Nairobi, July 2 -- The Kenya Revenue Authority (KRA) has set sights on accessing financial transactions of secret shareholders who invest in domestic firms through nominee accounts and directors for tax compliance.
The taxman says the requirement for firms to reveal all shareholders by end of the month and proposed implementation of a global convention on automatic sharing of tax information with other countries will help mitigate tax evasion amongst secret shareholders in local firms.
KRA commissioner for Intelligence and Strategic Operations Terra Saidimu said the taxman will target nominee accounts held by local and international investors in a bid to expand tax base this fiscal year where it has a revenue target of Sh1.61 trillion.
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