Circumstances under which duty paid on imports is refundable
i) Capital goods of more than $5m per investment for new investment aimed at net forex savings or earnings
ii) Goods imported by oil exploitation or oil prospecting companies
iii) Capital equipment's and machinery imported or purchased solely for use in a manufacturing under bond / or in licensed customs bonded factory for export only.
iv) Goods used in an official aid funded capital investment project
v) Goods imported under bond for manufacture of experts
Wilfykil answered the question on February 25, 2019 at 09:52
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Under what circumstances are imported goods considered to have been dumped in your country.
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Under what circumstances are imported goods considered to have been dumped in your country.
Date posted:
February 25, 2019
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Answers (1)
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The following details were extracted from the books of Abib Traders. VAT No.A11146789P for the month of December 2005.
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The following details were extracted from the books of Abib Traders. VAT No.A11146789P for the month of December 2005.
Date posted:
February 25, 2019
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Answers (1)
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Zawadi Ltd is a Nakuru based company dealing in a variety of VAT designated goods. The following transactions were recorded for the month of September...
(Solved)
Zawadi Ltd is a Nakuru based company dealing in a variety of VAT designated goods. The following transactions were recorded for the month of September 2006:
Date posted:
February 25, 2019
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Answers (1)
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Mr. Dickson Maelfu is a-businessman with interests in the manufacturing sector. He is facing a back duty investigation by the revenue authority which suspects that...
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Mr. Dickson Maelfu is a-businessman with interests in the manufacturing sector. He is facing a back duty investigation by the revenue authority which suspects that he has been under - declaring income four years from year 2003 to year 2006.
You are the head of the team from the revenue authority conducting this investigation. Maelfu has submitted to you records of his private and business assets and liabilities from 1 January 2003 to 31 December 2006 as shown below.
Date posted:
February 25, 2019
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Answers (1)
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Samia Ltd. reported the following income during the year ended 31 December 2007:
(Solved)
Samia Ltd. reported the following income during the year ended 31 December 2007:
Date posted:
February 25, 2019
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Answers (1)
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Briefly explain two conditions under which bad debt relief on VAT might be provided
(Solved)
Briefly explain two conditions under which bad debt relief on VAT might be provided
Date posted:
February 25, 2019
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Answers (1)
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Your client, Malipo Enterprises, had been operating since 1 January 2008 without filing income tax returns. The rapid but unexplained growth of the firm was...
(Solved)
Your client, Malipo Enterprises, had been operating since 1 January 2008 without filing income tax returns. The rapid but unexplained growth of the firm was brought to the attention of the tax-officers through die public media. The revenue authority officers lodged investigations from the period I January 2008 to 31 December 20] I and filed the following details from the business records:
Date posted:
February 25, 2019
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Answers (1)
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Explain The main tax incentives available to investors setting up companies in the Export Processing Zones (EPZs) in Kenya
(Solved)
Explain The main tax incentives available to investors setting up companies in the Export Processing Zones (EPZs) in Kenya
Date posted:
February 25, 2019
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Answers (1)
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Charitable trusts are nonprofit making organizations formed with the objective of promoting the social well-being of the general public. With reference to sections 25 and...
(Solved)
Charitable trusts are nonprofit making organizations formed with the objective of promoting the social well-being of the general public. With reference to sections 25 and 26 of the income tax act (cap 470), explain the tax treatment of the charitable trusts
Date posted:
February 25, 2019
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Answers (1)
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Bima Insurance Company Limited is registered in Kenya to carry out life and general insurance business. From its general ledger and other records for the...
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Bima Insurance Company Limited is registered in Kenya to carry out life and general insurance business. From its general ledger and other records for the year ended 31 December 2003, you have been able to extract the following information:
Date posted:
February 25, 2019
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Answers (1)
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The management of Shamrock Bank Ltd. Has sought your professional guidance in determining the Bank’s tax liability for the year ended 31 December 2003.
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The management of Shamrock Bank Ltd. Has sought your professional guidance in determining the Bank’s tax liability for the year ended 31 December 2003.
The income statement of Shamrock Bank Ltd. For the year ended 31 December 2003 is given below:
Date posted:
February 25, 2019
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Answers (1)
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Omega insurance company is a resident insurance business carrying, on both general and life insurance businesses. The following relates to the insurance company’s financial year...
(Solved)
Omega insurance company is a resident insurance business carrying, on both general and life insurance businesses. The following relates to the insurance company’s financial year ended 31st December 2010
Date posted:
February 25, 2019
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Answers (1)
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Wakulima savings & Credit Co-op. Society Ltd prepared the following income statement for the year ended 31st December 2010
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Wakulima savings & Credit Co-op. Society Ltd prepared the following income statement for the year ended 31st December 2010
The SACCO intends to distribute Shs. 100,000 as dividend and bonuses to its members. All investment incomes have been stated gross of withholding tax where applicable.
Required;
Determine the taxable profit and tax liability if any of Wakulima Sacco for the year end 31 December
Date posted:
February 25, 2019
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Answers (1)
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Explain how savings and Credit cooperatives society (Sacco) are taxed
(Solved)
Explain how savings and Credit cooperatives society (Sacco) are taxed
Date posted:
February 25, 2019
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Answers (1)
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Githunguri Dairy farmers cooperative society and prepared the following income statements for the year ended 1st December 2010
(Solved)
Githunguri Dairy farmers cooperative society and prepared the following income statements for the year ended 1st December 2010
Date posted:
February 25, 2019
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Answers (1)
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Makazi Savings and Credit Cooperative Society (Sacco) Ltd. reported the following incomes and expenditure for the year ended 31 December 2005:
(Solved)
Makazi Savings and Credit Cooperative Society (Sacco) Ltd. reported the following incomes and expenditure for the year ended 31 December 2005:
Required:
The taxable profit of Makazi Sacco Ltd. for the year ended 31 December 2005
Date posted:
February 25, 2019
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Answers (1)
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Malipo General Insurance Company Limited has provided the following details with respect to its financial year ended 31 December 2005.
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Malipo General Insurance Company Limited has provided the following details with respect to its financial year ended 31 December 2005.
Date posted:
February 25, 2019
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Answers (1)
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Jackson and Martin, who are both resident in Kenya, are in partnerhip trading as Jama Investments. The following details relate to their business for the...
(Solved)
Jackson and Martin, who are both resident in Kenya, are in partnerhip trading as Jama Investments. The following details relate to their business for the year ended 31 December 2003. Profits and losses are shared by Jackson and Martin in the ratio of 2:3 respectively.
Date posted:
February 25, 2019
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Answers (1)
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Shada and Pete have been operating a jewellery retail business in Nairobi and sharing profit and losses equally. They have not maintained proper records of...
(Solved)
Shada and Pete have been operating a jewellery retail business in Nairobi and sharing profit and losses equally. They have not maintained proper records of their transactions.
They have engaged you at an agreed fee of Sh. 50,000 to prepare their books and make their annual tax returns. You establish that the partners earn salaries annually and also charge 10% interest per annum on their drawings
The following presented to you is relevant:
Date posted:
February 25, 2019
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Answers (1)
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Ali and Musa are in partnership trading as Alimusa Enterprises. They share profits and losses in the ratio of 2:3 for Ali and Musa respectively....
(Solved)
Ali and Musa are in partnership trading as Alimusa Enterprises. They share profits and losses in the ratio of 2:3 for Ali and Musa respectively. The partners presented the following profit and loss account of the partnership for the year ended 31 December 2004:
Date posted:
February 25, 2019
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Answers (1)