Kenya Revenue Authority has moved the legacy ledger balances to the iTax system.

The authority says it is undertaking a reconciliation exercise of the taxpayers’ accounts in the old system to establish the correct tax balances.

In this case, KRA will contact taxpayers to confirm their ledger balances prior to migration into the new iTax system.

In addition, KRA says that commencement of the process with large and medium taxpayers with nationwide rollout is expected soon.

A cash hitch has compelled the Treasury to announce further cuts in the allocation for development projects to plug a Sh161 billion Budget hole, a move that will hurt job creation and upgrade of infrastructure projects.

Treasury Secretary Ukur Yatani has told Parliament that last year’s Budget cuts for lavish travel, advertising and trainings, which the State said were examples of wasteful spending, had failed to yield enough savings to fix the Budget deficit.

The Central Bank of Kenya (CBK) wants Absa Kenya to use fair and responsible pricing of loans to connect customers to the new brand as it drops the 104-year old Barclays Kenya brand.

The regulator says many banks have been seen as insensitive to the needs of Kenyans through high cost of credit, opaqueness and poor customer service. READ MORE..