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AD33: PRINCIPLE OF PUBLIC FINANCE AND TAXATION

Description

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GENERAL OBJECTIVE

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to apply principles of public financial management and taxation in practice.

LEARNING OUTCOMES

A candidate who passes this paper should be able to:

Comply with the regulatory framework in public financial management (PFM)

Compute tax for various entities

Manage the budgetary process, public revenue and control public expenditure in national and county governments

Apply the written tax law in addressing various tax

Weekly Course Recap Zoom Session

What Will I Learn?

  • Regulatory framework in public financial management (PFM)
  • Computation of tax for various entities
  • The budgetary process, public revenue and control public expenditure in national and county governments
  • Written tax law

Topics for this course

10 Lessons70h

INTRODUCTION TO PFM LEGAL FRAMEWORK?

- General overview of Public Financial Management as envisaged by the Constitution( Chapter 12 of the constitution) - Financial regulations - Treasury Circulars - Process of developing county government finance bills
Nature and Scope of PFM
General overview of Public Financial Management as envisaged by the Constitution( Chapter 12 of the constitution)
Financial regulations
Treasury circulars
Process of developing county government finance bills

PUBLIC BUDGET PROCESS FOR PUBLIC BODIES?

- General definition of budgets terms - Role of budget officers in budget preparation and execution - Responsibilities of The National and County treasury’s in relation to budget preparation - Budget process for both national, county and Public entities - Budgetary and fiscal policy tools

OVERSIGHT FUNCTION IN PFM?

- The role of National Assembly - The role of Senate - The role of County Assembly - The role of Auditor General - The role of Internal Audit - Role of Controller of Budget in relation to disbursement of public funds as envisaged by the Constitution and PFM Act, 2012

INTRODUCTION TO TAXATION?

- History of taxation - Types of taxation - Principles of an optimal tax system - Single versus multiple tax systems - Classification of tax systems - Tax shifting - Factors that determine tax shifting - Tax evasion and tax avoidance - Taxable capacity - Fiscal policies - Revenue authority –history ,structure and mandate

TAXATION OF INCOME OF PERSONS?

- Sources of taxable incomes - Meaning of residence - Significance of residence - Withholding tax - Employment Income:  taxable and non taxable employment benefits  allowable deductions against employment income  taxation of employment income  tax credits against gross tax - Business Income  definition of business  circumstances under which taxable business income is deemed to have accrued.  reasons why accounting profit and taxable profits are different  taxation of sole proprietorship, partnership and incorporated entities - Other incomes  royalties  rental  farming  investment (interest and dividends)  pension income  turnover tax/presumptive tax  rationale behind introduction of turnover tax  incomes exempted from turnover tax  payment of turnover tax  benefits of turnover tax

CAPITAL DEDUCTIONS?

- Rationale for capital deductions - Investment deductions - Industrial building deductions - Wear and tear allowances - Diminution in value - Farm works deductions

ADMINISTRATION OF INCOME TAX?

- Overview of the income tax act - Identification of new tax payers - Assessments and returns - Operations of PAYE systems: Preparation of PAYE returns, categories of employees - Notices, objections, appeals and relief of mistake - Appellant bodies - Collection, recovery and refund of taxes - Offences, fines, penalties and interest - Application of ICT in business; iTax, simba system

ADMINISTRATION OF VALUE ADDED TAX?

- Introduction and development of VAT - Registration and deregistration of businesses for VAT - Taxable and non taxable supplies - Privileged persons and institutions - VAT rates - VAT records - Value for VAT, tax point - Accounting for VAT - VAT returns - Remission, rebate and refund of VAT - Rights and obligations of VAT registered person - Changes to be notified to the commissioner - Offences fines, penalties and interest - Enforcement - Objection and appeals: Requirements and procedure

CUSTOMS TAXES AND EXCISE TAXES?

- Customs procedure - Import and export duties - Prohibitions and restriction measures - Transit goods and bond securities - Excisable goods and services - Goods subject to customs control - Circumstances under which duty may be refunded - Purposes of customs and excise duties

EMERGING ISSUES AND TRENDS

About the instructors

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114 Courses

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GlobopointConsultantsLtd

e-Learning Training and Consultation

 

Globopoint Consultants Limited is a fully registered Research, Training, and Consultancy firm based in Mombasa Kenya serving the entire East African region and beyond. The company is geared towards building professionals, entrepreneurs, growing businesses, and fostering sustainable economic development.

Globopoint Learning center is a fully accredited institution run by Globopoint Consultants Limited to specifically nurture modern-day professionals in the business field in an easy, practical, and convenient way.

4.67 (6 ratings)

144 Courses

1409 students

KSh1,000.00

Material Includes

  • Regularly updated online notes
  • Handouts
  • Zoom sessions
  • Video Clips & Recordings
  • KASNEB Past Papers Questions and Answers
  • Case Studies

Requirements

  • PASS in ATD Level 2

Target Audience

  • ATD Level 3 Students
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