cbk, KRA
central bank of kenya

Kenya Revenue Authority (KRA) has linked up with the Central Bank of Kenya (CBK) to ensure that customers wishing to open bank accounts provide their KRA PIN.

As of November 1, the CBK made the regulation mandatory for all banks across the country.

The directive comes after Cabinet Secretary Henry Rotich made amendments to a section of the Tax Procedures Act through the Finance Bill 2016.

According to the CS, the new system will provide KRA access to all necessary financial information without having to seek a court order.

Read: CBK Expresses Confidence In Country’s Economic Growth

“The iTax system has been crucial in expanding our tax base allowing us to link information from Ifmis (Integrated Financial Management Information System) bank accounts to ensure there are no leakages,” CS Rotich said.

KRA Commissioner General John Njiraini insists the new regulations will help monitor taxpayers sources of incomes while also curbing tax fraud.

KRA is also hoping that the move will help them reach tax targets laid out by the National Treasury.

Those not registered with KRA would also not be able to access banking facilities after the authority set up a database called Data Warehouse and Business Intelligence which allows them to monitor taxpayers profile(s) to ensure are complying with the law.

Do you have a story you want told? Do you know of a sensitive story you would like us to get our hands on? Email your news TIPS to [email protected]