MBAYA AND ASSOCIATES August 2017 Issue 026 Volume 3 Issue 013 Volume 2
|
|
- Erik Lindsey
- 5 years ago
- Views:
Transcription
1
2 Newsletter MBAYA AND ASSOCIATES August 2017 Issue 026 Volume 3 Issue 013 Volume 2 Introduction Welcome to the eighth edition of our newsletter. It is our hope that our newsletters keep you informed and updated on recent news related to tax, the business industry and general information pertaining to your interests. At the end of the newsletter you will find contact details for the senior members of our team who can help answer any questions you may have about the issues highlighted in this newsletter or any other questions. We are interested in your feedback on the items covered and what topics In this issue From the Tax Desk Invalidation of KRA PIN no Migrated to itax» 1 Guidelines of Amnesty in Respect of Foreign Assets & Income» 1 Taxation of Service Gratuity» 3 Tax Due Dates» 5 you would like covered in the future, please contact using tax@mbaya.co.ke The taxpayers who are willing to repatriate voluntarily their foreign held investments to Kenya will enjoy a one-off amnesty as guided by Sec 35Bof the Tax Procedure Act, Contacts Head Office 3rd Floor, Western Heights Karuna Road, Westlands P. O. Box Nairobi, Kenya Tel. +254(20) Fax: Mike Mbaya Managing Partner mike@mbaya.co.ke Muhungi Kanyoro Partner mkanyoro@mbaya.co.ke Andrew Bulemi Partner abulemi@mbaya.co.ke Leah Nganga Partner lwambui@mbaya.co.ke Frank Ondeko Outsourcing Dept. Manager fondeko@mbaya.co.ke John Ogutu Tax Manager jogutu@mbaya.co.ke DISCLAIMER: This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining speci fic professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, Mbaya & Associates, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
3 From the TaxDesk Invalidation of KRA PIN not migrated to itax The Kenya Revenue Authority through a public notice released on 1 st August 2017 cautioned the taxpayers who haven t migrated their Personal Identification Numbers (PINs) to itax platform, have a risk of having their PINs deactivated. The following salient issues were highlighted; i. Any PIN number that hasn t been migrated to itax platform will be deactivated. ii. Taxpayers whose PIN are on itax but they have not filed their returns in the last three months, they would be considered as not trading, hence their PINs will be rendered inactive. iii. The taxpayers, who fall under the above mentioned categories, have until 31 st August 2017 to comply. The public notice was based on to the Tax Procedure Act, 2015 (TPA 2015) which made it mandatory for all taxpayers to use the itax platform in PIN registration, filing of tax returns, payments and other tax related services. KRA insist that this latest move will not only ensure tax compliance as stated in the Tax Procedure Act 2015 but also enhances efficiency in service delivery. In the unfortunate event where a PIN has been deactivated, taxpayers will not be able to re- apply for new PINs since the supporting documents to be used when applying for a new PIN had already been used on the old PIN (deactivated PIN). For the PIN to be reactivated a taxpayer MUST comply with the following; iv. Clearing any outstanding tax debts v. Filing the tax returns It is also evident to note that all KRA transactions are done online, any deactivation PIN will not be recognized by itax as a result this will interfere with the VAT monthly returns, PAYE records and any other government related services e.g. ecitizen, NSSF and IFMIS. This is because all this other systems have been linked with itax. However, legal experts have challenged the move by the KRA on the grounds that it is a right of all citizens to have a PIN, and it cannot be taken away by fiat without following the due process. They also continue to say that KRA does not issue PINs to the citizens as a favour but as provided for in law. Despite the lawyers coming out and challenging the Taxman, they did not make it clear on which law they will be relying on. However it will be interesting to see how this will turn up when the matter is taken to the courts. Guidelines on Amnesty in Respect of Foreign Assets and Income It is recognized that there are Kenyan residents who own assets and business abroad and willing to reinvest back in Kenya. The taxpayers who are willing to voluntarily repatriate their foreign held investments to Kenya will enjoy a one-off amnesty as guided by Sec 35Bof the Tax Procedure Act,
4 In our seventh edition we mentioned that we will share the guidelines on Amnesty with our readers once they have been released by the taxman. KRA has however released guidelines on the amnesty under Sec 37B of the Tax Procedure Act, 2015 (TPA). TPA 2015 is meant to provide a one-off opportunity to declare such assets and the income earned to encourage voluntary repatriation of foreign held assets to Kenya. These guidelines provide guidance on the declaration of income submission of the tax returns and accounts provided under Sec 37B of the TPA2015; the guidelines include; 1. A person who makes an application for the amnesty under the provisions of Section 37B of the Tax procedure Act, 2015 shall complete and make full disclosure using a return in prescribed format on or before 30 th June, The return may be amended, provided such amendment is made on or before 30 th June Where assets are held under trust, application for amnesty may be made by the Trustees or Settlor of the beneficiary. 3. Married couples, filing joint or separate returns, may file a joint declaration. 4. For purposes of declaration, assets held by an income earned by a minor can be declared by the parent or legal guardian. 5. The value of the assets shall be the cost or the best estimate of the market value as assessed by the applicant. 6. If a person was a resident in the year in which he earned taxable income outside Kenya, he may file the declaration, regardless of his residential status at the time. 7. If a person was non-resident in the year in which he earned taxable income outside Kenya and such income would have been taxable in Kenya under Kenyan tax laws, then such income would qualify for declaration. 