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By Benjamin Mutua
The Kenya Finance Bill, 2025 introduces a crucial measure to enhance certainty and efficiency for taxpayers seeking approval to alter their accounting year end.
The bill proposes to introduce the following to the Income Tax Act (“ITA”) that where the Commissioner fails to issue a decision on an application to change accounting year end within six (6) months of its submission, the requested change will automatically be deemed approved. This amendment aims to prevent administrative delays and provide businesses with a clear timeframe for planning their financial and tax reporting, eliminating the previous ambiguity.
Under the current ITA, taxpayers can apply to the Commissioner for a change of their accounting year end, but there's no specified timeline within which the Commissioner must respond. This has often led to administrative delays and uncertainty for taxpayers.
This proposed amendment is a welcome development for businesses in Kenya as it aims to:
Provide certainty: Taxpayers will have a clear timeline to expect a response or have their application automatically approved.
Prevent administrative delays: It incentivizes the Kenya Revenue Authority (“KRA”) to process these applications more efficiently, reducing the burden and potential penalties on taxpayers due to KRA's inaction.
Improve business planning: Businesses can plan their financial and tax reporting more effectively, knowing there's a defined timeframe for the approval of their accounting year-end change.
While the proposed timeframe is a significant improvement, six months still represents a considerably long period in the modern business landscape. A half-year wait for what is largely an administrative decision can still pose challenges for dynamic businesses needing to adapt quickly.