Tax health check reviews
In many jurisdictions, including Kenya, taxation is largely accounted for on a self-assessment basis. Because of this arrangement, the tax authority constantly reviews tax declarations made through the self-assessments, and data review from third parties in an effort to independently validate the declarations made through those self-assessment returns. Validation involves the authority seeking to find out if all the tax legislations and regulations have been complied with in making the self-assessment declarations. There is therefore a huge potential tax risk where the regulations are found not to have been followed. At Kreston KM, we assist the client to mitigate such risks by conducting periodic tax health checks that help to identify and rectify any non-compliances with applicable tax laws, rules and regulations. We plan and execute our tax health check activities in a manner that helps to identify any areas of tax planning to minimize your tax obligations within the law. Tax obligations that often fall within the purview of our tax health check in Kenya includes, among others:–
- Corporation taxes at resident and non-resident rates
- Deemed interest
- VAT
- Withholding VAT
- Withholding taxes
- Fringe benefits tax
- Stamp duties
- Thin capitalization
- Transfer pricing
- Reverse VAT
- Customs duty
- Excise duty