This new book entitled “Public Finance and Taxation Made Easy” was written by Susan Wangechi, a senior public finance and taxation lecturer at Vision Institute of Professionals. She holds CPA (K), BBA, and MBA. She is a full member of the Institute of Certified Public Accountants of Kenya (ICPAK). She is also a tax consultant.
Wangechi’s book that she has just launched aims at simplifying the study and understanding of the principles and practices of taxation. This was after a comprehensive research of all areas touching taxation practices, which include:
#1. Theory of taxation
In this topic, one is equipped with the general knowledge of what tax entails, e.g., definition of tax, types of taxes, functions of KRA, principles/canons of taxation, classification of taxes, tax evasion and avoidance, taxable capacity, etc.
#2. Income tax
In this topic, we get to know, the sources of taxable income in the country, the rules/criteria of taxing an income, definition of a resident for tax purposes and taxation of a resident and a non-resident.
#3. Employment income
This is a major topic in this book where we get to learn about employment, employer and employee and the relationship therein.
We also get to know the taxable employment benefits, the non-taxable employment benefits and the allowable deductions against the employment income. This is where we get to know how to compute the taxable employment income and computation of tax thereon.
#4. Business income
This is also a major topic where we learn on how to compute the adjusted taxable business profits.
Under this we will be able to differentiate between allowable and non-allowable expenses, taxable and non-taxable incomes.
#5. Capital allowances/deductions
In this topic we learn that these deductions reduce the taxable business income. We will learn how to compute these deductions, which include;
Wear and tear allowance, investment deduction, industrial buildings deductions, farm work deduction and mining allowances.
#6. Value Added Tax (VAT)
Under this topic we learn about the differences between vat and sales tax, we also learn about the input and output tax and how to compute vat payable and/or refundable using a vat account and schedule.
We also learn about the obligations of a taxable person, rights of a registered person, zero-rated persons and institutions and vat refund. It also clearly explains how to compute the bad debt relief claim and the documents which accompany the claim.
#7. Turn over tax (TOT)
We get to know when TOT was introduced and its effective date, incomes which is subjected to TOT, incomes exempted from TOT and the benefits of TOT.
The book also covers taxation of other incomes, e.g., rental and royalties, interests and dividends income.
Price: Ksh1,000. Buy the book and get free Tutorial for tuition from the Author
Free Delivery with in Nairobi CBD
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The Book Cover