Blogs and News On Accounting, Audit and Taxation
Key Performance Indicators (KPIs) are business performance measurement metrics that business managers review regularly to monitor progress towards achievement of business goals. KPIs normally have a predetermined target that the business strives to achieve. Monitoring relevant KPIs enables SME Managers set business objectives and regularly monitor real-time progress towards these goals. Even though KPIs may…
KRA has restricted the addition of VAT obligation and set the following conditions and mandatory documentary requirements for approval of the same; 1. Original CR12 for companies 2. Identity documents from directors including National Identity cards, passports or Alien Identity Cards 3. Business permit from relevant bodies 4. Work permits for aliens 5. Directors’ Tax…
Read More “Kenya VAT Obligation Registration Requirements” »
Installment tax is an estimated income tax paid to KRA in advance and in anticipation of tax payable for the year of income. Installment tax is paid in four installments. A projection of the income tax payable is done at the beginning of the financial year based on prior years’ tax paid or current year’s…
Read More “Installment Taxes in Kenya: What you need to know” »
Frequently Asked Tax Questions…. Get in touch with us on info@optima-accounting.co.ke or call 0700 053980.
In case you have forgotten your iTax Log in credentials, do not worry. The iTax password recovery process is fairly simple and straight forward. Step 1: Access KRA Online Portal Access the KRA iTax portal by clicking this link KRA iTax Portal. Enter you KRA Pin Number/User ID then click continue Below the login button click…
Read More “How to change your KRA iTax Portal Log in details” »
The Finance Act 2020 has amended the provisions of claiming of input VAT by including an additional requirement. It states that a person claiming input tax will only be able to do so if the input tax claimed has been declared as output tax by the supplier for VAT purposes. The input-output matching concept of…
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Bookkeeping is the process of recording and classifying your business financial transactions. Bookkeeping is for all businesses, small and big and helps business owners know where revenue is coming from, where the money is being spent and when taxes are payable. This is the foundation of Accounting and helps a business owner realize if a…
Starting and growing a business in the competitive market today is not a walk in the park. Business leaders have to juggle various matters such as clients, suppliers, products/services, statutory regulations, competition, employees, among others. To manage time more effectively given the many demands, business leaders have to transition from the manual way of doing…
Read More “Benefits that Payroll Software can deliver to Businesses in Kenya” »
What do you do when you receive that dreaded call that Kenya Revenue Authority officials will be undertaking an audit of your business? Do you close down your business, shave your head and disappear to the mountains to live the rest of your life as a monk? Absolutely not! A tax audit is an unavoidable…
Read More “When the tax man comes calling: Fight or flight?” »
A budget is an estimate of income and expenses for a business for a given period of time. The budget contains the company’s revenue goals as well as expenditure limits. The importance of a budget cannot be overstated – without a budget companies cannot make the right decisions regarding the long term plans or even…
