* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, September 16, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    The Emmys are back: Viewership soars to highest numbers in 4 years – yahoo.com

    The Emmys Return with a Bang: Viewership Hits a 4-Year High

    From Spinal Tap II to Ed Sheeran : your complete entertainment guide to the week ahead – The Guardian

    Fall’s Hottest Ski Films Are Going on Tour—Here’s the List – yahoo.com

    Experience the Thrill: Fall’s Hottest Ski Films Hit the Road-Don’t Miss the Tour!

    Ryan Reynolds reveals he called a journalist who said mean things about John Candy – yahoo.com

    Ryan Reynolds Reveals the Moment He Stood Up to a Journalist Who Insulted John Candy

    Entertainment Community Fund Launches Program Supporting Entrepreneurs – Playbill

    Entertainment Community Fund Unveils Exciting New Program to Empower Entrepreneurs

    Behind the turntables: DJ Johnny Kage’s story of perseverance – yahoo.com

    Behind the Turntables: DJ Johnny Kage’s Inspiring Journey of Perseverance

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Unlocking AI Success: How People, Process, and Technology Form the Ultimate Triangle

    Billion-dollar coffins? New technology could make oceans transparent and Aukus submarines vulnerable – The Guardian

    Billion-Dollar Coffins? How New Technology Could Make Oceans Transparent and Expose Submarines

    What if artificial intelligence is just a “normal” technology? – The Economist

    What if artificial intelligence is just a “normal” technology? – The Economist

    Lincoln Trail College Receives $100,000 Grant from Marathon Petroleum Corporation for Technology Center – wwbl.com

    Lincoln Trail College Lands $100,000 Grant from Marathon Petroleum to Elevate Technology Center

    Aston Martin to integrate Pirelli’s cyber tyre technology in future models – Just Auto

    Aston Martin to Revolutionize Future Models with Pirelli’s Cutting-Edge Cyber Tyre Technology

    Figure Technology’s stock sizzles after IPO, as investors stay hungry for crypto deals – MarketWatch

    Figure Technology’s Stock Skyrockets After IPO Amid Surging Crypto Investor Excitement

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    The Emmys are back: Viewership soars to highest numbers in 4 years – yahoo.com

    The Emmys Return with a Bang: Viewership Hits a 4-Year High

    From Spinal Tap II to Ed Sheeran : your complete entertainment guide to the week ahead – The Guardian

    Fall’s Hottest Ski Films Are Going on Tour—Here’s the List – yahoo.com

    Experience the Thrill: Fall’s Hottest Ski Films Hit the Road-Don’t Miss the Tour!

    Ryan Reynolds reveals he called a journalist who said mean things about John Candy – yahoo.com

    Ryan Reynolds Reveals the Moment He Stood Up to a Journalist Who Insulted John Candy

    Entertainment Community Fund Launches Program Supporting Entrepreneurs – Playbill

    Entertainment Community Fund Unveils Exciting New Program to Empower Entrepreneurs

    Behind the turntables: DJ Johnny Kage’s story of perseverance – yahoo.com

    Behind the Turntables: DJ Johnny Kage’s Inspiring Journey of Perseverance

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Unlocking AI Success: How People, Process, and Technology Form the Ultimate Triangle

    Billion-dollar coffins? New technology could make oceans transparent and Aukus submarines vulnerable – The Guardian

    Billion-Dollar Coffins? How New Technology Could Make Oceans Transparent and Expose Submarines

    What if artificial intelligence is just a “normal” technology? – The Economist

    What if artificial intelligence is just a “normal” technology? – The Economist

    Lincoln Trail College Receives $100,000 Grant from Marathon Petroleum Corporation for Technology Center – wwbl.com

    Lincoln Trail College Lands $100,000 Grant from Marathon Petroleum to Elevate Technology Center

    Aston Martin to integrate Pirelli’s cyber tyre technology in future models – Just Auto

    Aston Martin to Revolutionize Future Models with Pirelli’s Cutting-Edge Cyber Tyre Technology

    Figure Technology’s stock sizzles after IPO, as investors stay hungry for crypto deals – MarketWatch

    Figure Technology’s Stock Skyrockets After IPO Amid Surging Crypto Investor Excitement

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

How new law allows Kenyan taxman to access offshore bank accounts information

July 23, 2023
in Technology
How new law allows Kenyan taxman to access offshore bank accounts information
Share on FacebookShare on Twitter

Kenya has introduced the Common Reporting Standard (CRS) to improve financial transparency and fight tax evasion. The CRS requires financial institutions to report information about their clients’ accounts to tax authorities, which helps identify individuals evading taxes.

In a bid to improve financial transparency in the country, Kenya introduced the Common Reporting Standard (CRS) through the Finance Act in 2021. The Tax Procedures Act was updated to include the CRS. To put the CRS into action, the cabinet secretary for treasury, Njuguna Ndung’u, was tasked with creating regulations officially implemented on 1st January 2023.

Origins

In 2014, the Organisation for Economic Cooperation and Development (OECD) created the Common Reporting Standard (CRS) due to the lack of transparency in financial account information. According to the OEDC, many organisations use offshore entities to stash taxable income while trading or holding financial assets. The CRS was implemented to require that Reporting Financial Institutions (RFIs), such as depository accounts and other financial institutions, report account information to tax authorities.

Why is the law important?

