A Practical Guide To Navigating Tax Compliance For SME In Kenya
OVERVIEW
A good tax system is one which is designed on the basis of an appropriate set of principles. The mode and timings of tax payment should be convenient to the taxpayer and it should be imposed in such a manner and at the time which is most convenient for the taxpayer. The Kenyan tax system has recently undergone a significant number of impactful changes. In order for SME to adequately respond to these changes, they must be flexible in their operations, and anticipate as well as be proactive in their tax strategy formulation.
The primary goal of a revenue authority is to collect the taxes and duties payable in accordance with the law and to do this in such a manner that will sustain confidence in the tax system and its administration. The actions of taxpayers — whether due to ignorance, carelessness, recklessness, or deliberate evasion — as well as weaknesses in a tax administration mean that instances of failure to comply with the law are inevitable. Therefore, taxpayers should have in place tax administration strategies and structures to ensure that non-compliance with tax law is kept to a minimum by knowing the tax obligation they are responsible for under the law.
SME are not immune from Taxation, Reporting, and other Compliance requirements and non-compliance expose them to significant risk of penalties and fines. Furthermore, the development and roll out of eTIMS to all taxpayers and the emerging focus by KRA on SME for non-compliance on specific areas is evidence that they must pay more regard to their compliance obligations and familiarize themselves with these requirements. SME need to fully understand the legislative requirements and the planning measures they can take advantage of as a basis of mitigating non- compliance exposures and reducing the overall costs.
This training focuses mainly on the major developments in the Kenyan tax frameworks that are geared toward promoting tax compliance for SME.
The training will cover the following areas of tax as relates to tax compliance as well as issues that are considered emerging in tax practice:
- Compliance Risk Management Process.
- Ripple effect of compliance interventions.
- Understanding taxpayer compliance behaviour.
- Utilization of technology in Tax Compliance.
- Recognizing the difficulties of evaluating compliance.
- Tax systems and reporting compliance.
- Impact of regulatory requirements on Tax Compliance.
- e-TIMS Real-time-reporting (RTR)
- Current requirements on compliance in Kenya.
OBJECTIVES
At the end of this training course, you will learn:
- An overview of the taxation of SME in Kenya.
- The recent trends in the taxation of SME in Kenya.
- Various decided cases in the taxation of SME in Kenya and the derived lessons.
- To manage KRA compliance audits, investigations and enquiries.
- Tax planning for SME
TRAINING METHODOLOGY
This training course is designed to encourage maximum contribution by all participants. This will include the suggestion of ideas and theories to the participants and encourage them to test out the ideas using group work discussion, exercises, and feedback.
At the end of each day, the participants will be completing their records of what has been learned and considering how the ideas might be transferred back to the workplace.
WHO SHOULD ATTEND?
This training course is a suitably wide range of professionals but will significantly benefit:
- SME Business owners
- Managers running SME
- Accountants
CERTIFICATES
On successful completion of this training course, Certificate will be awarded to the delegates