Event report
CFO's Roundtable Network with Bank of Africa and CDH
Comprehensive presentation by Alex Kanyi, Partner at CDH.
Today we had a successful CFO Roundtable Network event in partnership with Bank of Africa and CDH. The event kicked off with Allan Munyua, Senior Investment Director at Meridiam, who provided valuable insights on tax planning and compliance strategies.
The session also featured a detailed presentation by Alex Kanyi, Partner at Cliffe Dekker Hofmeyr, focusing on a detailed analysis of the recently released Finance Bill 2024, a discussion on taxation measures and budget allocation as well as it's implication on businesses.
Key Highlights:
Budget vs. Revenue:
- FY 2023/24: Budget - 3.4 trillion, Revenue Target - 2.9 trillion
- FY 2024/25: Budget - 3.9 trillion, Revenue Target - 3.35 trillion
Economic Growth Projections:
- 2024: 5.5%
- 2024/25: 5.3%
Income Tax Amendments:
- Expanded definitions for digital content monetization and royalties
- Changes to withholding tax thresholds for management and professional fees
- New tax proposals for digital platforms and family trust incomes
- Introduction of minimum top-up tax and advance pricing agreements
VAT and Excise Duty Changes:
- New VAT definitions, including a "Tax invoice"
- Increase in VAT registration threshold
- Excise duty on services by non-residents through digital platforms
- Increased excise duty rates on services like telephone and internet data
Other Legislative Impacts:
- Updates to the Data Protection Act, allowing KRA to access data for tax collection
- Affordable Housing Act and Public Finance Management Act changes
- Introduction of an Eco Levy and changes in importation tax rates
We extend our gratitude to all participants for their active involvement and contributions. Special thanks to Alex Kanyi, Partner at CDH, for his comprehensive presentation and to Bank of Africa for hosting us.
