KNEC| KASNEB| KISM| Study notes and Revision materials for schools in Kenya. KNEC certificate courses, Diplomas, Higher Diplomas, KISM courses cpsp-k and aps-k, KASNEB cpa, atd, cs, cifa, ccp, dcm, cict and cict, Ksce and Kcpe
The CIT can issue an assessment when: The taxpayer has failed to file tax returns The CIT believes that the taxpayer was under assessed hence issue additional assessment. Where the CIT discovers a fraud in tax returns filed by the taxpayer in earlier years. In case of discovery of fraud the CIT can issue an
VAT Tribunal Appointed by the Minister of Finance to arbitrate disputes between commissioner of VAT and Registered pensions for VAT Composed of a chairman and two other members from the general public The Minister prescribes the manner in which an appeal may be made The tribunal may confirm, reduce, increase or nullify the tax assessed
If the Commissioner of VAT makes a decision which still leaves the trader aggrieved, such a trader can appeal to the VAT appeals Tribunal within thirty days for an independent decision. However, such a person must pay to the commissioner the assessed tax not in dispute or such part thereof as the commissioner may require
Payment of Income tax due for the year within the accounting period in full or instalments. Four equal instalments are made during the year of income based on 110% of last years tax liability. Instalment tax is not payable where: emoluments have been subjected to PAYE deductions tax due for any corporate taxpayer is not
(a) EXCISE DUTY The Customs and Excise Act does not expressly define excise duty. However, it refers to duty levied on the local manufacture or importation of excisable goods which are usually luxurious items such as cigarettes, wines, electronic sets, etc. (b) LOCAL COMMITTEE Is an appeal body charged with hearing and deciding on disputes
A taxpayer may appeal to Local Committee for the following reasons: The Commissioner of Income Tax has confirmed an assessment following an objection to it by the taxpayer. The Commissioner has rejected a late objection. The Commissioner has amended the assessment to the best of his knowledge not acceptable by the taxpayer (non-agreed assessment).
It is the obligation of persons liable to tax to pay tax. In the case of the citizens it is hoped that being patriotic and knowing the need for the Government to raise finances to carry out functions for the common good of all and that Government is by the people, of the people and
Formal employment has the following characteristics that make it convenient to raise taxes: Income in formal employment is certain since those in employment are expected to be in work over a long period of time before retirement. Collection of such tax is less costly since employers are agents to the Government who charge, collect and
Capital allowances is a term that may be defined as tax relief in respect of certain types of capital expenditure by granting specific deductions in respect thereof as per section 15(2) such as deductions in respect to capital expenditure on industrial buildings; capital expenditure of machinery; mining operations; capital expenditure on agricultural land; investment deductions,
Benefits of VAT in the context of a good tax system VAT is usually collected by the government through VAT registered traders. The government does not pay the traders to collect VAT on its behalf. Given the wide scope of VAT, each and every person in the economy is affected. The government is able to