8. A person who applies for amnesty shall not be required to provide any further details or supporting documents other than those set out in the prescribed return format. 9. The amnesty shall not extend to any person that has already been assessed or was under audit or investigation in respect to assets, liabilities and income declaration that qualify for the amnesty on the date the Finance Act, 2016 was assented to. 10. Persons applying for the amnesty shall transfer back to Kenya, all funds voluntarily declared under the amnesty on their maturity and in any case not later than 30 th June Where the funds have not been transferred by this date, there shall be a 5 year extension period up to 30 th June 2023, for remittance but a penalty of 10% shall be levied on that remittance. 11. All applications, declarations and filing of returns shall be made on itax and an acknowledgment shall be issued thereafter. A certificate shall be generated through the system where all the amnesty requirements are met. 12. The Commissioner undertakes to provide every necessary support in the spirit of trust through facilitation to all taxpayers who would wish to take advantage of this amnesty. 2
5 Taxation of Service Gratuity According to the gratuity law and practice in Kenya Gratuity can be defined as a lump sum amount that an employer pays the employee upon successful completion of an agreed contract term. Gratuity is usually paid under the following circumstances: i. When the employee retires, ii. Resignation iii. Death of an employee iv. Or in the event of disablement could be because of an accident or illness. The gratuity payable depends on the terms of contact of service. The prevalent practice is that the employer pays the employee a month s basic salary for every year of service. However the employer and the employee can agree on alternative amounts. Tax Computation Taxation of service gratuity follows the guidelines for the taxation of employment income which provides a general rule, that all types of remuneration and benefits received by an employee for services rendered constitute taxable income. All employment income is assessable under accrual basis; that is, over the period it has been earned and become due for payment.the time the income is received is therefore immaterial. However section 5(2) (a) of the income tax Act Cap 470, states that where the year of accrual is earlier than 4 years prior to the year of receipt, the income is to be treated as that of the year of income which expired 5 years prior to the year in which the income is received or prior to the year of income in which employment ceased. Therefore the gratuity amount is to be spread backwards up to 5years and taxed together with income earned in the relevant years. Example Mr. Rexon Wanyama left employment in September 2016 after 35 years of service and was paid severance pay/service gratuity of KES 700,000; three months notice pay KES 90, 000 and KES 25,000 for his 20 leave days not taken for the year For the purposes of calculation of tax payable, the lump sum amount is to be spread backwards and taxed together with income earned in the relevant years but notice pay is assessable in the period immediately after date of leaving employment and pay in lieu of leave should be taxed in the year to which it relates. The procedure on how tax should be calculated is outlined below:- His taxable pay is calculated and spread backwards as follows; i. Gratuity benefit for the first 4 years = KES 700,000/35 Years i.e. KES 20,000 ii. Gratuity pay is then spread backwards as follows; 3
6 Breakdown of Lump sum payment Year Taxable Amount (KES) 2016 Notice pay 90, Service gratuity 20,000 Leave pay 25, Service gratuity 20, , , ,000 plus KES 600,000 for 2010 & prior years. * Calculation of Tax on Lump Sum i. Take total taxable pay for the year as per the Tax Deduction Card (P9A). ii. Add Lump Sum gratuity pay amount for that year iii. Calculate tax chargeable on the revised total taxable income (i) + (ii). Use annual individual rates of tax (graduated scale). iv. Deduct personal relief for the year v. Deduct total PAYE deducted and already paid (per P9A) vi. The balance is tax payable on the Lump Sum. Note: This method of calculating the tax should be followed for all the years involved so as to arrive at the total tax due and payable on the terminal dues. Further Information Gratuity is not a minimum requirement for employment in Kenya buy has developed as a good practice in employment and employees have come to expect it from their employers. It is important to note that while gratuity is optional in the Kenyan jurisdiction, payment of gratuity presents an opportunity for the benefit of both the employer and the employee. It also comes with its challenges hence the need for financial, taxation and legal consultation where it is called for. Not paying gratuity of service when it s due is a breach of contract in a court of law. That is why gratuity is not payable where an employee is given a summary dismissal as this is a failure on the employee to hold their part of the bargain as per the contract. In the event of death of an employee, gratuity is still to be paid to their personal representative. The terms of the contract must always stipulate the period for which the employee should have served in order to be entitled for gratuity for clarity in any case, that is death, resignation or ill health. 4
7 Tax Due Dates Withholding Tax 20th Day of the following month Pay as You Earn 9th Day of the following month VAT 20th Day of the following month Balance of Tax on Self-Assessment 4th Month after year end Monthly Rental Income 20 th Day of the following month Instalment Tax 1st Instalment 20th day of the 4th month after year end 2nd Instalment 20th day of the 6th month after year end 3rd Instalment 20th day of the 9th month after year end 4th Instalment 20th day of the 12th month after year end Kindly note that all the returns must be filed on I tax while the payments e-slips must be generated from the I-Tax platform. DISCLAIMER: This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, Mbaya & Associates, its members, employees and agents do not accept or assu me any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. 5
