CPA 012: Public Finance and Taxation
Categories: Certified Public Accountants (CPA)
About Course
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GENERAL OBJECTIVE
This paper is intended to equip the candidate with knowledge, skills, and attitudes that will enable him/her to apply public financial management principles, implement public financial management regulations at middle management levels, and prepare non-complex tax computations for individuals and corporates.
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STUDENTS ALSO BOUGHT
- CPA 013: Leadership and Management
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What Will You Learn?
- Public financial management in both the public and private sectors
- Tax computation for various individuals and entities
- Appllication of the written taxation laws in addressing various tax issues
- Filing of tax returns
- Non-complex tax reviews.
Course Content
INTRODUCTION TO PUBLIC FINANCIAL MANAGEMENT
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Nature and scope of public finance
05:56 -
Sources of public finance
03:40 -
Objectives of the Public Financial Management Act and Financial regulations
08:40 -
Budget process for national, county and public entities, Development plan preparation, Treasury circulars, Cash flow projections, Budget estimates and revenue raising measures
18:11 -
Role of the National Treasury and County Treasuries with respect to the management and control of public finance
04:44
RELATIONSHIP BETWEEN NATIONAL AND COUNTY GOVERNMENTS ON BUDGET AND ECONOMIC MATTERS
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The process of sharing revenue between national and county governments and among the county governments: Factors considered and formula used
06:05 -
Division of revenue bill and county allocation of revenue bill
04:45 -
The role of the Commission on Revenue on Allocation (COR)
03:45 -
The role of the Council of Governors in county financial management
02:15 -
National Government public funds: The Consolidated Fund; The Contingency fund; The Equalisation fund and Other National Government public funds
03:29 -
County Government public funds; County Revenue Fund; County Government Emergency Funds and other county public funds
02:09 -
County government revenue sources.
01:45
OVERSIGHT FUNCTION IN PUBLIC FINANCE MANAGEMENT
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The role of National Assembly: Responsibilities of the National Assembly budget committee in public finance matters
02:51 -
The role of Senate: Responsibilities of the Senate budget committee in public finance matters
02:19 -
The role of Parliamentary Budget Office
02:01 -
The role of Auditor General
02:16 -
The role of Internal Audit
02:06 -
Role of Controller of Budget
03:19 -
The role of public sector accounting standards board
02:02
PROCUREMENT IN PUBLIC ENTITIES
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Introduction to Public Procurement and Disposal (PPD) Act
04:55 -
Procurement guidelines as envisaged by PPD Act
06:41 -
Procurement process by National, County and other public entities: The role of the National Treasury, Public Procurement Regulatory Authority and Public Procurement Administrative Review Board
16:43 -
Tendering process and selection of suppliers in public sector
16:57 -
Concept of e-procurement
19:51
PUBLIC PRIVATE PARTNERSHIPS ARRANGEMENT
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Rationale and justification for Public Private Partnerships
17:18 -
Establishment of Public Private Partnerships (PPP) Unit in the National Treasury
06:00 -
Contract/project agreements, guidelines and standards
17:10 -
Composition and role of PPP petition committee
03:47 -
Establishment and role of PPP project facilitation fund
05:05
PUBLIC DEBT MANAGEMENT
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Establishment of debt management office
04:38 -
Objectives of debt management in public sector
08:20 -
Sources of public debt in Kenya
03:34 -
Management of debts by county governments and other public entities
08:25 -
Role of the Cabinet Secretary of the National Treasury in public debt management
02:56 -
Measures that can be adopted to reduce public debt
04:25
INTRODUCTION TO TAXATION
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Definition of Tax, Taxation and Types of taxes in Kenya
31:54 -
History of taxation
02:18 -
Classification of taxes; Tax shifting and Factors that determine tax shifting
15:51 -
Principles of an optimal tax system
02:24 -
Types of tax systems; Single versus multiple tax systems
02:49 -
Purposes of taxation/Why the government levy taxes
02:51 -
Tax evasion and tax avoidance
04:39 -
Taxable capacity
04:09 -
Budgetary and Fiscal policies
02:59 -
The Revenue Authority; Structure, Functions, Large and Medium Taxpayers Office mandate
02:23
TAXATION OF INCOME : INTRODUCTION
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Basis of charging tax in Kenya: Section 3 of the Income Tax Act
01:46 -
Concept of residency and Criteria of taxing income in Kenya
02:20 -
Taxable and non-taxable persons
04:49 -
Specified Sources of income
04:49 -
Incomes exempted from taxation
07:25
TAXATION OF EMPLOYMENT INCOME
