Annual Budget Review Seminar & Emerging Tax Issues

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June 19, 2023 @ 9:00 am - September 20, 2023 @ 3:30 pm

| Ksh 10000

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)

Annual Budget Review Seminar & Emerging Tax Issues – Recording
Date: 19th – 20th June 2023
Time: 9.00am-3.30pm
Venue: Online

Please note that the event has been rescheduled to 19th – 20th June.

Overview

The national fiscal budget lays out the financial plan or blueprint that outlines the government’s expected revenues and expenditures for a specific period of one fiscal year. It is a crucial tool for the government to allocate resources, prioritize spending, and manage the overall economy. The 2023/2024 budget has been prepared against a backdrop of pressing economic challenges facing the country such as inflation and other globally induced shocks, significant expenditure demands such as debt repayments, political expenditure, and a reduction in achievable revenue. A Keen situational analysis brings out the key economic obstacles we face as a nation being the ongoing Russia-Ukraine conflict that has caused disruption to the global supply chain, higher-than expected inflation worldwide triggered by higher global oil and a steady spike in food prices and cost of living. These factors have without doubt affected the budgeting environment in the upcoming fiscal year. The Government should factor in these disruptions and provide mitigating measures consistent with the economic growth projections. Globally, the economy grew by 3.2% in 2022, and is projected to decline to 2.7% in 2023.  Advanced Economies growth is forecast at 1%, Euro Area growth is projected to come in at 0.5%, China’s economy is forecast to grow 4.4% and Emerging Market growth is forecast at 2.9% in 2023 and Sub-Saharan Africa growth is projected to be 3.7%.

The Kenyan economy has demonstrated resilience and recovery from COVID-19 shocks, the growth declined from 7.5 percent in 2021 to 5.3 percent in 2022 and is projected to recover to around 6.1 percent in 2023 and the medium-term reinforced by Government’s Bottom-up approach, inclusive growth, getting export markets. The 7.5% growth in 2021 was mainly supported by the recovery in the service and industry sector. The service sector contributed 5.4 percentage points to GDP while the industry sector contributed 1.1 percentage points to GDP growth. This year’s budget is the inaugural budget for the current government having taken charge of the country late last year. In a bid to implement its governance structure, the new regime through the national treasury tabled the finance bill 2023 before the national assembly with a raft of proposed tax changes geared towards expanding the tax base and raising revenues to meet its ambitious 3.6 trillion budget.

These proposals also serve as a key pointer to the priority sectors which the government targets to grow the economy and ease cost of living. However, despite the increased tax collection over the years the tax revenue collected as a percentage of GDP has significantly shrunk and this mismatch may be attributed to several reasons including GDP being fuelled by public infrastructure investment that may not necessarily generate immediate tax revenue. It is on this backdrop that ICPAK conveys this budget review forum annually with the goal of assessing the national budget adopted by the government and have an in-depth review of expenditure priorities, revenue forecasts and their implications on tax and economic growth among other related issues.

This seminar will be structured to cover the following key topical areas:

  • The Budget Statement 2023: FY2023/24 Budget proposals and its Tax implications.
  • Macroeconomic Outlook FY 2023-2024.
  • Expenditure priorities FY 2023/24: Devolution and sharing of the national cake, hyperinflation, and the increasing cost of living; Social Welfare – healthcare, education, housing, social security, and poverty alleviation.
  • Public finance management, governance, and administration, public debt puzzle and fiscal Discipline.
  • Budget Implementation Gaps – The journey towards fiscal prudence (A critical look at specific MDAs and County Controller of Budget and Auditor General reports)
  • Expenditure & revenue proposals – Update of recent corporate and individual tax developments
  • Budget deficit management and Financing: what’s the way forward
  • Finance bill 2023: its implications and a forecast into future taxation trends
  • National Tax Policy Framework
  • Trade balance and the unstable currency fluctuation

Target Audience

Audit and tax practitioners, Personnel handling tax issues in organizations, Representatives from KRA, Taxpayers’ association(s), Accountants, Finance Professionals, Auditors, Chief Finance officers, Academia.

Continuous Professional Development Units (CPD Units):

Members of ICPAK and reciprocating professional bodies will be awarded 10 CPD Units upon successfully attending the session.

Cost:

Charges for the training will be Kes 10,000/= which will cover workshop fees, materials, and e-certificates of attendance.

Online Booking:

We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session.  Delegates are reminded to note that online booking for training sessions is mandatory.   This is available either online at www.icpak.com/events  or on the ICPAK Live – A smart phone-based application that is available from google store.

National Industrial Training Authority (NITA) Reimbursement:

The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)

Details

Start:
June 19, 2023 @ 9:00 am
End:
September 20, 2023 @ 3:30 pm
Cost:
Ksh 10000
Event Category:

Organizer

ICPAK
Website:
icpak.com

Other

CPD Hours
10
Associates Member Cost
Ksh 10,000
Full Member Cost
Ksh 10,000
Non Member Cost
Ksh 10,000
Event Type
Seminar
Status
Open
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About ICPAK

ICPAK is an Institution
mandated to protect and uphold public interest
as well as develop and regulate the accountancy profession in Kenya.

Member Of:

Contact Information:

P.O BOX 59963-00200,
CPA Center, Ruaraka, Thika road.
Nairobi, Kenya.
Telephone Line (Main) : +254 719 074 000
Mobile: +254 719 074 000
Email: icpak@icpak.com

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