Newsletter. In this issue
Newsletter MBAYA AND ASSOCIATES April 2018 Issue 034 Volume 4 Introduction We welcome you to our fourth edition of our newsletter this year. On the right column of the newsletter you will find contact
More informationKenya Tax Amnesty GUIDELINE. 18 July 2017
Kenya Tax Amnesty * GUIDELINE 18 July 2017 1 * Tax Amnesty KENYA An Opportunity for Taxpayers to Clean Up Their Tax Obligations "The best things in life are free, but sooner or later the government will
More informationISO 9001:2008 CERTIFIED TAX AMNESTY ON RENTAL INCOME WHAT YOU NEED TO KNOW
ISO 9001:2008 CERTIFIED 1. The Law TAX AMNESTY ON RENTAL INCOME WHAT YOU NEED TO KNOW Kenya Revenue Authority (KRA) wishes to inform taxpayers and the general public that the Finance Act 2015 has introduced
More informationINCOME TAX WORKSHOP Taxation of Individuals Presenter: Francis Kamau
INCOME TAX WORKSHOP Taxation of Individuals Friday, 7 th April 2017 Presenter: Francis Kamau Employee taxes Chargeable income For the purposes of section 3(2)(a)(ii), an amount paid to- a person who is,
More informationKenya Revenue Authority issues guidelines on tax amnesty on foreign income
15 March 2017 Global Tax Alert Kenya Revenue Authority issues guidelines on tax amnesty on foreign income EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy
More informationInternational Tax Kenya Highlights 2019
International Tax Updated February 2019 For the latest tax developments relating to Kenya, see Deloitte tax@hand. Investment basics: Currency Kenyan Shilling (KES) Foreign exchange control No, but banks
More informationTAXATION OF EMPLOYEE EMOLUMENTS AND WITHHOLDING TAX OBLIGATIONS Presentation by: Mary Weru. Uphold public interest
TAXATION OF EMPLOYEE EMOLUMENTS AND WITHHOLDING TAX OBLIGATIONS Presentation by: Mary Weru Uphold public interest Presentation agenda Employee taxes Basis of taxation Residence rules Income subject to
More informationEMPLOYER S GUIDE TO PAY AS YOU EARN IN KENYA REVISED EDITION DOMESTIC TAXES DEPARTMENT FORM P.7
DOMESTIC TAXES DEPARTMENT EMPLOYER S GUIDE TO PAY AS YOU EARN IN KENYA REVISED EDITION - 2017 IMPORTANT: The objective of this booklet is to explain the system of deducting income tax from employees emoluments.
More informationGUIDE ON INCOME TAX AND THE INDIVIDUAL (2010/11)
SOUTH AFRICAN REVENUE SERVICE GUIDE ON INCOME TAX AND THE INDIVIDUAL (2010/11) Another helpful guide brought to you by the South African Revenue Service Foreword Guide on Income Tax and the Individual
More informationTaxation of individuals Presentation by: Ruth Njoroge-Mwiti Tax Manager, PKF Taxation Services Friday 13 April 2018
Taxation of individuals Presentation by: Ruth Njoroge-Mwiti Tax Manager, PKF Taxation Services Friday 13 April 2018 PAYE issues facing taxpayers Failure to file monthly PAYE returns Non payment of PAYE
More informationALEXANDER FORBES RETIREMENT FUND
ALEXANDER FORBES RETIREMENT FUND (Pension Section) KENYA FOREST SERVICE Member's Information Handbook INTRODUCTION The Alexander Forbes Retirement Fund ( AFRF ) provides valuable benefits for you and your
More informationSage in Tanzania 2017
Sage in Tanzania 2017 To withhold tax at the rate of 30% mentioned in paragraph 1 of the first schedule of Income Tax Act 2004 and remit them along with amount deducted from regular employees. Enquire
More informationGlobal Mobility Services: Taxation of International Assignees Kenya
www.pwc.com/ke/en Global Mobility Services: Taxation of International Assignees Kenya People and Organisation Global Mobility Country Guide (Folio) Last Updated: May 2018 This document was not intended
More informationUNDERSTANDING THE NSSF ACT 2013 HIGHLIGHTS ON THE NEW NSSF ACT
UNDERSTANDING THE NSSF ACT 2013 HIGHLIGHTS ON THE NEW NSSF ACT 23 January 2014 The National Social Security Fund Act, 2013 (the new NSSF Act) of the laws of Kenya was recently gazetted and repealed the
More informationFinance Bill 2017 Analysis
Finance Bill 2017 Analysis April 2017 Income Tax Changes Focus area Proposed change and KPMG comments Effective Taxation of Islamic Financial Arrangement Proposed amendment to Section 2 The Bill proposes
More informationTax Incentives Under itax and Recent Changes and Emerging Issues. Presentation by:
Tax Incentives Under itax and Recent Changes and Emerging Issues. Presentation by: David Busaule Business Transformation Office, Domestic Taxes Department, KRA Friday, 13 th April, 2018 Uphold public interest
More informationSA Metropolitan Fire Service Superannuation Scheme
SA Metropolitan Fire Service Superannuation Scheme Your Member Benefit Guide Permanent Employees Deferred Members Parked Members Prepared 17 October 2014 Trustee: SA Metropolitan Fire Service Superannuation
More informationKENYA FINANCE ACT 2016 UPDATE
KENYA FINANCE ACT 2016 UPDATE The Finance Act, 2016 was assented to by the President in September 2016 after being passed by the National Assembly, with some amendments made to the Finance Bill, 2016,
More informationKenya. Individual Taxation. Abbreviations. References. Latest Information: Author Catherine Mutava
Kenya Individual Taxation Author Catherine Mutava Latest Information: This chapter is based on information available up to 4 October 2017. Please find below the main changes made to this chapter up to
More informationFrequently Asked Questions: QUALIFIED RETIREMENT PLAN DISTRIBUTIONS
Frequently Asked Questions: QUALIFIED RETIREMENT PLAN DISTRIBUTIONS These frequently asked questions and answers are provided for general information purposes only and should not be cited as any type of
More informationTax Procedures Act Grant Thornton International Ltd. All rights reserved.
