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The IASB has released the third edition of IFRS for SMEs, featuring significant updates to revenue recognition (aligned with IFRS 15), fair value measurement, and business combinations (aligned with IFRS 3). Effective from January 2027, these changes target SMEs preparing general-purpose financial statements and exclude entities with public accountability. Early application is allowed, subject to jurisdictional approval.

On 21st March 2025, the Court of Appeal ruled that VAT is chargeable on the sale of commercial property, reversing a High Court decision. The case involved KRA, which was ordered to refund VAT previously paid, amidst claims of ambiguity in the VAT Act, 2013 regarding property classification.

The role of HR in delivering Environmental, Social, and Governance (ESG) value is pivotal. Beyond traditional responsibilities, HR can integrate ESG into workplace culture by promoting sustainability, inclusivity, and ethical governance. This involves initiatives like implementing green HR policies, driving diversity and inclusion programs, supporting employee well-being, and fostering ethical leadership. By embedding ESG principles, HR helps businesses enhance reputations, meet stakeholder expectations, and achieve long-term success. Organizations embracing HR's role in ESG create positive impacts for employees, investors, and society.

Our latest Women in Business report reveals the pace towards parity in mid-market firms isn’t moving fast enough.

On 13th February 2025, the Kenya Revenue Authority (KRA) issued a public notice on the implementation of the Charitable Organizations & Donations & Exemption Rules, 2024. The regulations, effective from 18th June 2024, introduce significant changes to the income tax exemption process, requiring compliance for all new applications and previously exempted organizations by 18th June 2025. The notice emphasizes transitional provisions and the need for taxpayers to adhere to these updated requirements.

Two months after the passing of the Tax Laws (Amendment) Act 2024 on December 27th, 2024, this news flash examines the significant changes and their ramifications. The key updates include the introduction of the Significant Economic Presence Tax (SEPT), adjustments to PAYE, changes in tax objections, the implementation of reverse invoicing, and provisions for tax amnesty. These changes aim to impact tax compliance and economic activities in Kenya.

Explore strategies to create a Gen Z-friendly workplace, catering to the unique expectations and values ​​of the generation born between 1997 and 2012. Key strategies include fostering a purpose-driven culture, promoting diversity and inclusion, offering flexibility, providing real-time feedback, supporting continuous learning, enhancing employee well-being, and embracing a tech-savvy environment. These efforts aim to attract and retain top Gen Z talent, ensuring long-term success and a competitive edge in the marketplace.

Kenya-Singapore Double Taxation Agreement (DTA):double addresses On September 23rd, 2024, Kenya and Singapore signed a new Agreement for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance. This new DTA replaces the earlier agreement signed on June 12th, 2018. On February 11th, 2025, the Kenyan Cabinet approved the agreement, allowing for the formal ratification process to begin. The DTA clarifies the taxing rights of both countries on income flows arising from cross-border business activities, addresses double taxation, and aims to boost trade and economic flows between Kenya and Singapore.

The International Internal Audit Standards Board has introduced the Global Internal Audit Standards to replace the International Professional Practices Framework (IPPF). Effective January 9, 2025, these new standards offer requirements and recommendations for quality internal auditing worldwide and serve as a basis for evaluating internal audit services' performance.

This article delves into the concept of excellence, emphasizing continuous improvement over perfection. It discusses the importance of enjoying one's work, the value of hard work, and the pursuit of excellence as a journey rather than a target. The author shares personal experiences and advises against comparing oneself to others, highlighting the significance of personal accountability and measuring growth against one's past self.

The Tax Procedures Amendment Act, 2024, signed into law by President William Ruto on December 11, 2024, introduces several key changes to the Tax Procedures Act of 2015. Notably, it extends the Tax Amnesty Program, with the base period starting from December 31, 2023, and concluding on June 30, 2025. Additionally, the Act clarifies the reverse invoicing threshold and provides detailed guidelines on the contents of an electronic tax invoice.

Explore the various challenges businesses face today, including financial, regulatory, and climate risks, with a focus on the pervasive threat of fraud. Learn about the tactics used by fraudsters and how businesses can protect themselves during Fraud Awareness Week.

The National Treasury has introduced the Tax Laws (Amendment) Bill, 2024 and the Tax Procedures (Amendment) (No.2) Bill, 2024, which propose changes to several tax acts. These bills had their First Reading on 13th November 2024. The public is invited to participate and provide comments on 22nd and 23rd November 2024. Our alert compares these amendments with the withdrawn Finance Bill, 2024.

Kenyan labor court awards Sh3.2 million to former G4S Operations Manager for unjust termination over workplace affair allegations. The ruling highlights key legal principles on employee privacy and workplace policies.

The government is shifting from the traditional comprehensive Tax Laws (Amendment) Bill to a more incremental approach for amending current tax laws. On August 19, 2024, the Cabinet Secretary for the National Treasury and Economic Planning submitted the Tax Procedures (Amendment) Bill, 2024 to the National Assembly. This Bill aims to amend the Tax Procedures Act (Chapter 468B of the Laws of Kenya).

This article explores how Public-Private Partnerships (PPPs) play a crucial role in enhancing disaster management. It highlights the benefits of combining public sector expertise with private sector innovation to improve disaster preparedness, response, and resilient infrastructure development. The article also discusses solutions offered by Grant Thornton for effective disaster management.