Enterprise Risk Management (ERM) standards are prescriptions that provide organizations a structure for controlling risks. Organizations may identify, evaluate, and manage risks that could have an impact on their operations, financial performance, and reputation.
This is a form of tax that is paid by an individual or non-individual tax payer that is not fully covered under PAYE and is remitted periodically. It is paid by a tax payer whose annual tax liability is estimated to exceed Kes. 40,000.
A statutory deduction is a mandatory deduction that an employer takes out of an employees’ salary. This is mandatory in Kenya, and as an employer you are required to remit the calculated amount to the relevant authority.
In an effort by the government to tame rogue entities, betting firms will now be required to make real-time remittances to KRA. This is after a pilot project to link the tax system with the betting sector was successfully implemented by KRA.
The NSSF Act 2013 whose enactment was done in 2013 was to come into effect in 2014, however, its implementation faced a massive opposition from labor unions who sort the advisory of the court to bar its implementation.
Budgetary control involves comparing actual expenses and revenues to the budgeted figures and taking the necessary action to correct any variances. This enables business owners to manage and monitor spending, making it easier to stick to the budget and correct variances in good time.
The finance function is an important part of any business/organization that seeks to ensure efficient management of financial resources and maintain sustainable and viable growth in the long run.
Mergers and Acquisitions (M&A) have become a popular strategy for business growth and success as they offer diversification and market positioning. Most small and medium-sized companies opt for M&A due to the stiff competition they face in the marketplace from big companies that have control in the industry.
“Venturing out of your comfort zone to trade internationally may make your business stronger, more successful, and more profitable”. Bruna Martinuzzi
In business, management and other employees need to act under the highest ethical standards i.e., act with honesty and integrity, no conflicts of interest, accuracy etc.; in all financial activities.