Forum
Filing of nil returns issue
Started by Raymond Odongo
·
8 Replies
Posted: 3 yrs
Under minimum tax, where there has been no receipts or transactions for an organisation, has anybody filed a nil return? And if a firm has a VAT obligation, but has had no transactions, has anyone been able to file a nil return for minimum tax obligation?
copiacco Joined: 4 yrs
Posted: 3 yrs
The below may invite the tax man to audit your tax affairs:
· Constantly Filing Nil Tax Returns(Nil returns are meant for persons without transactions)
· A constant VAT Credit unless you are dealing with zero rated supplies
· Variance between sales declared under VAT and sales declared under income tax for a particular financial period
· Variance between salaries claimed for income tax purposes and salaries declared for PAYE purposes for a particular financial period
· Variance between your tax returns and Industry margins. For Instance profit markups for retail shops are normally between 13-20%
· Applications for cancellation of PIN after business closure.
· A disgruntled employee/friend can report you.
· KRAs tax base expansion unit/Intelligence unit could gather your information.
· Publicity in the media. Media Publicity can be followed by a tax investigation.
· Constantly Filing Nil Tax Returns(Nil returns are meant for persons without transactions)
· A constant VAT Credit unless you are dealing with zero rated supplies
· Variance between sales declared under VAT and sales declared under income tax for a particular financial period
· Variance between salaries claimed for income tax purposes and salaries declared for PAYE purposes for a particular financial period
· Variance between your tax returns and Industry margins. For Instance profit markups for retail shops are normally between 13-20%
· Applications for cancellation of PIN after business closure.
· A disgruntled employee/friend can report you.
· KRAs tax base expansion unit/Intelligence unit could gather your information.
· Publicity in the media. Media Publicity can be followed by a tax investigation.
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