This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to address advanced public finance and taxation matters in public and private sector entities.
16.0 LEARNING OUTCOMES
A candidate who passes this paper should be able to:
- Design a tax policy
- Compute tax for complex aspects of companies and specialised entities
- Apply tax laws in mitigating tax costs for various tax payers
- Analyse the taxation issues associated with international transactions
- Apply advanced public financial management principles in practice
CONTENT
16.1 External resource financing
- Establishment of External Resource Department in the National Treasury
- Role played by External Resource Department in raising of external finances
- Book keeping and management of donor funds
- Regulation of grants administration
- Monitoring of public projects through clients connections and EPROMIS
- Development partners and contractual agreements
16.2 Public Investments
- Establishment of government investment departments
- Mandate of government investment departments
- Establishment of State Corporations (State Corporation Act Cap 446)
- Role of Public Investments Board; KenInvest
- Other players in public investment
16.3 Public Private Partnerships arrangements
- PPP models
- PPP parties, (PPP committee, PPP unit, contracting authority, PPP nodes, transactional advisor)
- Contract/project agreements, guidelines and standards
- Composition and role of PPP petition committee
- Establishment and role of PPP project facilitation fund
- PPP projects in the country- case study
16.4 Public debt management
- Establishment of debt management office
- Objectives of debt management in public sector
- Sources of public debt in Kenya
- Debt management strategy paper
- Relationship between debt management and budget process
- Debt sustainability analysis
- Comparative study of debt management strategy in East Africa Community
- Management of debts by county governments and other public entities
- Role of Cabinet Secretary of the National Treasury in public debt management
16.5 Advanced aspects of the taxation of business income
- Conversion of partnerships into liability companies, and incorporation of incoming and retiring partners during the year
- Limited companies, including holding companies, taxation of related parties
- Charitable institutions
- Leasing entities
- Co-operative societies
- Trade associations and clubs Taxation of extractive industries
- Banking, insurance, sea and air transport undertakings
- Unit trusts
- Real estate investment trusts (REITS)
- Property developers and contractors
- Application of relevant case law
16.6 Tax administration and investigations
Investigations and enforcement department
- Tax fraud
- Events which may trigger an investigation
- Tax investigation
- Back duty and in-depth examinations
- VAT computation, imported services, VAT withholding agents, restriction on input tax claim submission of VAT documents, VAT documentation refunds, false claims and accountant’s certificate
- Compensating tax
- Incorrect and fraudulent returns
- Customs and excise investigations
- Negotiation for settlement
- Tax audit
- Appellant bodies and appeal procedures
- Alternative dispute resolution mechanism
- Application of relevant case law
16.7 Taxation of cross border activities
- Distinction between trading in and trading with a country; double taxation agreements; theory, design and application
- Regional perspective with reference to the East African Community (EAC) and the Common Market for Eastern and Southern Africa (COMESA)
- Most favoured nation status
- Generalised system of preference and AGOA
- Withholding tax provisions
- Tax havens and treaty shopping
- Tax information exchange agreements OECD
- Transfer pricing
- Application of relevant case law
16.8 Tax planning
- Tax planning for individuals
- Identifying opportunities to alleviate, mitigate or defer the impact of direct or indirect taxation
- Evaluating remuneration packages
- Tax avoidance and anti-avoidance provisions
- Uses of tax incentives
- Disposal of business operations and restructuring of activities
- SEZA
- Tax risks
16.9 Tax systems and policies
- Types of tax systems
- Role of taxation in economic development
- Design of a tax policy
- Criteria for evaluation of a tax system
- Tax reforms and modernisation of tax systems under various Acts
- KRA structure – LTO, MTO
16.10 Professional practice in taxation
- Forms of tax practice and matters relating thereto
- Matters relating to new clients
- Handling of client work
- Disclosures in tax returns, computations and correspondence with the Revenue Authority
- Moral and ethical issues in taxation
- Tax agents, appointment, obligations, professional liability
- Cancellation of tax agents licence
- Role of tax agents in appeals procedure
- Tax health check,
16.11 Emerging issues and trends
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