As an accountant, one of the most embittering bit of the profession is probably filing taxes. However, learning how to file taxes a key part of the accounting profession.
I was having a conversation recently with Joshua. He had attended the Practical Accounting Course. He was, however wondering if he could get a class that would teach purely on tax filing as he had most of the other knowledge that was covered. This led me to inform him of our How To File KRA Returns Class.
Essentially, the class seeks to cover how you, as an accountant should file taxes on the new iTax portal. Some of the taxes you’ll learn to file include;
Income tax – this is a direct tax charged upon any income for a person. The tax is applicable for both residents and non-residents. In income tax, there are five major subdivisions. These are corporation tax, pay as you earn, withholding tax, advance tax, and installment tax.
Rental income tax – If you own property and rent or lease it out, then you probably know one or two things about rental income tax. Ideally, there are two aspects of this, there’s the commercial aspect and the residential aspect. Each has got its own set of rules that govern the taxed amount.
To facilitate compliance, KRA appoints agents who withhold and pay a percentage of the gross rent as the tax. You can verify these agents by visiting the iTax portal.
Value Added Tax – The VAT is charged upon supply of taxable goods and services provided or made in Kenya. It can also be charged on goods and services that have been imported into Kenya.
Excise duty – Generally, this is a tax charged on goods manufactured in Kenya or those that have been imported into the country. There are laws that given the list of things that can and cannot be taxed. The list includes mineral water, soft drinks, and sodas, most beers other than those made from malt, mobile phone services, cosmetics, and a few others.