(i) Explanation of how an online based integrated tax management system operates:
A secure online tax management system allows one to register, file tax returns, process payments and make status inquiries with real time monitoring of their tax ledger/account
(ii) Types of tax return filed under this system are:
- Monthly PAYE returns
- Value added tax and excise returns
- Quarterly and annual income tax individuals return.
- Turnover tax (TOT) returns.
- Corporation tax return (ITZC)
- Partnership return (ITZP)
(iii) Benefits of using online based tax management system are traditional model of filling tax returns are:
- Access to the t a x payer ledger including access by employees on their PA YE deductions.
- Real time update on the taxpayer‘s ledger upon filling of returns and making payments.
- It is accessible at the comfort of the taxpayers of fees or home.
- Numerous payment channels are available as KRA has approved more banks to make payments of domestic taxes more convenient.
- It has led to reduced refunds backlog by allowing taxpayers to utilise approved refunds to offset other tax institutions.
- Provides feedback via e-mail or short message service (SMS) upon completion of a transaction through generation of electronic certificates.
- Simpler domestic tax return filling that is the returns are based on the excel format.
- It is time savings as it reduced queuing of the banking hall and revenue offices.
- It has facilitated swift application and processing of tax related services
Wilfykil answered the question on February 15, 2019 at 05:54
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