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Tax Reporting and Strategy

Managing tax in a dynamic and digital world

Overview

Tax reporting has always been a core competency within the Tax function, but tax reporting processes must incorporate increased automation, better integrated data and processes, more analytic capabilities, technology-savvy tax professionals and solid internal controls.

These improvements will enable the Tax function to deliver better quality output in less time, creating capacity to contribute more strategically to organizational decision making.

 

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How we can help

Tax reporting and compliance

Compliance across all taxes, statutory accounting and tax reporting is becoming increasingly complex. We are using our experience of providing cross border tax compliance services to deliver both domestic and global multi-tax compliance services for our clients.

We can work with you to:

  • Coordinate all the tax compliance activities seamlessly and cost-effectively to include monthly VAT, withholding VAT and withholding tax compliance to include assistance with the preparation and filing of tax returns and advising you on the tax liability and the due date for making the payment.
  • Our experienced specialist team can help you meet the annual corporate tax compliance needs today and provide knowledge of current and emerging regulatory requirements. Our corporate tax compliance services include:
    • Review of the tax computations and advising you on areas that require adjustments.
    • Review of the online tax returns (iTax returns) before submission to the Kenya Revenue Authority (KRA).
    • Advising you on the instalment tax/minimum tax liability and the due date for making the payment.
    • Advising you on the due date for submission of tax returns.
  • Digital service tax (DST) compliance services- DST is payable by a person whose income from the provision of services is derived from or accrues in Kenya through a digital marketplace.
  • We not only assist you to comply with the regulatory requirements, we also identify areas of tax risks and opportunities.
  • Our experience and scalability allow us to customize and adapt our delivery model to align with your broader business goals.
  • We keep you up to date with Kenya tax regulations (including budget updates).
  • We can assist in country-by-country reporting of tax numbers.

Tax strategy and operations

A successful tax professional of the future will be highly proficient in data analysis, statistics and technology, as well as process improvement and risk management. To remain relevant to the business, the tax function must build a compelling, cost effective business case for change.

We can work with you to:

  • Perform a current state review of tax management across your business.
  • Develop a tax strategy that’s aligned to your organisation’s commercial goals.
  • Develop and implement a detailed roadmap for transformation.
  • Undertake detailed tax risk management reviews.
  • Identify and manage the tax risks and challenges and tax opportunities.

 

Tax technology

Whilst companies largely understand the importance of creating strategies around tax technology and pursuing related initiatives, most have yet to make appropriate investments in these areas. 

These investments play an integral role in transforming tax into a strategic business partner within the organisation.

We can work with you to:

  • Meet the challenges of tax reporting and compliance obligations.
  • Design and execute the right tax and tax technology strategies to manage tax risks in a rapidly changing environment.
  • Take full advantage of the opportunities presented by use of technology.
  • Improve your tax accounting processes and other processes.
  • Manage and analyse data from a tax perspective.

 

Tax accounting services

We provide the following services:

  • Reduce tax risks and achieve better control over your tax accounting function through improved and more efficient processes.
  • Account for uncertain tax positions (such as assessments).
  • Provide specialised tax accounting services, including deferred tax, tax expense and tax basis balance sheet assistance.
  • Provide tax accounting technical assistance and support, including customised training.
  • Provide advice related to tax accounting and treatment of income statement and balance sheet items.

Accounting and bookkeeping services

We provide the following services:

  • Bookkeeping and management reporting (trial balance, general ledger listings, balance sheet, relevant account breakdown and income statement).
  • Cash management (invoice and payment processing, preparing cash book and bank reconciliations).
  • Support for year-end closing and statutory reporting: preparing annual statutory financial statements, liaising with auditors (preparing audit schedules,answering year-end audit queries, updating trial balances with year-end audit adjustments).
  • Other reporting such as budgets and cash flow.
  • Special projects such as providing additional accounting support to your business.

 

Payroll services

Our objective is to help you manage your business efficiently and effectively, and with the assurance of strict confidentiality at all times. Our payroll services team will tailor its work to your specific needs, allowing you to focus on your core business.

We provide the services below:

  • Payroll tax compliance: We help companies manage payroll tax effectively, while meeting the standards required by Kenya Revenue Authority (KRA).
  • Risk Management: We help companies to minimise tax exposure by helping them with payroll reviews (“health checks”), KRA audits and investigations.
  • Cost management: the cost of employing people is often the biggest cost a company faces. We help employers restructure pay and benefit arrangements.
  • Coordination: We provide multi-country expatriate payroll coordination and local payrolls through a high end technology solution that guarantees that payrolls are turned around quickly and accurately.
  • Payroll advice and training: We provide payroll processing compliance advice for the purpose of meeting management reporting. 
  • Tax registrations and deregistration to include social security and health insurance registrations and de-registrations;
  • Application for tax residency certificates and individual Tax Compliance Certificates; 
  • Support in filing Horn of Africa annual tax returns.

 

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Contact us

Obed Nyambego

Obed Nyambego

Partner, Tax Reporting & Strategy Leader, PwC Kenya

Tel: +254 (0) 20 285 5000

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