Installment Tax in Kenya
What is Installment Tax? Installment tax is estimated income tax paid periodically to KRA in anticipation of the tax payable for a year of income. It is a way of paying income tax in advance as the Income Tax Act requires. This targets taxpayers who are not employees, and it can be equated to income […]
Finance Act 2022 Update Analysis
Introduction to the Finance Act 2022 The Finance Act 2022 received presidential assent on 21st June 2022. Most of the changes introduced by act will be effective from 1st July 2022 except for the following which will become effective from 1st Jan 2023. Capital gains tax Financial derivatives Ascertainment of gains and profits from a […]
Common Accounting Mistakes in SMEs
Thanks to the increase in different accounting software, it has become easy to keep accurate books of accounts for most small and medium businesses. Accountants and entrepreneurs are now reliant on technology for accounting and generating reports. Despite this great milestone, there are a few errors and mistakes that we commonly make – as simple […]
Electronic Tax Invoice Management System
Heard of Electronic Tax Invoice Management System(TIMS)? According to section 67 of the Value Added Tax, 2013 the cabinet secretary for National Treasury and Planning published new guidelines on the implementation of the VAT Act on 10th September 2020. The Act provides for the CS to draft the necessary guidelines for further implementation. Among the […]
Accounting Going Online
The internet has reduced the globe to a small village. Beyond socializing, business is happening each minute as entrepreneurs meet their clients online. It is now possible to make purchases and pay bills online. Banks have become accessible via internet banking, saving us the long queues at the bank. Businesses are also adopting new ways of operation […]