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Commercial banks now require Kenyans to open their accounts to provide their personal identification number (PIN).
Lenders also asked existing account holders to provide their pins during the last move. The Kenya Tax Authority (KRA) to seal revenue leaks and nab tax cheats.
Central Bank of Kenya (CBK) in November 2017 ordered all commercial banks in the country to ensure that they require Kenya Revenue Authority pin certificate for any new
This has occurred after an agreement between CBK and KRA after the 2016 finance bill made changes to a section of the Tax Procedures Act (TPA).
Local banks started asking these details from existing customers. open new accounts. A notice from one of the local banks asked the account holders to waive these details by July 21st.
In the past, the country's commercial banks did not strictly enforce the KRA requirements for account holders. customer policy. "
CBK and KRA are putting increasing pressure on banks to comply with this requirement, as the IRS continues to face a daunting task in raising revenues to finance the budget. of 3.074 trillion shillings from Kenya During the 2017/18 fiscal year collection, KRA did not achieve its 100 billion Sh.
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