Tax Procedures Act 2015 Changes in Tax Administration VAT Act 2013 Finance Act 2016 Tax Appeals Tribunal Act 2013 Tax Procedures Act,, 2015 Finance Act 2017 New Income Tax Act? Excise Duty Act 2015 Tax
More informationICPAK SUBMISSION ON THE NATIONAL HOUSING DEVELOPMENT FUND REGULATIONS, 2018
ICPAK SUBMISSION ON THE NATIONAL HOUSING DEVELOPMENT FUND REGULATIONS, 2018 INTRODUCTION Article 42(1)(b) the Constitution, 2010 gives every Kenyan the right to accessible and adequate housing, and to
More informationRESIDENTIAL RENTAL INCOME TAX WHAT YOU NEED TO KNOW
1. The law RESIDENTIAL RENTAL INCOME TAX WHAT YOU NEED TO KNOW The Finance Act 2015 introduced a new Section 6A in the Income Tax Act Cap 470 Laws of Kenya, which provides for a simplified tax regime on
More information[ ] Payments on Termination of an Office or Employment or removal from office or employment.
[05.05.19] Payments on Termination of an Office or Employment or removal from office or employment. Sections 123 and 201, and Schedule 3 of the Taxes Consolidation Act, 1997 Updated March 2016 Contents
More informationKenya s Finance Act An Update on Kenya s Taxation Regime
Kenya s Finance Act 2015 An Update on Kenya s Taxation Regime INTRODUCTION Every year, the budget process in Kenya culminates in the enactment of a finance act. For the FY 2015/2016, the Finance act was
More informationFiscal year 2016/17 budget highlights
Fiscal year 2016/17 budget highlights Consolidating gains for a prosperous Kenya Francis Kamau 10 June 2016 Filing of return in i-tax system Empower the Commissioner to collect information in advance from
More informationFOREWORD. Kenya. Services provided by member firms include:
2016/17 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are
More informationHow Effective are the Guidelines issued by the KRA on the Tax Amnesty?
Having trouble reading this email? Read it on your browser. How Effective are the Guidelines issued by the KRA on the Tax Amnesty? The Finance Bill, 2016, which was published on 8 June 2016, introduced
More informationBudget Statement 2017 Highlights
Budget Statement 2017 Highlights Mbiki Kamanjiri Manager - Tax Economic Review Global Outlook 1.5% 1.5% 1.7% 3.0% 3.1% 2.7% 6.0% 1.8% 2.9% 4.8% 5.9% African Outlook 4.3% 4.0% 2016 2017 6.6% 6.3% -1.7%
More informationSUPPLEMENTARY RETIREMENT SCHEME (SRS)
SUPPLEMENTARY RETIREMENT SCHEME (SRS) The SRS is part of the Singapore government s multi-pronged strategy to address the financial needs of a greying population, which were highlighted in the Report of
More informationZAMBIA REVENUE AUTHORITY DIRECT TAXES DIVISION INCOME TAX (AMENDMENT) ACT 2002
ZAMBIA REVENUE AUTHORITY DIRECT TAXES DIVISION INCOME TAX (AMENDMENT) ACT 2002 PRACTICE NOTE NO. 1/2002 CONTENTS 1. GENERAL 3 PAGE 2. SUMMARY OF THE PRINCIPAL CHANGES 4 IN THE INCOME TAX (AMENDMENT) ACT
More informationIn this issue: Tax Procedure Act Value Added Tax Withholding Value Added Tax Customs and Excise Pay As You Earn
Tax Briefly November 2017 In this issue: Tax Procedure Act Value Added Tax Withholding Value Added Tax Customs and Excise Pay As You Earn 2 2 5 5 6 The Finance Act 2017 Keeping you informed The Finance
More informationTAXATION OF PBOs Employment Taxes - PAYE Presentation by: CPA Willy Siundu 26 th July Uphold public interest
TAXATION OF PBOs Employment Taxes - PAYE Presentation by: CPA Willy Siundu 26 th July 2018 Uphold public interest Content Residency status Employee & employer responsibility Chargeable income Interest
More informationHong Kong. Investment basics. Currency Hong Kong Dollar (HKD) Foreign exchange control
Hong Kong Linda Ng Director Tel: +1 212 436 2764 ling@deloitte.com Investment basics Currency Hong Kong Dollar (HKD) Foreign exchange control Accounting principles/financial statements Hong Kong Financial
More informationTHE EMPLOYER S GUIDE TO PAY AS YOU EARN
THE EMPLOYER S GUIDE TO PAY AS YOU EARN Issued by, Taxpayers Services and Education Department July 2017 EMPLOYER S GUIDE TO P.A.Y.E CONTENTS PART I...1 1.0 PRELIMINARY INTERPRETATION...1 1.1 PURPOSE
More informationWELCOME. Newsletter March 2016 FUND CONTACT DETAILS SANLAM RETIREMENT FUND WEBSITE INVESTMENT ROADSHOW
Newsletter March 2016 SANLAM RETIREMENT FUND WEBSITE P2 ROADSHOW P4 WELCOME Welcome to your first UCT Retirement Fund newsletter for 2016. We hope that you will enjoy reading the articles included here
More informationWelcome to the SARS Tax Workshop
Tax Directives Welcome to the SARS Tax Workshop The purpose of this presentation is merely to provide information in an easily understandable format and is intended to make the provisions of the legislation
