Fwd: vat returns

[Alfred Maina]

FYI

Can we also get advice from another source please.

Alfred

---------- Forwarded message ----------
From: joseph muchemi <josephk...@gmail.com>
Date: Fri, Mar 21, 2014 at 4:47 PM
Subject: vat returns
To: Alfred Maina <alfre...@gmail.com>

according to the law, v.a.t returns are to be filled before the 20th of each month whether or not the company traded or not as stated below.

the law states that failure to submit a return, late submission of returns or submission of payment returns without payment of the tax due is liable to a default fine of Kshs 10,000 or 5% of tax due, whichever is higher. An additional compounded interest of 2% per month is also levied on the amount remaining unpaid after the due date.

what your co - director is asking is, why the company registered for vat and yet it does not meet the threshold.

registering for vat is done in two ways either compulsory or voluntary. in your case the kra official who registered you for the pin included vat thus you are obligated to file vat returns.