To develop, regulate and promote an internationally recognized accountancy profession that upholds public interest through capacity building, advocacy, innovation and sustainable practices.
THE INSTI TUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Tax Principles & Compliance Workshop (Mandatory Training) – Recording
THEME: Navigating Tax Compliance with Changing Regulations and mastering tax principles
Date: 12th – 13th February 2025
Time: 04.00pm-06.00pm
Venue: Virtual
(This is one of the mandatory trainings for Practicing Certificate consideration)
Overview
Direct taxes sting the pockets of workers, entrepreneurs and investors, and simultaneously reducing their disposable income. The combined effect is to squeeze household budgets, diminishing livelihoods, lifestyle choices and business activity. In a context where governments have to cope with less revenue, increasing expenditures and resulting fiscal constraints, raising revenue remains the most important function of taxes. This serves as the primary means for financing public goods such as maintenance of law and order and public infrastructure. The enforcement of fresh statutory deductions to support universal health coverage (UHC) and affordable housing plan has pushed workers’ pay slip cuts up to 45% hurting living standards and demand for goods and services. To this extend Kenyans have decried high taxes amid dwindling income and joblessness.
In June 2024, Kenyans witnessed unprecedented nationwide protests by “Generation Z” in defiance of government proposed tax increases on the Finance Bill 2024. Kenyans of all walks of life expressed outrage at the punitive taxes proposed under the Bill. Had the Finance Bill 2024 become law, it would have imposed a raft of taxes on Kenyans touching on trade, personal income, agriculture, health, investment, housing, and virtually every other sector conceivable.
Assuming a certain level of revenue needs to be raised, which depends on the broader economic and fiscal policies of the country, there are a number of broad tax policy considerations that have traditionally guided the development of taxation systems. Principles of good taxation form a sound basis for taxation today, however, they’re not always followed. These include neutrality, efficiency, certainty and simplicity, effectiveness and fairness, as well as flexibility. Sometimes tax systems hit certain categories of taxpayers or kinds of consumption while leaving others relatively untouched. Sometimes tax systems lack transparency, imposing charges on some goods (eg, fuel excise) without any explicit indication on our bills. Sometimes taxpayers are burdened with administrative tasks, for example filing yearly tax returns online. Sometimes the tax administration does not, or cannot, apply regulations or prosecute those who evade taxes in a cost-effective manner.
Tax compliance is the act of obeying all tax laws and regulations set forth by the government. This includes filing all required tax forms and paying any taxes owed on time. Tax compliance is important for individuals and businesses alike. Failure to comply with tax laws can result in penalties, interest, and even jail time. Tax compliance training can help businesses ensure that they are up to date on the latest tax law changes and that they are correctly filing their taxes.
There are a few different aspects to tax compliance. First, businesses need to make sure that they are correctly calculating their taxes owed. This includes keeping accurate records of income and expenses, as well as understanding what deductions and credits they may be eligible for. Tax compliance training can help businesses master the tax compliance process and ensure that they are taking all the necessary steps to comply with the law. By taking advantage of this workshop, businesses can avoid costly penalties and interest charges associated with non-compliance.
It is against this background that, the Institute has organized this workshop focusing mainly on the tax principles geared toward promoting tax compliance. Specifically, the workshop will cover the following areas:
TARGET AUDIENCE:
This training is one of the mandatory training courses for Practicing Certificate consideration. This webinar will be useful to professionals in the finance and accounting sector with bias on tax professionals and specifically: Tax Practitioners, Tax Experts, Chief Finance Officers, Finance Directors and Managers, Transaction Advisors, Financial Analysts, Accountants & Auditors, Financial Controllers, Credit Managers
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.
Cost:
Charges for the training will be Kes 10,000.
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)
To develop, regulate and promote an internationally recognized accountancy profession that upholds public interest through capacity building, advocacy, innovation and sustainable practices.
