Filing taxes in Kenya is a must for those in the formal sector, and those with something to lose. Since you and I both know only a handful exist here, so where do the rest fall? Nill definitely, or Neg to make it clear enough.
Picture Eastlands or any average settlement in Nairobi. How many of those do you think know what KRA is? Or even worse, how many are willing to quit their day-to-day even for an hour to file taxes? It doesn’t get better no matter how you think of it, because those who dare to file taxes file nill returns.
What exactly is a nill return? Basically, it’s just telling the world that over the last year you made no money. That’s never really the case, is it? We all handle cash and must, and I repeat must have some form of income from somewhere or anywhere.
The government loses the taxation battle, that’s not news anymore. For those it manages to track, it’ll spend years prosecuting and almost always never recovers assets it’s lost. What can we do then?
The not so new Jack of all trades solution, IT, has the answer and its Digital cryptocurrency. With what you’ve heard of crypto, I know you’re thinking that’s a new avenue for corruption but rest assured that this time money can’t be stolen.
With crypto, it's possible to track all the money in circulation, track how it changes hands and last but not least, reduces the cost of money. By moving to crypto, we’ll stand in pole position to make entries into the African market now that trade is opening up.
The best news of it all is you may never be required to file taxes and the government will have more to spend on your development.
Just so you sleep well, be assured that lobbying for crypto is a fight against corruption and it’s the least you can do now.
That’s all for today folks.