Tarra Agility Africa was privileged to participate in the annual KATA AGM and Travel Convention at the Sarova Whitesands Beach Resort & Spa in Mombasa.
Our Tax and Compliance Partner CPA Beatrice Njeri, delivered an insightful presentation on three critical topics:
1. Tax Health Check
2. Tax Assurance
3. Finance Bill, 2024
In her engaging session, Beatrice highlighted the importance of staying updated with tax matters and ensuring compliance to avoid hefty penalties. She also delved into the latest updates and implications of the Finance Bill, 2024, providing valuable insights for businesses to navigate the complex tax landscape.
Key Takeaways from Beatrice Presentation:
Tax Health Check: Is your CFO up-to-date with all tax matters? Is your company ready for a KRA audit? Regular tax health checks can safeguard your business against unexpected challenges. The introduction of eTIMS by the KRA mandating electronic invoicing for all businesses, affecting travel agents by making expenses unsupported by an eTIMS invoice non-deductible.
Tax Assurance: Are you paying the correct amount of tax, at the right time? Tax assurance helps in maintaining compliance and optimizing tax liabilities. Revenue recognition for travel agents now strictly considers commission or fees earned, excluding the air ticket cost, with penalties for non-compliance reaching KSh 2 million per month.
Finance Bill, 2024: Key changes and updates in the Finance Bill, 2024 proposes to impose a 16% VAT on constructing tourism facilities, locally assembled vehicles for tourist transport, and aircraft and their parts, marking significant changes that demand industry adaptation and vigilance.
At Tarra Agility Africa, we specialize in providing comprehensive tax, legal, and accounting advisory services. Our expertise supports businesses in optimizing their operations and ensuring compliance, enabling them to focus on growth and value creation.
