Business
KRA Targets Sh1.6 Billion From Soda And Water Sales
The Kenya Revenue Authority (KRA)now expects to collect over Sh1.6 billion revenue from bottled soda and water sales before the financial year ends almost half the Sh3.6 billion the taxman had earlier anticipated.
Delayed rollout of the excise tax management system for bottled water, soda and juices will see the State forego more than Sh1.6 billion, even as the taxman expressed confidence in the implementation.
Enforcement will start in January.
This new system will require manufacturers affix new generation excise stamps on bottled water, juices, soda, energy drinks, non-alcoholic beverages, food supplements and cosmetics. This means the firms will have installed an automated stamp-fixing system and will be making real-time data transmission to the KRA.
About 175 out of the target 400 companies producing bottled water and juices have so far complied.
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