Introduction
As taxation remains the key source of revenue for the government of Kenya, sound tax management is essential for the government to provide public services to its citizenry. Over the last decade tax performance in Kenya has significantly improved in nominal terms averaging about 24% of the size of the economy. This has enabled the government to finance 60% of the budget. 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.
The 2016/2017 budget has been prepared against a backdrop of slower global growth and increase uncertainty with a moderate recovery on the global economy. Recent forecasts have seen global growth revised downwards and risks elevated. Despite these challenges, our economy has continued to grow respectably, buoyed by strong construction activity, easing international oil prices as well as a stable Macro environment.
Currently, the government has a number of on-going capital intensive projects and devolution which is setting with an increasing recurrent expenditure. All these pressures are happening in a context of a significant slump in tourism, mining and ICT sectors, a weakening shilling against major world currencies, huge public debts accounting for over 46.5% of the GDP, declining earnings in major cash crop and the upcoming general elections. It is therefore our duty as professional accountants to engage with and interrogate plans laid by the government in raising and spending tax revenues.
We continue in our tradition of organizing seminars around the country for our members, clients and business leader to interact with the Institute’s public sector experts and draw the first lessons and implications of the national budget. It is in this light that ICPAK has organized the seminar to focus on:
- The current Macroeconomic environment- (Inflation, unemployment, debt situation and interest rates)
- Economic Implications of the 2016/2017 Budget
- Budget Projection vs Revenue Performance
- Miscellaneous Provisions
- Tax Planning and Tax Risk Management
- Corporate Tax Crimes
- Managing KRA Audits & Emerging Tax Issues
Charges are Kshs. 7, 950 and Kshs. 9, 950 for members and non-members respectively. Associate members will pay Kshs. 5, 950. Members in attendance will earn 14 Structured CPD Hours. The exact venue will be communicated in due course.
