THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
THE ANNUAL BUDGET REVIEW SEMINAR
Date: 8th April 2022
Time: 08.30 am -4:00 pm
Venue: Virtual Delivery
OVERVIEW
The budget review seminar is an annual forum convened by the Institute of Certified Public Accountants of Kenya with the goal of assessing the national budget adopted by government. The review focuses on government’s expenditure priorities, revenue forecasts and their implications on tax and economic growth among other related issues. The 2022/2023 budget is pivotal as it will influence the success or failure of the administration in achieving its agenda.
In the FY 2022/23 revenue collection including Appropriation-in-Aid (A.i.A) is projected to increase to Ksh.2,405.3 billion (17.2 percent of GDP) up from the projected Ksh.2,036.1 billion (16.3 percent of GDP) in the FY 2021/22. Revenue performance will be underpinned by the on-going reforms in tax policy and revenue administration. Ordinary revenues will amount to Ksh.2,141.6 billion (15.3 percent of GDP) in FY 2022/23 from the estimated Ksh.1800.0 billion (14.4percent of GDP) in FY 2021/22.
According to the BPS 2022, the economic growth is expected to rebound to 6.6 percent in 2021 and 5.8 percent in 2022, reinforced by the prevailing stable macroeconomic environment and the ongoing implementation of the strategic priorities of the Government under the “Big Four” Agenda and initiatives under the Economic Recovery Strategy. Kenya’s budget process has inadequately facilitated accurate forecasts for resource collection. The common tendency has therefore been to make overly optimistic revenue projections leading to an increased uncertainty of resource flows.
The seminar is structured to cover the following areas:
- The Budget Statement 2022: FY2022/23 Budget proposals and its Tax implications;
- Macroeconomic Outlook FY 2022-2023;
- Expenditure priorities FY 2022/23: Post Covid 19 Economic Recovery Strategy and the Big 4 Agenda;
- Division of revenue between national and county governments
- Budget Implementation Gaps – The journey towards fiscal prudence (A critical look at specific MDAs and County Controller of Budget and Auditor General reports)
Panel Discussion: Clarification of expenditure & revenue proposals – Update of recent corporate and individual tax developments
2.0 Target Audience
Audit and tax practitioners, Personnel handling tax issues in organizations, Representatives from KRA, Taxpayers’ association(s), Accountants, Finance Professionals, Auditors, Chief Finance officers, Academia.
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and those from reciprocating professional bodies will be awarded 6 Structured CPD Units upon successfully completion of the workshop.
FINANCIAL COMMITMENT:
The workshop charges are Kshs. 5,000. 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 +254 723 237885, +254 719 074 100, or via email to Fredrick Otwori at fredrick.otwori@icpak.com with a copy to memberservices@icpak.com
We encourage members to regularly visit our website https://www.icpak.com for updates.
