THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
TAXATION MASTERCLASS (Mandatory Training)
Theme: Taxation Considerations for Economic Development and Prosperity
Date: 15th – 19th March 2021
Location : Lake Naivasha Resort, Naivasha.
Taxation is a critical element for economic growth and development. It is through taxation that the government raises revenues to support its programmes and meet its fiscal needs. While the primary purpose of taxation is to raise revenue for the support of the government, taxation is also often employed as a devise for regulation by means of which certain effects or conditions envisioned by the government may be achieved.
According to the Organization for Economic Co-operation and Development (OECD), a country’s tax regime is a key policy instrument that may negatively or positively influence investment. Tax Policy is closely linked to the formulation of a tax strategy which is supportive to investment. It covers the advantages and disadvantages of alternative tax policy choices in meeting the twin goals of offering a tax system attractive to investment, while at the same time raising revenues to support the key pillars of a business-enabling environment, such as infrastructure.
A poorly designed tax system, where the rules and their application are non-transparent, overly complex or unpredictable, may discourage investment adding to project costs and uncertainty. Systems that leave excessive administrative discretion in the hands of tax officials tend to invite corruption and undermine good governance objectives fundamental to securing an attractive investment environment.
Policy makers are therefore encouraged to ensure that their tax system imposes an acceptable tax burden that can be accurately determined, and which keeps tax compliance and tax administration costs in check.
The Taxation Masterclass seeks to assist participants in understanding the bottlenecks within the current tax system in Kenya and to explore recent tax changes which are aimed at improving the efficiency of the system in terms of its ability to mobilise revenue on the one hand and attract the right kind of investment on the other.
The facilitators will explore the nine most important questions relevant for judging the effectiveness of a country’s tax policies and practices and offers specific guidance in formulating a tax policy strategy which is supportive to the aims and aspirations of the government.
Among the considerations on taxation to be explored include:
- The consistency of a country’s tax burden with its broader development objectives.
- An evaluation of the actual tax burden on domestic profits.
- A comparison of the actual versus the target tax burden.
- Understanding the potential tax effects on investment.
- The determination of taxable income.
- Tax expenditure reporting.
- International tax co-operation
- Recent changes in the Kenyan taxation landscape
- Effect of tax on cross-border transactions (Transfer pricing)
- Expert views around the National Tax Policy;
Additionally, this Masterclass is intended to offer critical taxation insights and provide the participants with a detailed discussion on the various taxes while exploring the legal framework associated with the various taxes in Kenya. It will also be a good opportunity for delegates to build their professional skills and network with other like-minded professionals in the same field.
This program is divided into the following seven modules covering the various aspects of taxation:
|DAY||MODULE||TOPICS||KEY AREAS TO BE COVERED
|DAY 1||A. Foundation||1. Background to taxation
2. Principles and canons of taxation
3. Effective tax administration
|i Definition of taxation
ii Principles and canon of taxation
iii Effective tax administration
|DAY 1||B. Tax Planning and National Tax Policy||1. Developing an effective tax plan||i Tax planning
ii Tools applicable in tax planning
|DAY 2||2. National Tax Policy||i Defining objectives and scope
ii Components of an effective tax policy
iii Key players for a successful tax policy
|C. Tax Returns||3. Understanding the requirements for tax returns||iv Filing of tax returns|
|DAY 2||D. Value Added Tax (VAT)||1. Legal framework of VAT
2. VAT Regulation
|i Definition of VAT
ii Understanding the issues around VAT
iii VAT Act No.15 of 2013 and related amendments
iv VAT Regulations 2017
|DAY 3 AND 4||E. Income Tax||1. Legal framework of Income Tax||i Working papers management
ii Data analytics
|2. Corporation Tax
|i Findings (criteria, condition, consequence, cause, corrective action)
ii Risk ratings
iii Audit Opinions
iv Use of conformance statements
v Quarterly and annual Reporting
|3. Pay as You Earn (PAYE)
|i Implementation of recommendations
ii Accepted risks
|DAY 5||F. Amendments to Taxation Laws and new taxes||1. Minimum Tax
2. Tax amendments
3. Transfer Pricing
|i Introduction to Minimum Tax (MT)
ii Legal background
iii Impact of MT on business operations
iv Tax considerations for Cross-border transactions
v Emerging issues in customs and international trade – what is the impact of AfCFTA
vi Base Erosion and Profit Shifting (BEPs)
|DAY 5||G. Moving Forward||1. Emerging issues in taxation landscape
|i Agile tax administration
ii Changing skills requirements
iv Big data and artificial intelligence
v Automating the taxation processes
This training is one of the mandatory trainings for Practicing Certificate consideration. It is also open to all Tax Professionals, Audit Practitioners, Senior Management, CEOs and Boards.
All members who would wish to practice in the future are also encouraged to enrol for the course as it provides practical skills required for effective performance in taxation and tax advisory services.
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS
Members of ICPAK and those from reciprocating professional bodies will earn 20 CPD units upon successfully attending all training sessions.
The Master Class charges are Kshs. 80,000 for both members and non-members. The cost caters for training fee, training materials, certificate and meals during the conference.
Note: Delegates are required to make their own travel and accommodation arrangements.
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).
The training presents a perfect opportunity for organizations to showcase their products & services to a target group with high purchasing powers, both on personal and corporate levels. You will also have a unique opportunity for brand positioning and communication that will enjoy optimal visibility. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. Sponsorship opportunities range from cocktail, gala, media sponsorships, exhibitions and advertising. For more information or enquiries please email email@example.com.
For further inquiries, kindly contact Judith Wambura at: firstname.lastname@example.org with a copy to: email@example.com; Reach us on call: +254 719 074000/129.
We encourage members to regularly visit our website www.icpak.com for updates.