The KNCCI Youth In Business (YIB) sectoral committee in collaboration with Kenya Revenue Authority (KRA) on Friday 25th May 2018 held a tax seminar where more than 300 youth were educated on the various types of taxes that apply in Kenyan law in a bid to increase awareness and compliance.
The seminar brought together speakers from KRA, KNCCI and the National Youth Council (NYC) who also engaged the attendees on a question and answer session as part of a panel that proceeded the training.
KRA challenged the public to engage their local offices where various taxes are incomprehensive so as to escape the hefty penalties that have been included in the law to make it punitive for defaulters.
Speaking at the event KNCCI director Mary Muthoni tasked both KRA and NYC to engage the youth while awarding tenders with many of the attendees complaining that they were facing hardships in accessing business opportunities. She further called on the youth to formalize their businesses saying this was the only way they could be considered for the various opportunities in government.
Speaking at the same event NYC CEO Ray Ochieng noted that despite opportunities valued at over 200 billion shillings having been availed by the government as an allocation for the youth very few businesses from this category were participating in tendering.
On their part the youth raised issues on unwillingness of KRA to educate the public on their various processes and products as well as the hardship in accessing capital that can enable them participate in business opportunities.
The seminar is part of the partnership arising from an MoU between KNCCI and KRA in 2016 where the latter would benefit from the Chambers large network to avail information on its services so as to increase compliance and create a positive relationship between the taxman and businesses. The partnership is also meant to encourage SMEs to embrace the tax regime, sensitize SMEs on the importance of taxation and compliance for economic development and capacity on import and export duties and the importance of regional trade.