KENYA TAX UPDATE ON COVID-19
Following the outbreak of COVID-19 and the subsequent declaration of the virus as a global pandemic by WHO, the world economy has been greatly affected and the Kenyan economy has not been exempted. The pandemic has had adverse effects on millions of Kenyans, which among other things includes loss of income, imminent job losses, indefinite closure of businesses, not to mention the mounting pressure on social infrastructure.
To shield Kenyan and Kenyan businesses from the effects of this pandemic, the President, on the 25th day of March 2020, directed the National Treasury to table a bill in parliament to effect the below tax changes;
CONTINGENCY PLANNING: THE ASSURANCE OF BUSINESS CONTINUITY.
From the turn of events, learning from the previous epidemics like Ebola and SARS, most of the governments and corporations were not prepared to face a disruption of such a scale. The anticipation of such an epidemic to get out of hand was not there leaving China to struggle with it alone for several months. It is a unique situation of unplanned occurrences since the dynamics involve factors above any one country or corporation. Whereas one could have internal controls and measures most of the business disruptions may occur due to disruption of the supply chain and the market where the demand for the products decreases temporarily.
Effects of COVID-19 on Financial Reporting
Covid-19 has already had a significant impact on global financial markets and could have
accounting implications on entities. Some of the impacts that have been experienced or will be
experienced including
Kenya Tax Laws Amendment Bill 2020
The Tax Law Amendment Bill comes with a wide array of tax reliefs that will see many companies and individuals benefit.
Harnesing the power of cloud through the Covid-19 and Beyond
Ronalds_LLP_Training-HARNESING THE POWER OF CLOUD THROUGH THE COVID-19 AND BEYOND
/ May 15, 2020
Turn Over Tax
The Tax Law Tax Amendment Act brought into effect the following changes:
Measures to Mitigate the Impacts of Covid-19 Pandemic
Mitigating the Impact of COVID-19. Introduction The Spontaneous spread of Corona virus disease 2019 in our generation reminds me of a story told by a twenty-eight year old French writer Albert Camus in his book La Peste (French),meaning The Plague in 1947.It is the story of a plague that spreads uncontrollably from animals to humans and […]
FINANCE BUDGET 2020/21
As themed the Kenyan budget 2020/21 Is aimed at creating and protecting jobs, stimulating industrial growth and ultimately steer economic recovery.In order to boost the economy
Global Tax Overview 2020.
Globalization has eradicated the barriers initially encountered by business that interacted between different jurisdictions. This has been fueled by the ever growing technology that is adopted across all the business sectors. Tax remains a core function that multi-national corporations have to consider while executing their business activities across the globe. However, 2020 is marked by many countries carrying out comprehensive tax reforms in a bid to support the residents amidst the drastic Covid 19 pandemic. Taxes, rescheduling of government spending, with focus on the medical and food sector. Many countries have eased their fiscal stance in a bid to sustain the economy by lowering taxes, rescheduling of government spending, with focus on the medical and food sector.
An overview of Corporate Tax for SACCOs in Kenya
In Kenya, corporate tax on Saccos’ is governed by section 19A of the Income Tax Act. However, the below-stated SACCOs’ are exempted from tax.