Finance Act 2010 - TRA

(2) A person issuing the receipt shall be required toenter or cause to be entered in the receipt and its duplicatecopy the following particulars:(a) the date on which the payment is made;(b) full name and address of the person who sold thegoods or rendered the services, as the case may be;(c) full description of the goods sold or the servicesrendered and a statement of the quantity and valueof the goods or, in the case of services, the amountcharged in respect of the services rendered;(d) full name and address of the person to whom thegoods were sold or to whom the services wererendered, as the case may be;(e) a Tax Identification Number (TIN); and(f) such other particulars as the Commissioner may, bynotice in writing, specify from time to· time for thepurposes of this section".(3) Every person who issues a receipt in accordancewith preceding provisions of this section shall be requiredto retain in his records the duplicate copy of every receiptissued by him and shan, unless the Commissioner directsotherwise, preserve that copy for a period of not less thanfive years after the year of income to which the receiptrelates."Amendmentofsection83AAmendmentofsection98Amendmentofsection10016. The principal Act is amended in section 83A, by deletingthe word "Government" wherever it appear in that section andsubstituting for it the word "Corporation".17. The principal Act is amended in section 98, by addingimmediately after subsection (2) the following new subsection:"(3) Any person who receives any payment and fails toissue a receipt in accordance with the requirement of section80A, commits an offence and shall, upon conviction, be liableto a fine not exceeding two million shillings or to imprisonmentfor a term not exceeding twelve months or to both."18. The principal Act is amended in section 100(1), by addingimmediately after the phrase "statutory rate", the phrase "plus 5%per annum" appearing the third line."