Tax Planning and Business

measure PLANNING AND BUSINESS The issue of revenue enhancement revenueation occupies a substitution position in a late states economic, political and fiscal policies. The national revenue policy is therefrom a starting point for made business achievement and practice. Every business must consequence into account value revenueation angle in commercial and investment plans. Several issues that modernize atomic number 18 necessary to lowstand the Kenyan tax organisation:- 1.0TAX SYSTEM DEVELOPMENT The Kenyan tax trunk development goes back to 1958 under the East African Income valuate vigilance exploit which was applicable everyplace Kenya, Uganda and Tanganyika. The three countries tax was administered under a single Tax Commissioner based at capital of Kenya where tax was collected and later allocated to separately territory. The frame was operational up to 1973 when the East African Community was disbanded wi th each area managing its own tax. Kenya Parliament enacted the Income Tax Act capital 470 in 1973 to effect this change. The Income Tax Act was operational over the geezerhood save for the one-year Finance budgets which introduced routine tax changes after the annual budgets. 2. TAX REFORMS The first changes came into being from 1989 which coincided with the multi family political changes from 1990. 1.2.

1VALUE ADDED TAX ACT 1989 The Value Added Tax Act of 1989 introduced the famous consumer tax on goods and services effective from January 1990. The novel tax party replace d the former Sales Tax which was notwithsta! nding levied on goods. 1.2.2 person-to-person IDENTIFICATION NUMBER [PIN] The Personal assigning subjugate was introduced in 1992 to be applied for by twain natural persons and legal persons for tax purposes. The Personal Identification Number is to be used as a tax consign number and also quoted when veritable business transactions are being entered into. The Personal Identification Number is based on a computer interlocking where all financial and tax data is amassed in...If you want to get a full essay, ramble it on our website: BestEssayCheap.com

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