Why You Need To Be Worried If You’re Banking With Family Bank

Some Family Bank customers face a hit of five years of uncollected back taxes after the bank issued an announcement that it will be proceeding to charge Excise Duty to all customers deductable between 2013 and 2018.

The bank claims the duties due which were not collected over the years will now be deducted from users accounts.

The Excise duty was reviewed to 20% in 2018 from the previous 10% between 2013-2017.

Customers have been asked to refer to their closest Family bank manager for detailed breakdown of the amount in excise duty applicable to their account.

“The bank will collect what has not been remitted as per the remit to the Kenya Revenue Authority with effect from 5th September 2019.” The announcement read.