IAS 12 – Income Taxes recognises both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity’s assets and liabilities. The difference between the tax base of assets and liabilities and the carrying amount…

When a fixed asset is sold or written off, you need to calculate balancing allowance or balancing charge if capital allowance has been claimed for the asset previously. Balancing allowance is tax deductible whereas Balancing charge is taxable income. While computing a company’s Wear and Tear Allowance for a particular financial year,…

If you are an adult living in Kenya, whether Resident or Non-Resident, the law requires that you to file a tax return declaring any income earned within or outside Kenya from the various sources viz., Employment, Business, Rental, Interest, Farming and others in the previous calendar year. It is important…