Bank accounts and TIN Q&A
Are there any exemptions from stamp duty for people buying their first home?

Yes the first home purchased for personal occupation is exempted if the value the property is under K210,000.00. Concessional rates apply if the property is over K210,000.00

If I am having trouble paying my tax debts can I pay by installments?

Yes, provided early contact is made with the Debt Management Section, so an arrangement can be approved that is suitable with both IRC and the taxpayer. Penalties may be imposed for late payment.

Can I split payment to account for labour and materials so that I stay under the k 500.00 limit?

No, a contract let for a service that requires the payee to also supply materials is considered to be a single contract.

Does the Income Reporting system apply to persons who only supply goods?

No, as no work is performed the payment is not an eligible payment.

Does the system apply to persons who supply goods for sale either wholesale or retail sales?

No, as no work is performed the payment is not an eligible payment.

My clients insist on a certificate of compliance yet I am not subject to the income reporting system, what can I do?

You may either apply, for a certificate of compliance and supply that to them, or ask for a determination that your company is in fact exempt from the system. Such requests for exemption are to be made in writing to the address below.


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