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KRA finally granted complete access to bank accounts.
Rank: New-farer Joined: 11/20/2015 Posts: 16 Location: Iraq
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KRA Commissioner General John Njiraini is on record stating that the taxman would start comparing returns from transaction filings and bank balances. The taxman wants to use your bank data to analyse unreported activities of taxpayers including other sources of incomes, to detect tax fraud, and to score and rank risk profiles. KRA: We have what it takes to take what you have. Mganga haagizi Mchicha.
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Rank: Hello Joined: 11/29/2015 Posts: 7 Location: Kenya. Iraq
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 . Nitakuwa papa hapa nione likalotokea
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Rank: New-farer Joined: 11/20/2015 Posts: 16 Location: Iraq
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I think the options are minimal, it's either to comply or go for the offshore accounts. I should think of traveling home now to find out more, am a suspect here now from what the taxman will find out from snooping on me.  Mganga haagizi Mchicha.
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Rank: Member Joined: 12/1/2007 Posts: 538 Location: Nakuru
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Naona shida hapa. In their hunger to hit collection targets they might ask to tax you on any incoming cash regardless of the reason... Gifts, debts repayed, bla bla For investors as a whole, returns decrease as motion increases ~ WB
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Rank: New-farer Joined: 11/20/2015 Posts: 16 Location: Iraq
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Quote:The taxman has set up a database known as Data Warehouse and Business Intelligence, which offers a single view of a taxpayer's profile, linking them with third-party systems such as banks and utility firms for easier determination of compliance. Should i embrace mattress banking?  Mganga haagizi Mchicha.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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Rank: Member Joined: 12/1/2007 Posts: 538 Location: Nakuru
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This is the easiest to monitor... They have your ID and PIN ... I suppose they will put a cap above which any amount is flagged for tax purposes For investors as a whole, returns decrease as motion increases ~ WB
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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NSE .....CDSC  In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Member Joined: 12/10/2015 Posts: 103
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So called fat cats will derail it
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Rank: New-farer Joined: 11/20/2015 Posts: 16 Location: Iraq
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It's just a matter of time before the telcos cracks up their resistance where they are hiding under the cloud of "private user data". Mganga haagizi Mchicha.
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Rank: Member Joined: 5/6/2011 Posts: 391 Location: Nairobi
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Cryptocurrencies .. "You can't have everything. Where would you put it?" - Stephen Wright
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Rank: Veteran Joined: 9/18/2014 Posts: 1,127
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Bad move for both the taxman and bankers. Same case for the telcos if the witch hunt is extended to them. The main purpose of the stock market is to make fools of as many people as possible.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Angelica _ann wrote:NSE .....CDSC You still have to explain where you got the cash for the trades...If it doesnt add up they will just take your stocks or bonds....Bummer possunt quia posse videntur
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Rank: Member Joined: 12/1/2007 Posts: 538 Location: Nakuru
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maka wrote:Angelica _ann wrote:NSE .....CDSC You still have to explain where you got the cash for the trades...If it doesnt add up they will just take your stocks or bonds....Bummer Money going to CDS mostly is from a bank account where you already declared if above a million. What I find annoying is u accumulate over years then suddenly taxman wants to know after you have 20 m diligently saved and reinvested For investors as a whole, returns decrease as motion increases ~ WB
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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winmak wrote:maka wrote:Angelica _ann wrote:NSE .....CDSC You still have to explain where you got the cash for the trades...If it doesnt add up they will just take your stocks or bonds....Bummer Money going to CDS mostly is from a bank account where you already declared if above a million. What I find annoying is u accumulate over years then suddenly taxman wants to know after you have 20 m diligently saved and reinvested Plus some stocks accumulate value over time. So 1m today could turn into 2m next year
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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obiero wrote:winmak wrote:maka wrote:Angelica _ann wrote:NSE .....CDSC You still have to explain where you got the cash for the trades...If it doesnt add up they will just take your stocks or bonds....Bummer Money going to CDS mostly is from a bank account where you already declared if above a million. What I find annoying is u accumulate over years then suddenly taxman wants to know after you have 20 m diligently saved and reinvested Plus some stocks accumulate value over time. So 1m today could turn into 2m next year Watu walipe tax, if you have been saving and paying taxes, you can easily prove it. If your shares gain value, pay capital taxes upon disposal. If Obiero did it, Who Am I?
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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Swenani wrote:obiero wrote:winmak wrote:maka wrote:Angelica _ann wrote:NSE .....CDSC You still have to explain where you got the cash for the trades...If it doesnt add up they will just take your stocks or bonds....Bummer Money going to CDS mostly is from a bank account where you already declared if above a million. What I find annoying is u accumulate over years then suddenly taxman wants to know after you have 20 m diligently saved and reinvested Plus some stocks accumulate value over time. So 1m today could turn into 2m next year Watu walipe tax, if you have been saving and paying taxes, you can easily prove it. If your shares gain value, pay capital taxes upon disposal. Exactly
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Swenani wrote:obiero wrote:winmak wrote:maka wrote:Angelica _ann wrote:NSE .....CDSC You still have to explain where you got the cash for the trades...If it doesnt add up they will just take your stocks or bonds....Bummer Money going to CDS mostly is from a bank account where you already declared if above a million. What I find annoying is u accumulate over years then suddenly taxman wants to know after you have 20 m diligently saved and reinvested Plus some stocks accumulate value over time. So 1m today could turn into 2m next year Watu walipe tax, if you have been saving and paying taxes, you can easily prove it. If your shares gain value, pay capital taxes upon disposal. Hatulipi... possunt quia posse videntur
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Rank: Veteran Joined: 12/1/2008 Posts: 1,098
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lochaz-index wrote:Bad move for both the taxman and bankers. Same case for the telcos if the witch hunt is extended to them. How is that? People will move to mattress banking or what?
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Rank: Member Joined: 12/1/2007 Posts: 538 Location: Nakuru
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Swenani wrote:obiero wrote:winmak wrote:maka wrote:Angelica _ann wrote:NSE .....CDSC You still have to explain where you got the cash for the trades...If it doesnt add up they will just take your stocks or bonds....Bummer Money going to CDS mostly is from a bank account where you already declared if above a million. What I find annoying is u accumulate over years then suddenly taxman wants to know after you have 20 m diligently saved and reinvested Plus some stocks accumulate value over time. So 1m today could turn into 2m next year Watu walipe tax, if you have been saving and paying taxes, you can easily prove it. If your shares gain value, pay capital taxes upon disposal. Hiyo ilitolewa For investors as a whole, returns decrease as motion increases ~ WB
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KRA finally granted complete access to bank accounts.
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