2020 - 2020-07-17
PKF Kenya 2020 - 2021 Quick Tax Guide
The Tax Guide includes amendments up to and including the Finance Act 2020 and the Tax Laws (Amendment) Act 2020Read more
Retirement Benefit Schemes: Risk Review and Management considering the impact of Covid-19Download File
2020 - 2020-07-08
Retirement Benefit Schemes: Risk Review and Management considering the impact of Covid-19
COVID-19 continues to expand its global impact on individuals, businesses, communities and governments. Businesses are navigating through numerous interrelated issues affecting operations, employee welfare, cash and liquidity. The dynamic nature of this pandemic makes it hard to assess what will happen next.
This communique is to assist the pension schemes to manage ﬁnancial and liquidity risks. The Retirement Benefits Authority has given a waiver of penalties on late submission of audited accounts as well as human capital risks to give ample time for scheme staff to prepare and approve audited accounts when navigating through the change in working environment.Read more
2020 - 2020-07-05
Kenya Tax Alert Issue No.6 of 2020 - Finance Act 2020
The Finance Act, 2020 was assented into law by the President on 30 June 2020 with a majority of the proposals in the Finance Bill, 2020 being enacted. Our tax alert analyses the Finance Act, 2020 and clarifies the effective dates for each of the amendments.Read more
2020 - 2020-06-29
PKF Kenya LLP quick guide on how to file your personal returns for the year 2019
The statement “…give to Caesar what belongs to Caesar…” encapsulates the reality of taxation in one of the greatest empires the world has ever known - The Roman Empire. When we cast further back into our own rich African heritage, we cite the famous Aksumite Kingdom as well as the proud Ethiopian Dynasty. Administrations, governments and kingdoms that strived to secure the wellbeing of its people. In order to secure said wellbeing, these systems needed ﬁnancing and monetary resources collected from the populace. Therefore, the birth of taxation. Taxes levied in these establishments of old were against land, homes, estate, slaves,
trade, animals, personal items and monetary wealth. We have since evolved. However, the granular fundamentals of taxation are strikingly similar.
PKF Kenya Budget Review 2020-2021
We are pleased to share with you the PKF synopsis of the Kenya National Budget 2020/2021.
In the attached document we summarise and provide commentary on the taxation and other proposals included within the Cabinet Secretary’s statement as well as an analysis of the economic performance.
Please feel free to contact your service team at PKF should you have any enquiries.Read more
Kenya Tax Alert Issue No.5 of 2020
Withholding Value Added (VAT) Tax Refunds Withholding VAT was reintroduced through the Finance Act, 2014 and over the years its scope has been significantly widened through the appointment of various agents who have been required to withhold VAT when settling supplier debts. Until the changes implemented under the Finance Act 2019,
6% out of the 16% (now 14%) VAT was required to be withheld by such agents (which dropped to 2% under the Finance Act, 2019). A number of taxpayers ended up with growing VAT credits as a result of such withholding VAT, particularly those taxpayers whose supplies were a combination of zero-rated and standard rated products. The VAT legislation however made no provisions for the refund of the credits related to such withheld VAT.
Kenya Tax Alert Issue No.4 of 2020
The Finance Bill, 2020 (Bill) was published for introduction to the National Assembly on 5 May 2020 detailing out various tax and fiscal proposals. The Bill is open for public participation and PKF will be making detailed submissions in relation to the same. It is important to note that the proposals contained in the Bill are not effective until approved by parliament and enacted into law in the form of an Act. The effective date for each proposal will be specified in the Act.Read more
Kenya Tax Alert Issue No.3 of 2020
The Tax Laws (Amendment) Act, 2020 (Act) was assented by the President on 25 April 2020 and published on 27 April 2020. Most of the provisions in this Act became effective on the date of assent save for the amendments to Section 5(2) of the Value Added Tax (VAT) Act, 2013 which becomes effective on 15 May 2020. This Tax Alert supersedes our Tax Alert Issue number 2 of 2020 which analysed the provisions of the Bill which has now become law.Read more
Kenya Tax Alert Issue No.2 of 2020
On 25 March 2020, President Uhuru Kenyatta announced various measures ‘to cushion every Kenyan from the shocks arising from COVID-19’, with the principle aim of providing certainty to both employees and employers. Subsequently, The Tax Laws (Amendment) Bill, 2020 was Gazetted on 30 March 2020 detailing out these and various other fiscal proposals. This is in addition to the reduction of the Value Added Tax (VAT) rate to 14% which was effected on 1 April 2020.Read more