Benefits of TIMS over the Traditional ETRS | Copy Cat Group
The Kenya Revenue Authority has made remarkable efforts in advancing the tax processes that have led to efficiency and effectiveness of tax administration in Kenya. This is evident through the introduction of the new Tax Invoice Management System ( TIMS) which is an advancement of the Electronic Tax Registers (ETR).
The new KRA system TIMS has the capability to validate invoice data and transmit the same to KRA on a real time or near real time basis which the Traditional ETR regime could not achieve.
This capability will greatly improve the accuracy of VAT data for transactional sales and purchases information hence addressing the issue of invoice variations unlike the Traditional ETRs.
Among the various benefits of the TIMS over the traditional ETRS include the following:
1. Simplifies the VAT Return Filling
With the adoption of TIMS, business owners have experienced a great improvement in filling and keeping track of the VAT records compared to the traditional ETRS. With TIMS, there is real time recording and validation of the invoices at the trader tills prior to issuance to the customer and transmission to KRA. Return filling has been simplified more through pre-filled VAT returns.
2. Non-intrusive verification of the tax processes
With the introduction of the new KRA TIMS, there is data automation which has helped to address the invoice discrepancies. The new system connects your business directly with KRA so you do not have to spent time verifying your invoices manually. This has improved the accuracy and minimized fraud.
3. Faster processing of the VAT Returns.
Unlike the traditional ETRs, this new TIMS has improved the processing of VAT returns since there is real time recording of all the VAT transactions done. Refunds are facilitated faster and they are authentic. The reimbursement of the VAT paid in excess is process faster and errors corrected timely.
4. Fosters Fair business environment
The new KRA TIMS ensures that there is a fair business environment through standardization of the tax invoices and receipts unlike the traditional ETRs. In this new TIMS environment, the taxpayers will be able to credit notes and debit notes hence fostering fair business environment to the government and the business owners.
Reach out to us through www.copycatgroup.com for further clarity, guidance , support and also place your order for the new approved fiscal KRA devices TODAY.