
These 16 Transactions will Require KRA PINs in the Finance Bill 2024
On Saturday, May 11, the government released the National Finance Bill 2024, which recommended numerous tax reforms to be adopted in the coming fiscal year.
The Finance Bill also specifies certain transactions require Kenyans to present their Kenya Revenue Authority (KRA) PIN.
Among them is the registration of an employee who works remotely for a Kenyan business.
BUSINESS.
According to the Finance Bill, a KRA PIN is required when registering a business name or firm.
Some transactions that require a PIN include trade licensing, importation of commodities, customs clearing, and forwarding.
Business owners that supply government ministries and agencies must also have a KRA pin.
Business owners, on the other hand, must have the KRA PIN in order to register a mobile cellular Pay Bill and Till Number.
Conducting commerce over the internet or on an electronic network, particularly through a digital marketplace, is also among the 16.
HOUSEHOLD.
For starters, if an individual wishes to create an account with a financial institution such as a bank, the KRA PIN will be required.
Other operations that will require the PIN include title and stamping authority registration, as well as deposit payments for Kenya Power electrical connections.
PINs must, however, be submitted when seeking approval for development plans or when paying water deposits.
Additionally, Kenyans who have purchased cars and want to register them must supply their KRA PINs. PINS are also necessary when transferring and licensing motor vehicles.
PROFESSIONAL.
Professionals who belong to numerous professional bodies must supply the PIN while registering or renewing their membership.
Here are the 16 transactions where a PIN is needed, grouped below:
1) Instrumental stamping and title registration.
2) Approval of development plans, including payment of water deposits.
3) Registration, transfer, and licensing for motor vehicles.
4) Registration of business names.
5) The registration of companies.
6) Underwriting insurance plans.
7) Trade licenses.
8) Importation of products and customs clearance and forwarding.
9) Payment of deposits for power connections.
10) All contracts for the provision of goods and services to Government Ministries and Public Bodies.
11) Open accounts with financial institutions and investment banks.
12) Professional bodies and other licensing authorities register and renew memberships.
13) Telecom operators register mobile cellular pay bills and till numbers.
14) Conducting business over the Internet or an electronic network, including via a digital marketplace.
15) Trust registration.
16) Registration of an employee working remotely outside Kenya for an employer in Kenya.
These 16 Transactions will Require KRA PINs in the Finance Bill 2024