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Taxable cash and non-cash benefits/rewards received from employment
14:06 -
Non-taxable cash and non-cash benefits/rewards received from employment
04:04 -
Allowable deductions against employment income
06:18 -
Tax credits (withholding tax, personal and insurance relief, others)
07:02 -
Taxation of lumpsum payment for services rendered and services that would have been rendered; Gratuity, terminal dues, compensation for loss of office
01:45 -
Operations of PAYE systems: Preparation of PAYE returns, categories of employees, multiple sources of income, irregularly paid employees, casual workers, PAYE audit and triggers
04:55 -
Other Statutory deductions (NSSF and NHIF)
02:03 -
All these should be illustrated with relevant computations including PAYE computations
27:47
TAXATION OF BUSINESS INCOME
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Introduction to taxation of business income including criteria of taxing business income
03:41 -
Income Tax Act provisions on computation of business income
05:30 -
Allowable and disallowable business expenses and taxable business income
13:05 -
Taxable business income and tax payable computations in respect of Sole proprietorship
06:04 -
Taxable business income and tax payable computations in respect of Partnerships (excluding admissions, retirement of partners and conversions)
00:00 -
Taxable business income and tax payable computations in respect of Incorporated entities (excluding specialised institutions)
00:00 -
Taxation of rental income and royalties
07:00 -
Taxation of Farming income
02:47 -
Taxation of Investment income (Dividend and interest income)
06:19 -
Turnover tax and Minimal tax
03:02 -
Taxation of Capital gains
05:19 -
Taxation of Digital income; digital service tax and Digital service tax agents
01:18 -
Withholding Tax : Income subject to withholding tax (Dividends, Interest, management and profession fees, royalties)
27:56 -
Withholding Tax: Introduction to Double Tax Agreements and the impact on withholding tax payments All the above should be illustrated with relevant basic computations
00:00 -
Withholding Tax Rates on Residents and non-residents.
00:00
INVESTMENT ALLOWANCES/DEDUCTIONS
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Introduction to capital allowances and Rationale for capital deductions
01:21 -
Types of capital allowances; Theory and computations
02:55 -
Investment deductions; Ordinary manufacturers
08:58 -
Industrial building deductions
08:58 -
Wear and tear allowances
04:41 -
Farm works deductions
01:03 -
Shipping investment deduction
10:40 -
Other deductions
10:40
ADMINISTRATION OF INCOME TAX AND TAX PROCEDURES
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Registration and deregistration of tax payers
05:39 -
Personal identification number: Issue, uses, cancellation of a PIN
07:45 -
Taxpayer’s tax representative: Appointment, liabilities and obligations
07:15 -
Tax Returns and Assessments: Self-assessment, Default assessment, Advance assessment, Amendment of assessments
07:21 -
Collection, recovery and refund of taxes
06:35 -
Tax Decisions, Objections, Appeals and Relief of mistakes
04:26 -
Voluntary Tax Disclosure Program
00:00 -
Administrative penalties and offences
07:20 -
Application of ICT in taxation: Practical use of iTax to file the returns
02:29
ADMINISTRATION OF VALUE ADDED TAX (VAT)
-
Introduction to VAT, Basis of charging VAT and VAT rates
00:00 -
Rights and obligations of VAT taxable person
00:00 -
Registration and deregistration of businesses for VAT
00:00 -
Key terms in VAT: Input tax, Output tax, Supply, Time of supply/Tax point and Taxable value of a supply/Value for VAT supported with relevant calculations
00:00 -
Deduction of input tax
00:00 -
Accounting for VAT and VAT records
00:00 -
Taxable and non-taxable supplies: Zero rated supplies, Exempt goods and exempt services including restriction of input tax claim
00:00 -
Privileged persons and institutions
00:00 -
Withholding VAT and withholding VAT agents
00:00 -
VAT returns and assessments including VAT Auto Assessments
00:00 -
Remission, rebate and refund of VAT
00:00 -
Changes to be notified to the commissioner
00:00 -
Offences, fines, penalties and interest
00:00
CUSTOMS TAXES AND EXCISE TAXES
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Purpose of customs and excise duties
00:00 -
Imposition of customs duty
00:00 -
Customs procedure
00:00 -
Bonded warehouse and bond securities
00:00 -
Goods subject to customs control
00:00 -
Refund of duty
00:00 -
The Simba System/Integrated Customs Management System
00:00 -
Imposition of excise duty
00:00 -
Excisable goods under excise control
00:00 -
Application for excise duty (licensing), issue of licences, Suspension and Cancellation of Licences
00:00 -
Excise stamps and Excisable goods management system
00:00 -
Refund of excise duty
00:00 -
Excise duty returns and payments
00:00 -
Offences and penalties
00:00
MISCELLANEOUS FEES AND LEVIES
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Export levy
00:00 -
Import Declaration fee (IDF)
00:00 -
Railway Development Levy (RDL)
00:00 -
Stamp duty
00:00 -
Catering levy
00:00 -
Motor vehicle advance tax
00:00 -
Betting, Lotteries & Gaming taxes
00:00
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