Finance Bill 2024 Lists 16 Transactions Requiring KRA PINs

The National Finance Bill 2024, published on Saturday, May 11, introduces various tax measures set to be implemented in the upcoming financial year. Among these measures is a comprehensive list of 16 transactions that will require Kenyans to produce their Kenya Revenue Authority (KRA) Personal Identification Number (PIN). These transactions encompass business, household, and professional activities.

Business Transactions

1. Registration of Business Names & Companies: Entrepreneurs registering a new business name or incorporating a company will need a KRA PIN to proceed.
2. Trade Licensing: Applying for or renewing a trade license requires a valid KRA PIN.
3. Importation of Goods & Customs Clearing and Forwarding: Any individual involved in the importation of goods or customs clearing must provide their KRA PIN.
4. Supplying Goods & Services to Government Ministries/Public Bodies: All government contractors need a KRA PIN.
5. Mobile Cellular Pay Bills & Till Numbers: Business owners registering mobile pay bills or till numbers through telecommunication operators must have a KRA PIN.
6. E-commerce/Digital Marketplace Transactions: Anyone carrying out online business over the internet or on an electronic network, including digital marketplaces, requires a KRA PIN.

Household Transactions

1. Opening Bank Accounts: Financial institutions such as banks require customers to provide their KRA PIN during account opening.
2. Registration of Titles & Stamping of Instruments: The process of registering land titles or stamping legal documents demands a KRA PIN.
3. Power Connections: Paying deposits for Kenya Power electricity connections requires a KRA PIN.
4. Development Plans Approval & Water Deposits Payment: Kenyans applying for development plan approvals or paying water deposits must present their KRA PIN.
5. Vehicle Registration, Transfer & Licensing: Individuals buying new cars or transferring ownership must provide their KRA PIN.

Professional Transactions

1. Professional Bodies Membership: Professionals renewing their membership in various bodies must present their KRA PIN.
2. Underwriting Insurance Policies: Insurance underwriting requires individuals to have a KRA PIN.
3. Registration/Renewal of Licenses with Licensing Agencies: When registering or renewing licenses, professionals need their KRA PIN.

Other Transactions

1. Trust Registration: Individuals registering a trust must have a KRA PIN.
2. Registration of Employees Working Remotely: Employees working remotely outside Kenya for Kenyan employers will also require a KRA PIN.

The Finance Bill 2024 aims to streamline tax compliance and reinforce the importance of the KRA PIN across all sectors. This framework ensures accountability and strengthens the tax system as Kenyans navigate through business, professional, and household financial transactions.

Summary: Lists 16 Transactions Requiring KRA PINs

• Registration of titles and stamping of instruments.
• Approval of development plans and payment of water deposits.
• Registration of motor vehicles, transfer of motor vehicles, and licensing of motor vehicles.
• Registration of business names.
• Registration of companies. The National Finance Bill 2024
• Underwriting of insurance policies.
• Trade licensing.
• Importation of goods and customs clearing and forwarding.
• Payment of deposits for power connections.
• All contracts for the supply of goods and services to Government Ministries and public bodies.
• Opening accounts with financial institutions and investment banks.
• Registration and renewal of membership by professional bodies and other licensing agencies.
• Registration of mobile cellular pay bills and till numbers by telecommunication operators.
• Carrying out business over the internet or an electronic network including through a digital marketplace.
• Registration of a trust.
• Registration of an employee working remotely outside Kenya for an employer in Kenya.