More informationChange: Joining the dots
www.pwc.com Change: Joining the dots Budget 2013 Contents Country Senior Partner Comments The Economic Analysis Devolution & Change Revenue Measures Sector Reforms East African Perspective Talk to Us Change:
More informationFOREWORD. Kenya. Services provided by member firms include:
FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there
More informationZAMBIA REVENUE AUTHORITY DIRECT TAXES DIVISION INCOME TAX (AMENDMENT) ACT 2005
ZAMBIA REVENUE AUTHORITY DIRECT TAXES DIVISION INCOME TAX (AMENDMENT) ACT 2005 PRACTICE NOTE NO. 1/2005 CONTENTS 1. GENERAL 3 PAGE 2. SUMMARY OF THE PRINCIPAL CHANGES 4 IN THE INCOME TAX (AMENDMENT) ACT
More informationGlobal Mobility Services: Taxation of International Assignees - Swaziland
www.pwc.com/sz/en Global Mobility Services: Taxation of International Assignees - Swaziland People and Organisation Global Mobility Country Guide (Folio) Last Updated: June 2018 This document was not intended
More informationNEW MEMBER BOOKLET UNIVERSITY OF JOHANNESBURG PENSION FUND
NEW MEMBER BOOKLET UNIVERSITY OF JOHANNESBURG PENSION FUND 1 Please note: Everything possible was done to ensure the accuracy of this booklet. However, the official rules in terms of which the benefits
More informationMauritius Taxes Overview
Mauritius Taxes Overview Mauritius personal Income Tax Mauritius personal tax rate is a flat 15%. As from 1 January 2010, the fiscal year will be on a calendar year basis. Income Tax is payable by residents
More informationCITY OF HOLLYWOOD NOTICE OF INTENT AND AGREEMENT TO PARTICIPATE IN THE PLANNED RETIREMENT BENEFIT
CITY OF HOLLYWOOD NOTICE OF INTENT AND AGREEMENT TO PARTICIPATE IN THE PLANNED RETIREMENT BENEFIT Employee's Name:. Employee's Normal Retirement Date:. Maximum Number of Years Employee May Participate
More informationTax is imposition financial charge or other levy upon a taxpayer by a state or other the functional equivalent of the state.
1. What is Tax What is Tax? Tax is imposition financial charge or other levy upon a taxpayer by a state or other the functional equivalent of the state. How many Types of Taxes are there and what are they?
More informationPayment of death benefits on employer-owned insurance policies
No. 1 of 2014 17 January 2014 Payment of death benefits on employer-owned insurance policies From 1 March 2012, an employer who is the policyholder of a lump sum death benefit insurance policy can claim
More informationFinancial Planning for US Expatriates living in Ireland. White Paper Series
Financial Planning for US Expatriates living in Ireland White Paper Series Given the close historical and economic relations between Ireland and the U.S. it is not uncommon to find U.S. citizens living
More informationTaxation of NGOs Presentation by:
Taxation of NGOs Presentation by: Caleb Mokaya CPA Thursday, 11 th May 2017 Upholding Public Interest Table of contents 1. Background 2. Registration 3. Corporation Tax 4. Value Added Tax 5. Customs and
More informationTaxation of individuals
Taxation of individuals Luxembourg 2016 kpmg.lu Tax year The tax year corresponds to the calendar year. Tax rates Progressive tax rates ranging from 0% to 42.8% apply to taxable income not exceeding 150,000
More informationTestamentary discretionary trusts
Testamentary discretionary trusts Too often we think about who we would like to leave our assets to when we die but not how we should dispose of them. A testamentary trust is one option to consider. What
More informationINCOME TAX BILL, 2018
INCOME TAX BILL, 2018 ALERT ALGERIA BOTSWANA ETHIOPIA GUINEA KENYA MADAGASCAR MALAWI MAURITIUS MOROCCO MOZAMBIQUE NIGERIA RWANDA SUDAN TANZANIA UGANDA ZAMBIA REGIONAL OFFICE: UAE ASSOCIATE FIRM: SOUTH
More informationThe Finance Bill 2017 Summary of Tax Measures
www.pwc.com/mu/budget The Finance Bill 2017 Summary of Measures 13 July 2017 Corporate Personal Other es Provisions of the Finance Bill will only become effective once it is ratified by the Parliament
More informationSeminar on Tax Management for Public Benefit Organizations Tax and Regulatory Compliance
Seminar on Tax Management for Public Benefit Organizations Tax and Regulatory Compliance 5 August 2016 CPA Starlings Muchiri Partner, East African Tax Consulting Mobile: 0722 33 27 29 Email: starlings@taxeac.com
More informationSuper Product Disclosure Statement
Local Government Super Product Disclosure Statement Retirement Scheme How to use this Product Disclosure Statement This Product Disclosure Statement (PDS) provides you with important details about the
More informationTax Healtchecks. Mbiki 2016 Grant Thornton International Ltd. All rights reserved.