The CRS mandates RFIs, which include depository accounts and investment entities, to report account information to the Kenya Revenue Authority (KRA). It empowers the KRA to identify individuals who may have been evading taxes or hiding their wealth in offshore accounts. Besides, by sharing relevant financial data with other jurisdictions, Kenya strengthens international cooperation and becomes integral to the global fight against illicit financial activities.

The CRS requires RFIs to identify reportable accounts and share specific account information with the KRA. Reportable accounts include all financial accounts managed or administered by an RFI.

What information is exchanged between financial institutions?

By joining the CRS Multilateral Competent Authority Agreement (CRS MCAA), Kenya can exchange financial account information with 106 other countries via the OECD Common Transmission System (CTS). The financial institutions must provide details like names, addresses, jurisdictions, residences, and tax identification numbers (TINs) (or similar identifiers if TINs are unavailable) for account holders. According to the regulations, this collaboration builds transparency and international cooperation in the fight against tax evasion and financial malpractices.

It is all about compliance

Kenyan financial institutions now play a key role in ensuring tax compliance by submitting annual reports to the KRA. These reports contain the aforementioned essential details about specific financial accounts individuals and entities hold.

For entities with controlling persons, additional information is required, such as account numbers, names, identifying numbers, and account balances or values at the end of the reporting period. This comprehensive reporting mechanism strengthens the KRA’s efforts to identify tax evaders and individuals attempting to hide ill-gotten wealth in offshore bank accounts.

Data privacy and developments

The implications of the CRS for financial data privacy and security must not be overlooked. While exchanging financial information between countries is essential for ensuring global tax compliance, it raises concerns about protecting individuals’ sensitive data. It is crucial for Kenya and other participating nations to find a delicate balance between financial transparency and data privacy.

To ensure the effectiveness of the laws, Kenya’s treasury cabinet secretary has relinquished the authority to regularly amend the regulations on exchanging financial information with the 106 countries involved. This decision, made by the treasury ministry, comes from President Ruto’s government and the KRA’s collective efforts to crack down on tax evasion and individuals benefiting from ill-gotten gains. Reportedly, removing a clause that previously allowed unnecessary adjustments to the regulations aims to safeguard against potential loopholes for tax evaders.

Possible challenges

As with any initiative, challenges remain. The responsibility lies with Kenya and all participating nations to ensure that the shared data is used exclusively for legitimate tax compliance purposes. Adequate data security measures must be in place to safeguard against any unauthorized access or misuse.

By requiring RFIs to report financial account information, Kenya is moving towards tackling tax evasion and offshore asset hiding head-on. The effectiveness of the CRS lies in identifying possible tax evaders and exchanging financial data between countries to ensure global tax compliance. However, the responsibility to uphold financial data privacy and security remains crucial in this process.

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2023/07/22/kenya-offshore-bank-accounts-tax/

Tags: allowsKenyantechnology
Previous Post

Bundle Africa shuts down its exchange platform

Next Post

Chris Stapleton’s Higher Out November 10th; First Single “White Horse” at Radio Now!

Registration open for fitness programs at Hereford Sports & Wellness – KFDA | NewsChannel 10

Registration open for fitness programs at Hereford Sports & Wellness – KFDA | NewsChannel 10

September 16, 2025
Men’s Freestyle Team Standings At The 2025 Senior World Championship – FloWrestling

Men’s Freestyle Team Standings at the 2025 Senior World Championship Revealed

September 15, 2025
ONEflight Myrtle Beach Classic boosts economy with $15.8M impact – WPDE

ONEflight Myrtle Beach Classic boosts economy with $15.8M impact – WPDE

September 15, 2025
The Emmys are back: Viewership soars to highest numbers in 4 years – yahoo.com

The Emmys Return with a Bang: Viewership Hits a 4-Year High

September 15, 2025
Bridging gap between artificial intelligence, real-world health outcomes – Rice University

Bridging the Divide: How Artificial Intelligence is Transforming Real-World Health Outcomes

September 15, 2025
WATCH: Joe Manchin shares why he calls Washington politics ‘toxic’ in new book Video | The View – ABC Network

Joe Manchin Opens Up About Why He Calls Washington Politics ‘Toxic’ in New Book

September 15, 2025
Entire Himalayan Range Facing Ecological Crisis: Supreme Court – NDTV

Supreme Court Sounds Alarm on Imminent Ecological Crisis Endangering the Entire Himalayan Range

September 15, 2025
Artificial Intelligence at Bayer – Emerj Artificial Intelligence Research

How Bayer is Revolutionizing the Future Through Artificial Intelligence

September 15, 2025
The ancient science of nose jobs : Short Wave – NPR

The Timeless Art and Science Behind Nose Jobs: Unveiling the Secrets of Rhinoplasty

September 15, 2025
8 TV shows that accidentally taught kids more than school did – VegOut

8 TV Shows That Secretly Taught Kids More Than School

September 15, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (821)
  • Economy (841)
  • Entertainment (21,719)
  • General (17,054)
  • Health (9,885)
  • Lifestyle (855)
  • News (22,149)
  • People (844)
  • Politics (850)
  • Science (16,051)
  • Sports (21,341)
  • Technology (15,822)
  • World (824)

Recent News

Registration open for fitness programs at Hereford Sports & Wellness – KFDA | NewsChannel 10

Registration open for fitness programs at Hereford Sports & Wellness – KFDA | NewsChannel 10

September 16, 2025
Men’s Freestyle Team Standings At The 2025 Senior World Championship – FloWrestling

Men’s Freestyle Team Standings at the 2025 Senior World Championship Revealed

September 15, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version