kachero wrote:
Advice on KRA VAT RETURNS-Tax Compliance certificate
Hi good people.I'm seeking your advice on matters that i got with KRA. Around two years ago, we incorporated a limited company and then five months down the line we registered for a company PIN and VAT Tax obligation. The company has not been in operation (in the real sense, we were meant to look for tenders supply deals, which we are yet to clinch) but fortnight ago things have started to look bright.Now the dilemma is in acquiring the TAX COMPLIANCE CERTIFICATE!
1.Now that the company has not filed the zero returns (No any business made so far), is it possible to obtain the TCC without the 10K per month fine since registration?
2.Is there a way that a limited company can denounce the VAT obligation(By the way-filling was done thru a cyber guy who assumed we needed or rather every company must do VAT) and still get the TCC?
3.Can we file the zero returns for the last 15 months, Now?
4.Any other information will be highly appreciated.
@kachero; you have come to the moment of truth: you have to decide exactly what you want to do with this company of yours.
Is it a short-term thing that you are not so serious about or is a long-term venture that you are positioning to be you bread & butter provider now and retirement package later?
If it is the former, then dump it and register another one... but you MUST make plans for clearing ALL outstanding taxes and attendant penalties. You can do that slowly in the future.
If the latter, then you simply apply for TCC now and get ready to pay ALL outstanding taxes and attendant penalties right away.
Remember: only two thing are certain in life - death and taxes.
Even after you die, the taxman CAN attach you estate to clear any pending taxes!
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.