Tax Healtchecks Mbiki Kamanjiri @ 2016 Grant Thornton International Ltd. All rights reserved. Preamble Section 15(2)(g) Then the Pharisees went and plotted how they might entangle Him in His talk.. Is
More informationTAXATION IN SOUTH AFRICA 2016/7
Retirement Fund March 2016 TAXATION IN SOUTH AFRICA 2016/7 Your Retirement - Our Passion Sentinel Retirement Fund Reg No 12/8/1215 Sentinel House 1 Sunnyside Drive Sunnyside Park PARKTOWN 2193 P O Box
More informationAll Singaporeans, Singapore Permanent Residents (SPRs) and foreigners who
SUPPLEMENTARY RETIREMENT SCHEME (SRS) The SRS is part of the Singapore government s multi-pronged strategy to address the financial needs of a greying population, which were highlighted in the Report of
More informationEASTERN BRANCH ANNUAL TAX WORKSHOP SESSION :Tax compliance. Presentation by: CPA Faustin Mwinzi Thursday, 11 th NOV Uphold public interest
EASTERN BRANCH ANNUAL TAX WORKSHOP SESSION :Tax compliance Presentation by: CPA Faustin Mwinzi Thursday, 11 th NOV 2018 Uphold public interest Featured areas Tax procedures act, Tax appeals tribunal &
More informationFOR ELECTRONIC USE ONLY
Tax Data 2018/19 Harwood House 43 Harwood Road London SW6 4QP Tel: 020 7731 6163 Fax: 020 7731 8304 warrenerstewart.com Warrener Stewart Limited No 07513468 Income Tax Income tax rates (other than dividend
More informationKENYA FINANCE ACT 2017/ 2018 UPDATE
KENYA FINANCE ACT 2017/ 2018 UPDATE The Finance Act 2017 was assented to by the President on 21 st June 2017 after being passed by the National Assembly, with some amendments made to the Finance Bill 2017,
More informationDiscounted Gift Trust
Discounted Gift Trust pru.co.uk Contents Inheritance tax planning 3 What can the Discounted Gift Trust do for you? 4 Choice of trusts and inheritance tax 5 How does the trust work? 7 Income tax 9 How to
More informationIN-FUND LIVING ANNUITY QUESTIONS & ANSWERS
IN-FUND LIVING ANNUITY QUESTIONS & ANSWERS In July 2015 the National Treasury issued draft regulations on default strategies to be implemented by all funds. Once effected, all retirement funds will, amongst
More informationClient Bulletin. May 2018 RATES AND ALLOWANCES. Personal allowances for 2018/19. Income tax rates. Dividend tax rates
Client Bulletin May 2018 Personal allowances for 2018/19 RATES AND ALLOWANCES For the 2018/19 tax year, the personal allowance is set at 11,850. As in previous years, the allowance is reduced by 1 for
More informationDecember Planning for RTI. Business Record Checks
Welcome... To December's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you abreast of the latest developments in taxation. This month s Newsletter gives another update
More informationNOVEMBER 2016 ISSUE 206 Special Voluntary Disclosure Programme: Tax and Exchange Control Relief
NOVEMBER 2016 ISSUE 206 Special Voluntary Disclosure Programme: Tax and Exchange Control Relief 2561. Detailed overview 2564. Information and documentation required to support an application 2562. Is this
More informationTaxation Laws Amendment Acts No. 15 of 2016 & 16 of 2016
No. 3 of 2017 February 2017 Taxation Laws Amendment Acts No. 15 of 2016 & 16 of 2016 A. The Taxation Laws Amendment Act No. 15 of 2016 was promulgated in Government Gazette No. 40562 on 19 January 2017.
