PFM and Tax Seminar - Northern Branch(Postponed)

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA

(established under the Accountant Act, Laws of Kenya)

PFM & Tax Seminar – Northern Kenya Branch 

Date: (Postponed)

VENUE: TBC, Wajir

TIME: 8.30am to 4.30pm

Brief

The President finally assented to the Finance Act, 2019 (FA 2019) on 7 November 2019 after a long wait. Prior to the date of assent of FA 2019, none of the changes proposed in the Finance Bill, 2019 had taken effect. The tax proposals in the FA 2019 with the earliest having an effective date of 7 November 2019 and the rest becoming effective from 1 January 2020.

An appraisal of Kenya’s public finances reveals significant disparity between the revenue and expenditure of the government, resulting in growing deficits. 2018/9 fiscal year was rich of developments such as proposals of new regulations across the European Union, issuance of new Kenyan tax regulations and intensive lobbying for the Big Four Plans by the Government of Kenya.

The financial and sovereign debt crises emphasized the need to strengthen the quality of financial management in public sector organizations worldwide. The continuing aftermath of these crises has reinforced these needs and has increased the pressure on Governments and public sector organizations to better manage public resources.

Governments and public sector organizations have made significant progress in the continuous improvement of public financial management and these reforms are expected to continue. There has been several rounds of public financial management reforms, including reforms to implement medium-term budgeting, programme-based budgeting and integrated financial management information systems. From accounting perspective, IPSAS is fundamental reform that can improve public financial management. IPSASB is therefore committed to developing high-quality public sector accounting standards to ensure transparency and quality of the financial reporting.

Will these and other developments reshape Kenyan and regional economic landscape, and tax function of the future?

Topics to be covered include:

Do we know of the financial potential of every county: a look at County Debts – a case for better cashflow

IPSAS Adoption, Transition and Implementation (Practical implementation challenges) in the Public Sector:

Break Out (Group Session): Discuss the strategic implications of IPSAS adoption; Assess the impact of the application of IPSAS on your organization; Practical implications and challenges of an IPSAS conversion project

Budget Implementation & absorption of funds in the Public Sector – PFM Act 2012 and Regulations 2015

IFMIS & Technological trends in PFM

Development investment in the public sector – Compounding growth

Income Taxes in Kenya:

1. Developments from the new income tax legislation.
2. Withholding taxes.
3. Taxation of local and expatriate employees.
4. Corporation taxes

Value Added Tax (VAT)

1. Updates on the VAT Act 2013 & Regulations
2. VAT status of petroleum products
3. Unmasking reverse VAT
4. VAT compliance & planning

Viability of the government’s Big Four Agenda:

1. Tax issues brought about by the Finance Bill 2019
2. Taxation of cryptocurrencies
3. Miscellaneous Taxes
4. Tax identity theft and scams
5. Digital Tax, Tax planning and I-Tax updates
6. Tax controversies and clarification

Target Audience

Members of Boards in the Public Sector, Public Sector Finance Officers and Officials, Accountants in Public Sector, Practitioners in the Public Sector, Scholars, Consultants, County Executive Officers, Members of County Assembly, Senators, County Executives Committee members, Government Accounting Officers, Audit and tax practitioners, Personnel handling tax issues in organizations, Representatives from  KRA,  Tax Payer’s associations, Chief Finance officers, Academia and other professionals and representatives of civil societies, among others.

Charges

National Industrial Training Authority (NITA) Reimbursement for Kenyan Delegates

The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Kenyan participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyans.

Continuous Professional Development (CPD) Units

Members of ICPAK will earn 20 CPD points upon successful attendance.

Enquiries may be directed to us via email to:  brenda.imali@icpak.com; memberservices@icpak.com. Call us on +254 719074100/129/311