- KRA suspended online VAT registration due to fraudulent schemes by ghost traders.
- The exercise aims to clean up registers and end the Missing Trader Scheme involving fictitious invoices.
- Traders are required to visit KRA offices and present proof of identity for VAT registration.
- The initiative is part of a know-your-customer strategy.
- Ghost traders are estimated to defraud KRA of KSh 2.5 billion monthly.
- The know-your-customer campaign will help KRA identify transaction participants.
Source: msn.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
