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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
The Labour Institutions Act 2007, Sec. 35 gives the labour officer powers to enforce any Labour Law and to: request production of wage sheets, require employer to give any information with respect to names and addresses of his workers, inspect and copy any material part of any list of employees,
Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that