THE 11TH ANNUAL TAX CONVENTION 2023

INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)

THE 11th ANNUAL TAX CONVENTION
18th to 22nd September 2023
Sarova Whitesands Beach Resort & Spa Mombasa
Time: 09.00am – 03.30pm
Theme: Taxation for Economic Transformation and Sustainable Development

INTRODUCTION

As taxation remains the main source of revenue for Kenya’s economy, sound tax management is important for the government to provide public services to the public.  According to the Budget Policy Statement 2023, the Kenyan government targets to grow tax revenues above 17.8% of GDP in the FY 2023/24 and above 18.0 % of GDP over the medium term. The main goal of the government is to revitalize performance in all economic sectors in order to foster growth, employment creation, poverty reduction and ultimately improve livelihoods.

This year’s Kshs. 3.67 trillion budget is geared on accelerating economic turnaround and inclusive growth. The projected total revenue collection in the FY 2023/2024 is estimated to be KSh 3 trillion and Kshs 4.0 trillion over the medium term. In addition, the Fiscal Deficit is projected to decline to KShs 718 billion (4.4% of GDP) in FY2023/24 from a projected Kshs 840.9 billion equivalent to 5.8% of GDP in FY2022/23

To actualize the budget, through the first Act under the current regime, Finance Act, 2023 has amended the Income Tax Act, VAT Act, Excise Duty Act, Tax Procedures Act, Tax Appeals Tribunal Act, Miscellaneous and Fees Levies Act, Kenya Revenue Authority Act, Employment Act among others to propose revenue raising measures and other tax administration procedures.

World over, design and performance of the tax system has implications for inequality and as such it is the role of the government to ensure that it pursues a fair tax system for equitable distribution of income and welfare of the citizens.

Due to its importance, tax policy debates and decision making have become a critical issue to the public, businesses as well as the economy at large. In view of this, the 11^th Annual Tax Convention provides an opportunity for all tax experts, practitioners, policy makers and taxpayers to discuss salient issues pertinent to tax policy, proposals and implementation challenges in Kenya and across the globe.

 TOPICS

The 11th Annual Tax Convention is centred around the following thematic areas and topics:

Thematic Area 1: Fiscal Outlook

1. Macroeconomic outlook underpinning the tax environment in 2023
2. Tax burden: Parliament’s dilemma in budgeting and fiscal policy implementation
3. Expenditure growth and taxation: expansionary vs contractionary fiscal policy debate

Thematic Area 2: Finance Act 2023

4. Implementation and Implications of the Finance Act 2023 provisions –
   1. Overview of the provisions Direct and Indirect Taxes
   2. Implications of effective dates
   3. Implications on savings and investment decisions
   4. Sector implications (break-out session)
5. The Housing Levy implementation and likely impact on employees, firms and the economy.
6. Open and practical session with the Kenya Revenue Authority

Thematic Area 3: Tax Practice

7. Trade-in services under AfCFTA – Opportunities for tax practitioners
8. Developing an all-rounded tax professional
9. Taxpayers’ Rights and Dispute resolution mechanisms

Thematic Area 4: Tax, Standards & Technology

10. Tax Technology and transformations; e-Tims, digital services and returns
11. Impact of tax on sustainability initiatives and reporting
12. IFRS for SMEs – International Tax reforms Pillar II Model Rules

Thematic Area 5: International Tax

13. International tax – emerging trends and potential effects for Kenya (break-out session)
14. Curbing Illicit Financial Flows towards tax justice (break-out session)
15. Treaties and international Policy: Double Tax Agreements

Thematic Area 6: Personal Development and Mentorship

16. Personal financial wellness
17. Networking and experience sharing

 TARGET AUDIENCE

This training is one of the mandatory trainings for Practicing Certificate consideration. It is also open to all Tax Professionals, Audit Practitioners, Senior Management, CEOs and Boards.

All members who would wish to practice in the future are also encouraged to enrol for the course as it provides practical skills required for effective performance in taxation and tax advisory services.

CONFERENCE CHARGES:

Continuous Professional Development Units

Members of ICPAK and other reciprocating professional bodies will earn 20 Structured CPD points upon successfully attending the 11th Tax Convention.

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).

 Sponsorship Opportunities & Additional Information

The Governance and Leadership Conference attracts over 200 participants drawn from both the public and private sectors presenting a rare chance for exhibitors and sponsors. Those interested in sponsoring this event can reach us through raphael.nguli@icpak.com. Other requests for information can be channelled to us via telephone on +254 733 856 262/ 727531006/ 733856262/ 721469169.

Further requests can be channeled to us via telephone calls on, +254 719 074 100,  or via email to Monica Wanjiru   at monica.wanjiru@icpak.com with a copy to memberservices@icpak.com

We encourage members to regularly visit our website https://www.icpak.com for updates.