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Auditors push for guidelines in review of the Income Tax law


ICPAK chairman Fernandes Barasa. FILE PHOTO | NMG

The Institute of Certified Public Accountants of Kenya (ICPAK) has called for the development of an income tax policy to guide the review of Income Tax Act.

ICPAK national chairman Fernandes Barasa said the lobby has proposed a raft of measures to facilitate the simplification of the tax system. The measures are supposed to simplify current system to facilitate the design of a more responsive regime.

“It is therefore the Institute’s professional opinion that an income tax policy be developed to guide the review process of the Income Tax Act.”

The guidelines will also harmonise and consolidate the taxation of income in various sectors in line with the International Financial Reporting Standards (IFRS).

He was addressing a press conference at Sarova Whitesands Beach Resort in Mombasa on Wednesday on the sidelines of the 33rd ICPAK annual seminar.

On the August 8 polls he said “professionals, businessmen, politicians, clergy, students and voters” should help the Independent Electoral and Boundaries Commission to “conduct and deliver credible elections.”