Here are some of the important dates that each entrepreneurs needs to know about and put on their diaries.
#1. PAYE Remittances
Date: 9th of every month.
#2. VAT Remittances
If your KRA PIN has been VAT TAX obligation enabled on it, then you are required by law to make returns. If you don’t make any sales on that given month, you can make nil returns. Failure to make any VAT returns, you will incur a whooping Ksh. 10,000 penalty for each month you missed on filling your returns. For example, if you forgot to make returns on September, October, November and December, then you will be fined Ksh. 40,000 for the 4 months.
Date: 20th of every month
Penalty: Ksh. 10,000 for each month you miss
#3. Income Tax Return
Every Sole proprietor or Individuals in Kenya are expected to make their income tax return every year. Failure to do so can incur some penalties and also affect Tax Compliance Certificate application in the future.
Date: Every June 30th (Deadline)
Penalty: Ksh. 1,500 for each year you miss
#4. Withholding VAT:
Date: Every Monday
#5. Turnover Tax (T.O.T)
Date: 20th day of the month following the end of every quarter