National Housing Development Fund
[vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]What is National Housing Development Fund This is a new contribution/deduction on employee’s gross monthly salary and a matching contribution by the employers to be paid to the National Housing Development Fund. How much will I contribute The National Housing Development Fund will entail a 1.5% mandatory levy on every worker’s gross salary […]
Kenya’s 2017/2018 National Budget Highlights
[vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]On Wednesday 30th March 2017, the cabinet Secretary in charge of the National Treasury, Mr. Henry Rotich, presented the Budget Summary for the fiscal year 2017/2018 to the National Assembly. The Kshs 2.6 Trillion budget is an increase from Kshs 2.3 Trillion adopted last year illustrating the government’s continued adoption of expansionary policies […]
6 Facts to Remember while Hiring an External Audit Company in Kenya
Whether it’s a big business or a small one, opting for an external audit company to review the financial operations of your business creates an extremely favorable position. In a financial reporting, the external auditors are actually the third parties that perform a completely independent review or an audit of the financial statements and records […]
Cybersecurity Solutions
[vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]As companies continue to expand their dependence on digital technologies to transform business growth and customer experience, cybersecurity will continue being center stage as a top risk for organizations. The risks leaves no industry untouched as significant impacts are felt for businesses in financial services, health and life sciences, media, technology, communications, utilities […]
Kenya’s 2016/2017 National Budget Highlights
[vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]On Wednesday 8th June 2016, the cabinet Secretary in charge of the National Treasury, Mr. Henry Rotich, presented the Budget Summary for the fiscal year 2016/2017 to the National Assembly. The Kshs 2.3 Trillion budget is an increase from Kshs 2 Trillion adopted last year illustrating the government’s continued adoption of expansionary policies […]
Taxation Of Saccos
[vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]Taxation of income generated by Saccos is guided by section 19A of the Income Tax Act, Cap 470.It is however important to note that there are other taxes also applicable to Saccos which are guided by other Acts such as the VAT Act, the Excise Duty Act etc. In the case of a […]
Employee or Consultant
[vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]In tax law, there have been cases where a company has categorized individuals as consultants and the tax authorities have objected their treatment as such. Some of these cases have escalated to the halls of justice and where a company was found to have inaccurately classified employees as consultants,the company is exposed to […]
Kenya Tax Guide -types of statutory taxes
Taxation in Kenya All That You Need To Know About Taxation in Kenya In the words of Calvin Coolidgu “collecting more taxes than is absolutely necessary is legalized robbery” But nonetheless, as responsible citizens, we pay taxes, perhaps sometimes more than we consider necessary. In that light, the statutory taxes in Kenya can be focused upon. Any tax or duty payable to the Kenya […]
VAT Auto Assessment
[vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]A VAT registered person is supposed to file VAT return on or before 20th of the following month. With the iTax system, one is supposed to claim the input VAT against the output VAT in order to derive the VAT due. With KRA adopting a data driven system, it has faced a major […]
CHEQUE FRAUD AND POSITIVE PAY
[vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]How often do you write a cheque? It is quite likely that most of the time you use a credit card or some other form of electronic payment and for many of us, cheques have become obsolete. However, corporations still rely heavily on cheques to pay employees, suppliers and others they do business. […]