The Kenya Revenue Authority (KRA) has published a new list of reportable jurisdictions under the Common Reporting Standard (CRS).
In a public notice on Friday, December 19, the tax authority stated that the move will enable it to track offshore financial transactions.
The authority noted that the list is applicable for information returns related to periods beginning January 1, 2025.
“The Kenya Revenue Authority (KRA) informs Reporting Financial Institutions that, pursuant to the provisions of Regulation 2 of the Tax Procedures (Common Reporting Standards) Regulations, 2023 and in accordance with the powers conferred upon the Commissioner under the Tax Procedures Act, Cap 469B, the list of Jurisdictions that will apply for the purposes of the Common Reporting Standard (CRS) has been published,” read the notice in part.
Under the framework, banks and other financial institutions are required to identify account holders who are tax residents of the listed jurisdictions and submit their financial information to KRA.
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The data is then shared with the relevant foreign tax authorities, helping them to detect undeclared income and assets held offshore.
Countries in the new CRS jurisdiction list include: Albania, Argentina, Australia, Austria, Azerbaijan, Belgium, Brazil, Bulgaria, Chile, China, Colombia, Cook Islands, Costa Rica, Croatia, Curaçao, Czechia, Cyprus, Denmark, Ecuador, Estonia, Finland, France, and Georgia.
Others are Germany, Ghana, Gibraltar, Greece, Guernsey, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Kazakhstan, Korea, Liechtenstein, Lithuania, Luxembourg, Malaysia, Maldives, Malta, Mauritius, Mexico, Moldova, Monaco, Netherlands, and New Zealand.
Further KRA listed Norway, Panama, Peru, Poland, Portugal, Russia, Rwanda, Saint Kitts and Nevis, Saint Lucia, San Marino, Saudi Arabia, Seychelles, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, Uganda, Ukraine, United Kingdom, and Uruguay as among the countries included in the new CRS jurisdiction list.
The announcement comes months after the taxman added new requirements in the application process for the Tax Compliance Certificate (TCC).
In a notice issued on Tuesday, October 28, the authority said the new process will now include verification of eTIMS/TIMS compliance.
"Kenya Revenue Authority (KRA) notifies the public that it has enhanced the Tax Compliance Certificate (TCC) application process to include compliance with eTIMS/TIMS for non-individual entities and individuals with income other than employment income," the notice read.
Any person or entity seeking a TCC must now meet several conditions, including compliance with eTIMS/TIMS registration for persons in business, filing all applicable tax returns on or before their due dates, and ensuring timely payment of taxes.
Additionally, taxpayers must settle any outstanding tax liabilities or apply for a payment plan that, once approved, allows them to continue the self-service process of TCC application.
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