YOU NEED A PIN TO BUY OR SELL PROPERTY IN KENYA

0 69

kraYOU CANNOT BUY OR SELL PROPERTY IN KENYA WITHUT A PIN

Nor can you import or export a Car in Kenya without a PIN

- Advertisement -

WHAT IS PIN?

  • Personal Identification Number (PIN) is a number which identifies a person for purposes of transacting business with Kenya Revenue Authority, other Government agencies and service providers. It is processed by Domestic Tax Department. PIN is not a tax contrary to what some people think.
  • Personal includes both an individual as well as an artificial person (i.e. company, club, Trust, etc)
  • Obtain your PIN now its free! Click Here

– A Partnership, where the partners are not husband and wife, must obtain PIN.
– A sole proprietorship will use the proprietor’s individual PIN for all transactions.

DOES PIN HAVE ANY FORCE OF LAW?

  • Yes, PIN is a statutory requirement under Section 123 of Income Tax Act (Cap 470 Laws of Kenya).
  • It applies to every person who has income chargeable to tax under the Act or any person whom the Commissioner may so require to have it.

WHAT IS THE PURPOSE OF PIN?

Under the 13th schedule of the Income Tax Act, transactions requiring Pin include, among others, the following:-

  • Registration of title, stamping of instruments by the Commissioner of Lands, and payment of Land Rent.
  • Approval of plans, payment of water deposits, application for a business permit, payment of Land Rent by Local Authorities.
  • Registration of Motor Vehicles, and licensing under the Traffic Act (Cap 403) by the Registrar of motor Vehicles.
  • Registration of Business Names and Companies by the Registrars of Business names and companies.
  • Trade licensing by the Ministry of Commerce.
  • Application for Value Added Tax registration.
  • Underwriting policies by Insurance Companies.
  • To facilitate importation of goods, Customs clearing and forwarding at the offices of Commissioner of Customs and Excise.
  • Payment of Deposits for power connections at Kenya Power and Lightning Co. Ltd.
  • To facilitate all contracts for supply of goods and services to all Government Ministries and Public bodies.

WHICH DOCUMENTS SHOULD BEAR PIN?

  • Returns, Statements or other documents submitted to the Commissioner by any person required to do so.
  • Returns, Statement or other document submitted to the Commissioner on behalf of another person should include PIN of the person on whose behalf they are submitted, e.g. an employer who is submitting a return, statement or other document on behalf of his employee should include that employer’s PIN.

PIN RELATED OFFENCES

Section 132(7) provides that any person who, when required by the Commissioner, fails to comply with provisions of this section shall be liable to a default penalty of two thousands shillings for every omission, e.g. if an employer fails to disclose his employees’PINs, he will be liable to default penalty stated above for each of the employees.

GENERAL:

The application of PIN is fast extending into other sectors of the economy such as banks, Postal Corporation, Telkom Kenya, mobile phone providers e.t.c.

  • PIN makes your transactions fast and stress-free.
  • Obtain your PIN now! Click Here

-Misterseed.com

Comment on the article

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

%d bloggers like this: