Tax Update | Audit. Tax. Advisory

FINANCE ACT 2022 VAT AMENDMENTS ON DIGITAL MARKET PLACE

The Finance Act 2022, amended the VAT on the digital economy by redefining the terminology digital marketplace. In addition, the Act deleted the provision of accounting for reverse VAT for business-to-business transactions in the digital economy under section 10 of the VAT Act 2013. Digital marketplace supply is defined by the VAT Act 2013, as [...]

Tax Planning Strategies in Kenya

It is best for local businesses and multinational entities in Kenya to be compliant with the country’s tax regulations. Proper tax planning enables organizations to arrange their affairs in a way that minimizes their tax exposure and liability. Organizations such as Ronalds LLP work with companies to capitalize on incentives offered to taxpayers, especially in […]

Audit Tax Advisory

Redefinition of Preferential Tax Regime

Initially, Transfer pricing regulation was only applicable to transactions between a resident corporate entity and a related non-resident entity operating or a resident-related entity in a preferential tax regime.

Taxation of ‘Business Profits’ under Article 7 of the DTAA

Taxation of ‘Business Profits’ under Article 7 of the Kenya DTAA

Background Kenya has signed DTA with several countries across the globe to avoid double taxation and promote international trade. Withholding Tax on Management Fees There arise situations where some DTAs do not have a management fee Article, such as the DTAs between Kenya and France/South Africa/UAE/Qatar. In such a situation, the question that arises is […]

The impact of indirect taxes on internet in East Africa.

Impact of indirect taxes on the internet in East Africa. In the recent past, there has been a trend of countries focusing more on indirect taxes since they are easy to collect and broad-based. Hungary, though perceived as a lower tax jurisdiction due to the low corporate tax of 8%, has the highest VAT rate […]

Minimum Tax 2021

MINIMUM TAX

The minimum tax is an income tax that was introduced by the Finance Act, 2020. This will apply to all businesses at a rate of 1% on gross turnover or receipts. According to the Act, the minimum tax is to be paid in four installments per annum payable on the 20th of the 4th, 6th, […]

it-controls-kenya

Information Technology General Controls

The general controls are responsible for controlling the operation of a company’s IT infrastructure. In addition to these functions, there are many other duties that must be performed by the general controls. In this paper we will discuss some of them.

Application of Mutuality Principle in Taxation in SACCOs

Application of Mutuality Principle in Taxation in SACCOs

The Mutuality Principle The mutuality principle is a legal standard established by case law. It is based on the proposition that an organization cannot derive income from itself. The principle provides that, where several persons contribute to a common fund created and controlled by them for a common purpose, any surplus arising from the use […]

Audit. Tax. Advisory

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