02/11/2023
Understanding why tax compliance is key for anyone who dreams a great future.
1. Taxation has been there since time in memorial & it will be there for every one of us until God calls us to leave this world- taxes supports and sustain developments.
2. Taxes has punitive measures which may end up killing any business if not properly taken care of.
3. Every person benefits from taxes.
4. It is ethical that for every income we receive we should contribute our share for goodness of our nation & children not yet born.
5. Without being compliance your business will suffer negatively, and this will affect its growth -why
(a) ZRA will be on you and impose large penalties which will affect your cash flow.
(b) With the improved access of all your economical information ZRA can access your monies & hinder you from accessing it.
(c) If you dream of getting any contract from any government agency you just have to be compliant otherwise any payment that will be made to you will not come as 100% the government will always deduct all you are owing. CDF
6. If you conduct business of importing from outside the country and you are not compliant you will be suffering extra charge in AIT (Advance Income Tax) which you can avoid by being compliant.
