in required fields based on sales and purchase records (input VAT, output VAT, adjustments).
- Upload the Return:
- Save the completed Excel template.
- Return to the iTax portal and upload the saved file.
- Validation and Submission:
- The iTax system will validate your return. Address any errors.
- Once error-free, submit it on the iTax portal.
- Payment Options:
- If you have VAT payable:
- Generate an e-slip using the iTax system and pay at an authorized KRA bank.
- Authorize direct debit from your bank to transfer funds to KRA.
- Explore other payment methods (RTGS, mobile money platforms) authorized by KRA.
- If you have VAT payable:
Remember to meet the 20th-of-the-month deadline for filing your VAT returns.
![How To File VAT Returns](https://dailybrief.co.ke/wp-content/uploads/2024/06/image-1.png)
Here are some important points to keep in mind when filing your VAT returns in Kenya:
- Late Filing Penalties: Make sure to file your VAT return on time to avoid penalties and interest on any unpaid tax.
- Record Keeping: Maintain accurate records of your sales and purchases. These records will help substantiate your VAT calculations.
- Professional Assistance: If you find the process complex, consider seeking help from a tax advisor or accountant.
Additional Resources:
- KRA VAT Guide: For more detailed instructions, refer to the KRA’s official guide here.
- KRA iTax Portal: Access the iTax portal here.
Remember that tax laws and regulations can change, so always consult the latest information on the KRA website. Good luck with your VAT returns!
In Other News: How to Successfully Register a Private Lending Business in Kenya in 2024
How to File VAT Returns FAST Online!