Taxman slaps SMEs with 3 percent turnover tax
Small and medium enterprises (SMEs) will hand the taxman three percent of the turnover after the Treasury moved to review the 15 percent presumptive tax pegged on county licence fees. The Finance Bill says the presumptive tax was static and would have seen businesses pay the same tax annually with no timelines as to when […]
Tough rules for rogue accountants
Bernard Gitau @benagitau The accountants body has declared all its members will be issued with practising licences in a bid to curb rogue professionals. Institute of Certified Public Accountants of Kenya (Icpak) incoming chair Rose Mwaura has said the move seeks to empower accountants and contain unprofessional malpractices. This means the institute can withdraw or […]
Professional accountants to get practice license
Professionals in the accounting profession will now be granted a practicing license as the trade looks to weed out quacks. Newly elected chair Rose Mwaura said this will be done once the institute completed making the amendments that were introduced into the Accountants Act late last year. “We hope this will entrench and enhance professionalism […]
ICPAK elects new chair for two-year term
The Institute of Certified Public Accountants of Kenya (Icpak) has elected Rose Mwaura as chair, becoming the second woman holder of the position since founding in 1978. She will replace Julius Mwatu who has been at the helm since 2017 after taking over from Fernandes Barasa. Icpak communication said she will take the position Friday […]
High tax burden hurting low income households
Indirect taxes are straining low-income households, whose consumption liability is higher than that of the wealthy. The World Bank Fiscal Incidence Analysis for Kenya 2015/16 launched last August shows excise tax revenue on items in 2016 was highest on beer and airtime at Sh24.44 million and Sh15.54 million respectively. An analysis conducted by the Institute […]
ICPAK says State must broaden revenue base
BY MERCY GAKII Accountants want the government to widen the tax bracket and seal loopholes to reduce the tax burden on the few paying Kenyans. In a raft of measures to help streamline revenue collection, the Institute of Certified Public Accountants of Kenya (ICPAK) said the country should also re-negotiate its debt repayment terms. This […]
Icpak seeks early start to selecting Ouko successor
The Institute of Certified Public Accountants of Kenya (Icpak) wants President Uhuru Kenyatta to constitute a selection panel to start the recruitment of successors to Auditor-General Edward Ouko and Controller of Budget Agnes Odhiambo who are set to leave office in August. The accountants’ body is worried that a delay in the appointment of the […]
Stop deceiving public about budget cuts, Rotich told
Parliament has accused Treasury of consistently shifting its fiscal deficit targets upwards, driving the country deeper into debt. A report by the Parliamentary Budget Office (PBO) dubbed ‘Unpacking the estimates of Revenue and Expenditure for 2019/20 and the medium term’, says the exchequer has been insincere about its fiscal consolidation, setting low fiscal deficit targets […]