Are you a small business and you are in the verge of doing your closing period of the financials? Year-end closing is the process in which companies inspect and update their accounting records (“the books”) at the end of the fiscal year. This is the critical final step in the company’s annual financial reporting process. […]
Internal Audit and Corporate Governance in Kenya The synergy of efficient and ethical corporate governance and internal audit function is not only vital but also fatal for shareholders and various stakeholders. This synergy compromise was recently echoed when a case of Flying Squad intercept Ksh.2 billion in a safe inside Barclays Bank Kenya, nevertheless, two […]
On 21st June 2022, The President of the Republic of Kenya assented The Finance Act 2022 into law and was published by the Cabinet Secretary, Ministry of National Treasury on Thursday, 23rd June 2022. This Finance Act has introduced a raft of tax measures to amendment The Income Tax Act, Value Added Tax Act, Excise […]
What does Financial Governance for Family Business entail? Below are the critical aspects of financial governance in family businesses. Financial Accountability – Accounting for all the Financial Transactions. It will entail maintaining clear records of all incomes of Family Business, Expenses, Business Assets, Liabilities, and Equity Contribution from Family Members. Family Business to Prepare Management […]
In light of the Novel Corona-Virus Pandemic, the future of most business functions continues to be uncertain. Corporate leaders are considering key issues around managing severe business shocks, recovery plans as well as keeping essential functions of the organization alive, majorly based on perspective.
Following the outbreak of COVID-19 and the subsequent declaration of the virus as a global pandemic by WHO, the world economy has been greatly affected and the Kenyan economy has not been exempted. The pandemic has had adverse effects on millions of Kenyans, which among other things includes loss of income, imminent job losses, indefinite closure of businesses, not to mention the mounting pressure on social infrastructure.
To shield Kenyan and Kenyan businesses from the effects of this pandemic, the President, on the 25th day of March 2020, directed the National Treasury to table a bill in parliament to effect the below tax changes;