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On 28th February 2023, KRA announced that they had suspended processing and/or payment of reliefs to review the procedures. This is a culmination of an ongoing debate as to the impact of the reliefs on the tax base and the credibility of the beneficiaries.Reliefs, refunds, exemptions, and...
The National Social Security Fund (NSSF) ACT No. 45 of 2013 was assented to on 24 December 2014 with a commencement date of 10 January 2014. After protracted legal suits in courts, the Court of Appeal on 3 February 2023 delivered judgment upholding the legality of the Act. Consequently...
The High Court of Kenya has in a case between five (5) petitioners and four (4) respondents held that the Finance Act, 2022 was founded and implemented legally. In addition, the high court stated that the effective date of the provisions in the Finance Act, 2022 were constitutional contrary to...
BDO has released IFR Bulletin 2023/01 summarising the activities in standard setting by IASB during the year 2022. The Bulletin provides a concise list of standards and amendments that became effective during the last year or will become effective in the coming years. It also provides a snapshot...
Factors such as the COVID-19 pandemic, evolving geo-political risks, energy supply shortages, and inflationary pressures are leading to an uncertain economic environment. There are numerous accounting implications across multiple areas such as going concern assessments, judgements and estimates...
On 20th September 2021, the High Court nullified Section 12D of the Income Tax Act, but KRA appealed the ruling.Attached is a Tax Alert highlighting the High Court ruling on the Minimum Tax Appeal.Read more:
Cyber-related corporate fraud is a pervasive threat in today's increasingly digital business environment. Dedicating appropriate attention to anti-fraud measures, including training, hotlines, recruiting, internal control and attitude are keys to minimising losses, but are organisations fully...
Business success is often defined by the way an organisation is governed and hence, the term corporate governance. Basically, corporate governance is about ownership and control. It is formally defined as a system of rules, practices, and processes by which an organization is directed and...
The Finance Act, 2022 overhauled transfer pricing (“TP”) governance as contained under the Income Tax Act (“ITA”). Effective 1stJuly 2022, the newly introduced provisions will require multi-national enterprises (“MNEs”) or their constituent entity resident in Kenya to:Submit Country-by-Country (...