TURNOVER TAX (TOT) The turnover tax was re-introduced in the Finance Act 2019 effective 1st January 2020 with similar regulations previously applied. Notable changes are; Monthly submission of the TOT returns by 20th of the following month. Presumptive tax is still applicable in addition to the TOT Presumptive tax can be claimed as a creditContinue reading “Ace Group – Tax Alert 1/2020”
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Kenya: Anti Money Laundering Laws and Regulations
On Saturday 1st June 2019, the Central Bank of Kenya announced that it shall be issuing new generation notes, and specifically for the Kshs 1,000 note currently in circulation would cease to be legal tender from 1st October 2019. See links below Click to access New-Generation-Banknotes-Pamphlet.pdf Click to access 1727542341_Governor’s%20Remarks%20-%20Launch%20of%20the%20New%20Generation%20Banknotes.pdf (CBK – Governors full speech)Continue reading “Kenya: Anti Money Laundering Laws and Regulations”
Risk Management for Islamic Financial Institutions
Islamic finance (Capital Markets, Banking and Insurance) has emerged from a niche financial market to the mainstream of finance. The geographic market, clientele served, products base and volume of funds have grown significantly. Furthermore, the players have increased and now include not only pure Islamic institutions but also hybrid players (conventional bank with Islamic FinanceContinue reading “Risk Management for Islamic Financial Institutions”
Book Launch: Islamic Finance for Green and Sustainable Projects and Ventures
In recent years, the United Nations – Sustainable Development Goals (SDG’s) have risen to the top of the development agenda, with an emphasis on a partnership approach between the financed and financier. Given the scale of the financial resources required to support the SDG’s, coupled with the strain on government budgets, the mobilization of financingContinue reading “Book Launch: Islamic Finance for Green and Sustainable Projects and Ventures”
Financial Reporting for Islamic Financial Institutions (Kindle Edition ASIN: B081LL9715)
The question in most people mind regarding Financial Reporting for Islamic Financial Institutions is which standards, my view is first the Financial reporting should be based on International Financial Reporting Standards (IFRS) or the appropriate national reporting standards if the Country it is incorporated follows National Standards (it is a no special consideration being anContinue reading “Financial Reporting for Islamic Financial Institutions (Kindle Edition ASIN: B081LL9715)”
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