THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
BUDGET REVIEW SEMINAR, MOMBASA
DATE: 4th April, 2017
TIME: 8 am – 1:00 pm
VENUE: Best Western Plus Creekside Hotel, Mombasa
Background
The National Budget Statement for the Fiscal year 2017/18 will be read to the National Assembly significantly earlier than customary; in appreciation of the approaching general elections to avoid any challenges that may arise.
This fiscal year’s budget is particularly crucial as it falls on an election year and also at the intersection of the Second Medium Term Plan, MTP II (2013-2017) and the third Medium Term Plan, MTP III, of Kenya’s Vision 2030. In effect, it is bound to reflect emerging realities regarding Vision 2030 and the effects of the elections on the economy.
In spite of the global economic slowdown, Kenya’s economy has witnessed growth of 6.2%, higher than the previous year’s rates of 5.6% in 2015 and 5.3% in 2014. It is projected that this growth will continue with 6.2% in FY 2017/2018 and 6.5% in FY 2018/2019. It is also expected that this budget will aim to maintain inflation rates at 2.5% on either side of the government’s goal of 5%.
The budget targets to raise revenue from an estimated 20.2 percent of GDP in FY 2016/17 to 20.4 percent of GDP in FY 2017/18 while containing increases in total expenditure. Total expenditures and net lending is projected to reduce from 27.6 percent of GDP in FY 2016/17 to 27.5 percent of GDP in FY 2017/18. In particular, expenditure will be budgeted at KES 2.6 trillion, increasing the taxpayer’s burden by KES 188.5 billion to bring targeted revenue collections by the Kenya Revenue Authority to KES 1.7 trillion. The increase in targets will primarily be funded by projected increase in the PAYE and Excise tax collection targets
The government will prioritize efforts to increase absorption of capacity programs while focusing on capital investments for sectors such as Energy, Infrastructure, and ICT sector.
Learning Objectives
This timely forum will have public sector experts lead delegates in drawing analyses and discussing implications of the national budget to businesses, organizations and individuals in the country. The sessions will delve into emerging issues through topics including:
- Macro-Economic Context for the FY 2017/2018
- Expenditure Priorities in an Election year 2017/2018
- Adequacy & Sustainability of our revenue raising mechanism for 2017/18
- Panel Discussion- Issues in the FY 2017/18 Budget
2.0 Target Audience:
Audit and tax practitioners, Personnel handling tax issues in organizations, Representatives from KRA, Tax payers’ association, Chief Finance officers, Academia
3.0 Online Booking
Kindly note that booking for the Budget Review Seminar, Mombasa is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone based application that is available on Google store. Delegates are advised that bookings close on 3rd April, 2017 at 1200 hrs.
4.0 Workshop Charges
Charges for this workshop are as provided below:
| Category | Charges |
| Associate Members | 4,000 |
| Members | 5,000 |
| Non Members | 6,000 |
5.0 Continuous Professional Development (CPD) Units
Members of ICPAK will earn 5 CPD points upon successful attendance. Further information on this workshop is available online at www.icpak.com. Enquiries may be directed to us via telephone on +254 770 130549 or via email to joy.wanyonyi@icpak.com.
