THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Mandatory Income Tax and Indirect Taxes Seminar
Theme: Professional considerations for tax compliance
This is one of the mandatory trainings for practicing certificate consideration.
Date: 20th – 21st January 2022
Time: 8.30am – 3.30pm
The increased reliance on indirect taxes compared to the use of income taxes has played a key role in tax reforms put in place by many governments. In Kenya, we have witnessed the overhaul of the Value Added Tax in 2013, the introduction of Excise Act, 2015 and the ongoing processes of overhauling the current Income Tax Act. All these efforts are aimed at widening the tax base as well as promoting tax compliance. The reforms are further aimed at aligning domestic tax regimes with international tax practice where possible.
While taking into consideration the changes in business models, the governments oftne makes amendments to the existing tax legislations. The rapid growth in the digital economy has triggered many changes in the taxation regime globally. For example, in Kenya, we have witnessed introduction of digital service tax and Value Added Tax on digital services.
The seminar seeks to respond to and provide ways of tax planning on aspects of income taxes and indirect taxes through a detailed analysis of the existing legislations while leveraging on relevant case laws and studies. Specifically, the seminar will cover the following tax areas:
- Introduction to Income and indirect tax
- Introduction to income taxes and indirect taxes
- What is the difference between income and indirect tax
- Regressive or progressive?
- Success in the use of income taxes and indirect taxes in Kenya
- VAT and emerging issues
- A brief history of VAT and VAT Act 2013 in Kenya
- How VAT works
- Pros and Cons of VAT
- Determination of VAT and compliance requirements
- Value Added Tax Automated Assessments (VAA)
- Customs and international trade
- Introduction to customs and EACCMA
- Custom documentation and procedure requirements (compliance requirements).
- Customs management in the wake of Africa Continental free trade area and other emerging issues
- Excise tax “sin tax” and emerging issues
- Introduction and history to excise tax – is excise tax a “sin tax”?
- Provisions of Excise Act
- Emerging issues on excise tax
- Corporate income tax and the current developments
- Introduction & history to income tax in Kenya
- Charge tax – forms of income subjected to corporate income tax
- Taxable income vs Gross income (turnover)
- Deductible and non deductible expenses
- Thin capitalisation
- Digital service tax
- Withholding tax developments
- Understanding withholding taxes and income tax Act
- Compliance requirement for withholding tax
- Withholding tax and Double tax agreements
- Pros and cons of withholding tax
- Personal and expatriates tax
- Introduction and history of personal taxes
- Taxation of cash and non-cash benefits
- Taxation of terminal dues
- Statutory deductions and tax planning
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 10 CPD Units upon successfully attending each of the sessions.
Private and Public Sector Accountants, Chief Finance Officers, Finance Directors and Managers, Tax Experts, Transaction Advisors, Engagement Partners and Key Audit staff, Banking, Extractive and SMEs sector accountants, Auditors, Practitioners, Tax Practitioners, Professionals working in County Governments and private sectors, Academia, employees of the NPO Sector.
Charges for the training will be Kes 10,000/= which will cover workshop fees, materials, and e-certificates of attendance.
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)