More informationAdviser guide The Discretionary Gift Trust
This document is for investment professionals only and should not be relied upon by private investors. Adviser guide The Discretionary Gift Trust FundsNetwork Trusts Contents 1 The FundsNetwork Discretionary
More informationInternational Tax Singapore Highlights 2018
International Tax Singapore Highlights 2018 Investment basics: Currency Singapore Dollar (SGD) Foreign exchange control There are no significant restrictions on foreign exchange transactions and capital
More informationLOAN APPLICATION AND AGREEMENT FORM PART A PERSONAL DETAILS. Full names (as per ID) Mrs. Miss M/s. Surname First name Middle name
LOAN APPLICATION AND AGREEMENT FORM PART A PERSONAL DETAILS Full names (as per ID) Mr. C Mrs. Miss M/s Surname First name Middle name Identification document(s) Passport no. ID No. ( Attach photo copies
More informationFinance Bill We now provide a summary of the changes in the Finance Bill as tabulated in the following pages:
Finance Bill 2017 The Finance Bill, 2017 published on 3rd April, 2017 has amended various tax provisions while at the same time providing clarity on the existing provisions. The Finance Bill 2017 follows
More informationSUMMARY PLAN DESCRIPTION THE CAPITAL RETIREMENT SAVINGS PLAN (CRSP) THE CAPITAL GROUP COMPANIES, INC.
SUMMARY PLAN DESCRIPTION OF THE CAPITAL RETIREMENT SAVINGS PLAN (CRSP) OF THE CAPITAL GROUP COMPANIES, INC. NOTE: This is a summary plan description. This document gives you a general explanation in non-technical
More informationGlobal Mobility Services: Taxation of International Assignees - Namibia
www.pwc.com/na/en Global Mobility Services: Taxation of International Assignees - Namibia Taxation issues & related matters for employers & employees 2018 Last Updated: May 2018 This document was not intended
More informationWelcome to our first issue of Taxing Issues 2017.
Welcome to our first issue of Taxing Issues 2017. We take this opportunity to wish you all a healthy and prosperous New Year and we trust you will find this year's first edition informative. Starting with
More informationyear under defined benefit provisions of registered funds shall be limited to the amount by which the lesser of -
QUESTION ONE REGISTERED PENSION SCHEME AND IMPLICATIONS Registered Pension Scheme is a retirement benefit scheme registered under rule 4 of the Income Tax Act and the following are the main rules relating
More informationFOREWORD. Saint Lucia
2016/17 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are
More informationTaxwise Individual News
Taxwise Individual News In this Issue... Medicare Levy Surcharge and Private Health Insurance Rebate Superannuation guarantee rate Super contributions caps Changes to superannuation excess concessional
More informationGlobal Mobility Services: Taxation of International Assignees - Malawi
www.pwc.com/mw/en Global Mobility Services: Taxation of International Assignees - Malawi Taxation issues & related matters for employers & employees 2017/18 Last Updated: June 2018 This document was not
More informationIN THIS ISSUE DEFAULT RETIREMENT AGE
Volume 23 Issue 1 October 2009 IN THIS ISSUE DEFAULT RETIREMENT AGE PENSION CREDIT PAYMENT PILOT TO BE LAUNCHED REGISTERED PENSION SCHEMES MANUAL (RPSM) PAGES OFFSHORE FUNDS THE NEW TAX REGULATIONS PERSONAL
More informationGlobal Mobility Services: Taxation of International Assignees Country Thailand
http://www.pwc.com/th/en Global Mobility Services: Taxation of International Assignees Country Thailand People and Organisation Global Mobility Country Guide 2016 Last updated: December 2016 This document
More informationPlease fill out the HSA forms completely and provide all signatures requested.
Approximately ten business days after we receive your application, you will receive a welcome letter from HSA Nebraska/Henderson State Bank with your account number and proper disclosures. All accounts
More informationTWPP TELECOMMUNICATION WORKERS PENSION PLAN
TWPP TELECOMMUNICATION WORKERS PENSION PLAN Effective January 1, 2008 TABLE OF CONTENTS 1 Section Page INTRODUCTION 3 1 ELIGIBILITY AND PLAN PARTICIPATION 4 2 CONTRIBUTIONS 6 3 TERMINATION OF EMPLOYMENT/PARTICIPATION
More information1. GENERAL 2 2. SUMMARY OF THE PRINCIPAL CHANGES INCOME TAX (AMENDMENT) ACT COMMENTARY ON THE INCOME TAX 6-9 (AMENDMENT) ACT 2001
CONTENTS PAGE 1. GENERAL 2 2. SUMMARY OF THE PRINCIPAL CHANGES INCOME TAX (AMENDMENT) ACT 2001 3-4 3. COMMENTARY ON THE INCOME TAX 6-9 (AMENDMENT) ACT 2001 3. OTHER MATTERS 10-11 4. ZAMBIA REVENUE AUTHORITY
More informationFirstTech Super guide. FirstTech was ranked 1st by advisers for Technical Support in the 2011 Wealth Insights Fund Manager Service Survey.
