THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Branch Annual Tax Seminar – Coast Branch
Date: 7th to 8th December 2023
Time: 09.00am -3.30pm
Venue: City Blue Creekside Hotel, Mombasa.
This is one of the mandatory trainings for Practicing Certificate consideration
Overview:
The Branch Annual Tax Seminar is a yearly colloquium that congregates professionals from a variety of sectors of the Kenyan economy to share best practices and experiences with their peers on salient issues in tax, tax administration and policy from both the private and public sector contexts.
The signing into law of the Finance Act 2023 has resulted in numerous changes in Kenya’s tax regime. The Act proposed the introduction of two tax bands for individuals with higher tax rates. Individuals earning between KES 500,000 and KES 800,000 per month would now be taxable at a rate of 32.5%, while those earning above KES 800,000 per month would face a higher tax rate of 35%.
The Finance Act, 2023 has introduced a withholding tax of 5% for payments relating to digital content monetisation. The Act has amended the Income Tax Act by introducing Digital asset tax (DAT) at a rate of 3% deducted by a person who owns of a platform or facilitates the exchange or transfer of a digital asset.
The Turnover tax will be revamped to make it more efficient and easier for the taxpayers to comply with. A sector specific taxpayer education programme as well as an expanded scope of electronic payment will be implemented to increase recruitment and registration of taxpayers and revenue collection. These among other changes have increased the importance of understanding tax issues and tax planning.
Accountants, finance professionals and management have the responsibility of making the decisions and acting in a manner that will yield positive results for organizations, yet this can only be done where custodians possess adequate knowledge and skills in tax matters.
Some of the topics that will be addressed during this seminar are;
- Latest tax reforms in Kenya aimed at increasing tax revenue.
- Overview of Taxation on select local industries – clearing and forwarding agents, importers, exporters, transporters for local and goods in transit, extractive industry.
- Overview of Amended Income Tax Act
- Embedding Tax Risk Management Culture
- Lessons from Cases & Tribunal Rulings in East Africa
- IFRS Developments and Impact on Taxation-Overview of IAS 12 and recent amendments
- National Tax Policy Process and Updates
- iTax- Open Session
Target Audience:
This workshop will be useful to all professional Accountants and those aspiring to join the profession.
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.
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 0732352476 , or via email to Ainan Mohamed at ainan.mohamed@icpak.com with a copy to memberservices@icpak.com.
We encourage members to regularly visit our website https://www.icpak.com for updates.
