As Benjamin Franklin said, “In this world, nothing can be said to be certain except death and tax”. A tax is an unwelcome financial charge imposed by a government agency on a taxpayer, who under this premise includes both an individual and a legal organization, to fund government operations and other expenditures. The government receives a portion of the taxpayer’s income as payment.
Taxes aren’t always clear-cut. It might be challenging to keep up with all the legislation being passed since they can be complex and dynamic. A thorough tax plan is necessary to help you arrange your money, lower your tax liabilities, and lessen the stress that comes with paying your taxes.
There are several different forms of taxes in Kenya’s tax system, including income tax, corporation tax, Pay As You Earn (PAYE), withholding tax, and value-added tax. The Kenya Revenue Authority, an independent statutory agency that has several departments to regulate the various sorts of taxes, is in charge of overseeing the system. Its responsibility also includes reviewing and assessing individual and company tax returns. This accounts for the recent report that the Kenya Revenue Authority is seeking millions of shillings from businesses to notify them of unpaid taxes and penalties.
The only factor influencing whether you need to engage a tax expert is how your firm is run. A tax advisor may be a very rewarding investment and will assist you in avoiding fines.
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Benefits of Engaging a Tax Consultant in Kenya include the following;
- Trouble-free Income Tax Return Filing.
- Deduction in taxes.
- Greater availability of time to make business strategies.
- Assistance in Audit.
- Expert’s Services.
- Risk-free services.
- Grip over Changing Tax Structure.