THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Tax Management and Financial Reporting for Public Benefit Organizations – Nyanza Branch
Date: 10th – 11th June 2021
Time: 8am to 4pm
Venue: Ufanisi Resort – Kisii
OVERVIEW:
The PBO Act defines “Public Benefit Organization” (PBO) in Section 5(1) as a voluntary membership or non-membership grouping of individuals or organizations, which is autonomous, non-partisan making, non-profit making, and which is organized and operated locally, nationally, or internationally.
Public benefit organizations differ greatly from profit making entities in more ways than just the sources of income. While businesses operate with the goal of making returns on investments, public benefit organizations are set up with the objective of meeting crucial needs of a country or community’s citizens. It therefore follows that tax compliance and the laws applicable also differ greatly.
Since PBOs are not expected to make profits, income tax generally does not apply. On the other hand, PBOs usually receive funds from donors and some conduct activities to generate income. They also contract employees and purchase inputs among other operational undertakings which subject them to taxes.
This subject is sensitive as it touches on finances and non-compliance results in adverse outcomes such as penalties. Ignorance is no defense for non-compliance and professionals in PBO sector are expected to observe legal and other relevant regulatory requirements.
The Tax Management for PBOs Seminar endeavors to educate and update professionals on the dynamic tax compliance requirements as well as any tax planning opportunities affecting PBOs.
The focus of the 2-day Workshop will be on the following areas:
• Corporate Income Tax exemptions
• Withholding Tax Obligations
• Value Added Tax (VAT)
• Employment Taxes (PAYE)
• KRA in-depth audits in relation to PBOs
• Financial reporting considerations for PBOs
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and those from reciprocating professional bodies will be awarded 14 Structured CPD Units upon successfully completion of the workshop.
TARGET AUDIENCE
Not for profit employees, consultants, compliance officers, finance and non-finance staff, tax practitioners working for or intending to work with NGOs, Personnel of Charities, Aid Organizations, trusts, foundations, religious organizations, faith-based organizations, Officers of KRA, National Taxpayers Association
FINANCIAL COMMITMENT:
The workshop charges are Kshs. 10,000. Charges will cater for the workshop fees, learning materials, and e-certificates of attendance
ONLINE BOOKING:
Registration: Delegates are reminded to note that online booking for the workshop is mandatory on https://www.icpak.com/event-registration/Online Booking. We call on workshop participants to note that booking is available only online at www.icpak.com and will close one day before the training session. Delegates are reminded to note that online booking for the training is mandatory.
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)
Further requests can be channeled to us via telephone calls on +254 715 897475, +254 719 074 000, (+254) 733 856262 or via email to Martin Oriaro at: martin.oriaro@icpak.com or memberservices@icpak.com
We encourage members to regularly visit our website https://www.icpak.com for updates.
