Tax Solutions  
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Tax is a maze, or is it?
World over, tax codes and laws are constantly changing. With every Budget speech, the Government comes up with new tax measures, rates, rules, advantages, incentives, remissions and so on as it seeks to raise the requisite revenue from the ever shrinking sources as well as seal all loopholes that exist in the tax statutes.

With every Budget, the tax statutes become more complex, bulkier and difficult to interpret and navigate through. Yet businesses need to be on top of tax matters...
This is more so because the Kenyan tax laws and the Kenyan tax regime is based on a self-assessment system in which the responsibility for correct accounting for taxation rests with the taxpayer. Further, taxpayers are required on their own to identify and take advantage of the available relieving and tax saving provisions under the tax legislation on a timely basis, before such opportunities go stale.

In many instances, businesses have statutory obligations to act as tax collection agents for the government. Naturally, the government wants to ensure that such businesses properly account for the taxes collected and, consequently, there are stringent compliance requirements. Any non-compliance attracts punitive penalties, significant back taxes and loss of tax relief in some cases.

In the past compliance efforts have only focused on large scale businesses. This is now changing as KRA tries to meet the ambitious revenue collection targets set by the government. KRA is now beginning to undertake PAYE, withholding tax, VAT and corporation tax audits on most businesses.

However, with Tax Solutions, it should no longer be a maze to navigate around your tax issues. Contact us to find out how...
 
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