The tax industry is a very dynamic industry with many players. Every industry has players. However, there are two main players in the industry. The tax industry has principals and agents.
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Tax Players
The two players in the tax industry are:
- The tax principals
- The taxpayers
The Tax Principals
There are two principals in the tax industry. These are:
- The government – the government receives tax money from the taxpayers.
- The taxpayers give tax money to the government.
The principals have their agents.
The Agents
Each principal has their agents. The government has Kenya Revenue Authority (KRA) as its agent for tax purposes. Taxpayers 3 tax agents have two agents, namely:
- Taxpayers as their agents.
- Tax agents appointed by the taxpayer, e.g., auditors, consultants, lawyers, etc.
- Tax agents appointed by KRA, e.g., lawyers, individuals, accountants, etc.
The Video
What role does each player play?
Find out in the video on Who is in the tax industry.
