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The Standard e-Paper
Truth Without Fear
The Standard Group Plc is a
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print operations, television, radio broadcasting, digital and online services. The
Standard Group is recognized as a leading multi-media house in Kenya with a key
influence in matters of national and international interest.
The Kenya Revenue Authority (KRA) has launched a crackdown on Value Added Tax (VAT) fraud, targeting the notorious “missing trader scheme” and reinforcing internal controls to curb staff collusion. The initiative is a response to staggering monthly revenue losses due to fictitious invoicing and tax evasion.
The “Missing Trader Scheme” involves fraudsters registering shell companies to generate fake VAT invoices, enabling illegitimate tax deduction claims without any actual business transactions. These entities often disappear before remitting any VAT, depriving the exchequer of billions in revenue.
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