KRA launches tax academy to arrest revenue leaks

Business Daily Kenya:  Kenya Revenue Authority has moved to deepen tax and financial crime investigations in the country in a bid to penetr...

Business Daily Kenya: 

KRA headquarters. Photo/File

Kenya Revenue Authority has moved to deepen tax and financial crime investigations in the country in a bid to penetrate tax evasion cartels. To achieve this, the taxman has moved to enhance tax investigation and tackle the shadow economy which is also derailing the authority from achieving its annual tax targets.

In Kenya, tax revenue constitutes a major source of government income and the launch of the Tax and Financial Crime Investigations Academy will go a long way to boost collections.

It will also deepen awareness on risks posed by corruption and money laundering and the ability to better combat such offences and translate international best practices into their domestic laws and operations.

Kenya boasts among the highest tax-to-Gross Domestic Product statistic at 18.3 per cent within non-oil economies in Africa and the academy – the first in Africa – will train officers knowledgeable in financial intelligence, investigating, prosecuting and asset recovery and help elevate the Authority ahead of the curve in arresting the menace which costs the country billions of shillings.

Already, a national multi-agency task force on crime prevention saw KRA initiate over 30 investigations related to corruption related schemes out of which tax assessments totaling Sh2 billion have been raised since 2015.

“We have also participated in terrorism reacted investigations where we have rendered critical interventions through issuance of tax demands and disruption of illicit funds flows,” said KRA Commissioner General John Njiraini.

The authority is currently recruiting intelligence collection personnel and also investing in technology to undertake conventional surveillance operations. The trainings will also boost ongoing investment in conventional intelligence collection resources.

Modeled on the OECD International Academy for Tax Crime Investigations, which has been hosted by Italy in Ostia since 2013, some 27 officers will be trained on specific needs of African countries and building on Africa-wide experiences and best practices to tackle illicit financial flows. Tax crimes, money laundering and other financial crimes threaten the strategic, political and economic interests of developing countries.

The post KRA launches tax academy to arrest revenue leaks appeared first on Mediamax Network Limited.

daily post kenya news, k24 live, media max, bdafrica, nse Kenya, epaper, business daily Kenya

Related

business 6291029453266019576

Post a Comment

emo-but-icon

Follow Us

Contact Us

For Complains and compliments towards this website, contact us on dailykenyapost@gmail.com or use the contact form below (on the footer).
item