As Ronalds LLP, we encourage taxpayers who have undisclosed tax liabilities and have not been audited by KRA to seize this opportunity to avoid paying hefty penalties and suffer tax audits by KRA for non-disclosure of taxes in the future.
In order to take advantage of the Voluntary Tax Disclosure Program, we recommend the following steps:
- Engage a tax consultant to review the companies tax exposure through the tax health check process
- There is a need to discuss within the management the various tax implication resulting from the tax exposure.
- While at the management level, we advise on the existing tax planning opportunities available to the taxpayer aside from the timely VTDP.
- Upon making decision to voluntarily disclose the tax liability, of the company or individuals, we initiate the application process for VTDP through the availed channels by the Commissioner.
- There is need to discuss within the management on the various tax implication resulting from the tax exposure.
- While at the management level, we advise on the existing tax planning opportunities available to the taxpayer aside from the timely VTDP.
- Upon making the decision to voluntarily disclose the tax liability, of the company or individuals, we initiate the application process for VTDP through the availed channels by the Commissioner.