CPA Chrispinus wamoyi

14/06/2024

TAXATION ON FINANCE BILL IMPACT VIS-A-VIS THE BUDGET 2024
The Changes in the employement affected by finance bill;
The bill is seeking to to increase threashold of certain amount
a) Perdiem
Currently the amount deemed as a reimbursement to an employee for purposes of subsistence,travelling, entertainment and other allowaances.Initially it was ksh.2000 but it was changed and the bill proposed 5% of gross monthly income.

b) Miscellaneous benefit.
The current provision 36000 but the bill proposes an increase to ksh.48000

c) Meal Benefit
Meals provided to employees by employers where the value of the meal is ksh. 48000 and below per year but it raised the amount to ksh. 60,000

Other changes affect employment,
i. NHIF shift to SHIF 2.75%
ii. Housing levy
iii. NSSF
iv. Reirement benefit
-Removal of post retirement medical fund relief (initial it was relief of 15% but cap at 60000p.a
-increased deductability threashold of pension & provident contribution from 240,000 to 360,000
v. Changes to tax excemption applicable to pension benefits.currently excempted to only 65yrs and above but the bill proposed also to those retired due to ill health and withdraw due to ill health of funds after 20yrs

CPA Chrispinus

15/03/2024

Looking at the trend Kenya shilling is strengthening, let s compare with other Africa countries……..
1KSH – 18TSH
1kSH – 27USH
1KSH – 9Rwanda
7.16ks- 1 South Africa Rand
11.85 KSH – 1NIGERIA NAIRA... Its working for dollars as compaire other countries..... Lets discuss...

26/01/2024

Tough times as we respect the rights of sovereign state. Unexpected new changes on our pay slips

09/06/2023

04/05/2023

*Finance Bill highlights*

1. Bitcoin and NFTs now defined as digital assets that are subject to tax. Sale of bitcoin and NFTs subject to tax at 3%

2. GOK employees to pay tax on per diem!

3. All "paid partnerships" on IG and brand ambassador roles now to be taxed.

4. Marketing services now subject to 5% withholding tax while the digital content monetisation is subject to 15% withholding tax.

5. If you earn more than 500k per month, then your marginal PAYE tax rate has moved from 30% to 35%.

6. LPG and fertiliser inputs now VAT exempt.

7. Exported services moved from being subject to 16% VAT to being VAT exempt.

8. If a taxpayer disputes a tax assessment by the KRA and appeals to the Tax Appeals Tribunal, they need to deposit 25% of the disputed tax.

9. Wigs, human hair, false beards, eyebrows and eyelashes will now be subject to 5% excise duty.

10. Imported mobile phones to be subjected to 10% excise duty.

11. Print, TV, billboard and radio ads to be charged a 15% excise duty if related to betting or alcohol.

03/10/2022

CBK on DP claims

27/09/2022

Steps in an Individual Internal Auditing Engagement Most individual internal auditing
engagements have the following seven steps:
Step 1 – Set objectives for the audit.
Step 2 – Conduct a preliminary Survey
Step 3 – Develop an audit program and budget.
Step 4 – Conduct the fieldwork.
Step 5 – Determine findings and conclusions.
Step 6 – Communicate results to appropriate parties
Step 7 – Follow-up.

20/09/2022

Kenyan Debt costs eat up 63.5% of taxes in two months.

12/07/2022

ICEA Lion Life Assurance has been upgraded to a AAA rating after its parent company raised Sh6 billion from shareholders.

AAA rating denotes the lowest credit risk.

— Business Daily

09/03/2022

"The day you plant the seed, is not the day you eat the fruit. Be patient, be humble, Don't give up.'