PKF in Eastern Africa
The Kenya Revenue Authority (KRA) recently introduced the VAT Auto Assessment (VAA) process, which is a system-based solution that aims at identifying unsupported and fictitious input VAT claims, thereby broadening the tax base and increase revenue collections
Tax alert Issue No.5 2018 highlights on The Finance Act, 2018 (Finance Act) that was assented by the President on 21 September 2018 following protracted disapproval by majority of members of the National Assembly. Whereas, the Act faced ‘majority opposition’, the members could not garner the required constitutional threshold to over-turn the President’s memorandum. Some sections of the Finance Act have been received with mixed reactions in many quarters. The proposed changes are likely to lead to an increase in pricing of basic commodities such as cost of transportation, food and electricity.
We wish to draw your attention to the recent notice issued by the Registrar of Companies with respect to digitization of filing of statutory returns at the Registry and issuance of the official search - CR12 with effect from 15 October 2017.
PKF Kenya Quick Tax Guide 2017/2018
PKF Kenya Quick Tax Guide 2016/2017
We are pleased to attach a briefing on the Kenya Budget Statement for the fiscal year 2016/2017. The Finance Bill 2016 has not been issued and therefore the finer details of each of the proposals set-out in the Budget Statement may not have been comprehensively dealt with in our briefing. We will in due course issue a more comprehensive analysis of the Finance Bill 2016.
The global tax landscape is a fluid entity - in an ever changing and increasingly complex environment which has seen the arrival of significant tax-related reforms.
The Financier Worldwide features opinions of leading professionals around the world on the latest trends in global tax. Our Tax Partner Michael Mburugu discusses the trends in the Kenya tax landscape (see page 68).
Welcome to another edition of i-News. In this edition, we discuss the proposed changes to the Conceptual Framework, summarise the key changes to the IFRS for SMEs issued in 2015, and discuss the new Revenue Recognition standard – IFRS 15 which is likely to have significant impact to preparers of financial statements. We also have a refresher on the application of deferred tax on fair value measurements.