FirstTech 2011 12 Super guide FirstTech was ranked 1st by advisers for Technical Support in the 2011 Wealth Insights Fund Manager Service Survey. This Super guide has been developed to provide you with
More informationTax, ETI and UIF Amendments 2018/2019
Tax, ETI and UIF Amendments 2018/2019 Contents 1 General Explanatory Note 3 2 Explanation of Changes Affecting the System 3 2.1 Reimbursive Travel Allowance Included in Remuneration 3 2.2 Certain Dividends
More informationTWPP TELECOMMUNICATION WORKERS PENSION PLAN
TWPP TELECOMMUNICATION WORKERS PENSION PLAN Effective January 1, 2002 TABLE OF CONTENTS 1 Section Page INTRODUCTION 3 1 ELIGIBILITY AND PLAN PARTICIPATION 4 2 CONTRIBUTIONS 6 3 TERMINATION OF EMPLOYMENT/PARTICIPATION
More informationTAX CARD 2016 ROMANIA
ROMANIA TAX CARD TAX CARD 2016 ROMANIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Tax Rates 1.1.2 Taxable Income 1.1.3 Exempt Income 1.1.4 Deductible Expenses/Allowances 1.2 Social
More informationSouth African Reward Associa3on
South African Reward Associa3on Budget Update 2012 Tax Law Changes 01 March 2012 Ac3on List for 2012 Jerry Botha jerry@taxconsul3ng.co.za 082 899 6118 Landscape 1999/2000 = 579 Pages Since then = 1,868
More informationBudget Highlights 2018
Budget Highlights 2018 14 March 2018 Budget Highlights Value-Added Tax rate increases from 14% to 15% on 1 April 2018 Limited relief for the effect of inflation in adjusting Personal Income Tax rates resulting
More informationHope and confidence come from energetic involvement and a willingness to
27 February 2013 Compiled by Group Taxation This document is distributed as a service to the Liberty group via the internal e-mail system. It deals with broad-ranging tax developments of relevance to the
More informationTaxation of individuals
Taxation of individuals Luxembourg 2018 kpmg.lu Tax year The tax year corresponds to the calendar year. Tax rates Progressive tax rates ranging from 0% to 45.78% apply to taxable income not exceeding 200,004
More informationPrivate Client. A Guide to Occupational and Personal Pensions
Private Client A Guide to Occupational and Personal Pensions Date: Tue 01 Oct 2002 A Guide to Occupational and Personal Pensions Published: Tue 01 Oct 2002 Unless you make provisions for your retirement,
More informationBylaw No The City of Saskatoon General Superannuation Plan Bylaw, Codified to Bylaw No (September 22, 2014)
Bylaw No. 8226 The City of Saskatoon General Superannuation Plan Bylaw, 2003 Codified to Bylaw No. 9224 (September 22, 2014) Bylaw No. 8226 The City of Saskatoon General Superannuation Plan Bylaw, 2003
More informationTHE PRESIDENCY. No June 2001
THE PRESIDENCY No. 550 20 June 2001 It is hereby notified that the Acting President has assented to the following Act which is hereby published for general information: - NO. 5 OF 2001: TAXATION LAWS AMENDMENT
More informationMill House, 58 Guildford Street, Chertsey, Surrey KT16 9BE Tel: Fax: High Street, Sandhurst, Berkshire GU47 8EE Tel:
Mill House, 58 Guildford Street, Chertsey, Surrey KT16 9BE Tel: 01932 564098 Fax: 01932 562638 90 High Street, Sandhurst, Berkshire GU47 8EE Tel: 01252 877477 Fax: 01252 875115 E-mail: mail@fuller-spurling.co.uk
More informationRecent Updates on Tax Case Law Presentation by: Mbiki Kamanjiri Manager, Tax Consulting Grant Thornton
Recent Updates on Tax Case Law Presentation by: Mbiki Kamanjiri Manager, Tax Consulting Grant Thornton Uphold public interest 1 Objections and Appeals Process Procedure Objection to Commissioner Within
More informationOCCUPATIONAL CERTIFICATE: TAX TECHNICIAN SAQA ID: Knowledge Competency Assessment. November 2016 Paper 1 CANDIDATE NUMBER.
OCCUPATIONAL CERTIFICATE: TAX TECHNICIAN SAQA ID: 94098 Knowledge Competency Assessment November 2016 Paper 1 CANDIDATE NUMBER P a g e 1 P a g e 2 Instructions to Candidates 1. This competency assessment
More informationCapital Gains Tax Selected Rates Inheritance Tax Tax Data Key Dates & Deadlines Capital Allowances
Tax Data 2013/14 Harwood House 43 Harwood Road London SW6 4QP Tel: 020 7731 6163 Fax: 020 7731 8304 warrenerstewart.com Warrener Stewart Limited No 07513468 Income Tax 2013-14 2012-13 Basic rate band income
More informationInternational Tax Chile Highlights 2018
International Tax Chile Highlights 2018 Investment basics: Currency Chilean Peso (CLP) Foreign exchange control Entities and individuals are free to enter into any kind of foreign exchange transactions,
More informationTaxation (F6) Lesotho (LSO) June & December 2017
Taxation (F6) Lesotho (LSO) June & December 2017 This syllabus and study guide is designed to help with planning study and to provide detailed information on what could be assessed in any examination session.
More informationTWPP TELECOMMUNICATION WORKERS PENSION PLAN
TWPP TELECOMMUNICATION WORKERS PENSION PLAN Effective January 1, 2013 TABLE OF CONTENTS 1 Section Page INTRODUCTION 3 1 ELIGIBILITY AND PLAN PARTICIPATION 4 2 CONTRIBUTIONS 6 3 TERMINATION OF EMPLOYMENT/PARTICIPATION
More information