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TAX COMPLIANCE
Preparation and filling of monthly and yearly tax returns of the entities once they fall due preparation of withholding tax schedules and VAT – vatable purchases and sales to be declared in the monthly return
Checking accuracy of the vat rates used to calculate the Vat amounts, determining whether the transactions are claimable, checking and ensuring accuracy of the Gross amount used to calculate the Vat amount, checking accuracy of Revenue authority pins of the customers, and uploading of the returns to the revenue authority portal.
Ensuring compliance to tax regulations and law of filling the returns by due dates to avoid the penalties and interests charged for non-compliance.
Preparation of tax paid schedules to be used to settle the taxes payable for the period
This entails preparing the taxes payable schedules for the period from the payment schedules received from payables team
The process entails checking the quality of the tax schedules (Correct Gross Amounts, tax rates used, tax amount to be paid, confirming transactions are settled, availability of pins/ Tins), sharing the schedule to the tax manager for review and approval.
The schedules are then uploaded to revenue authority system and the payments slips generated which is then shared to the payables team to process the payment.
Confirmation of receipt of taxes is done by checking for the respective credits in the revenue authority ledger.
Documentation and Record-Keeping: Maintaining thorough records of tax-related transactions and documentation to support compliance and reporting requirements.
TAX RECONCILIATIONS
Reconciliation of tax ledger control accounts and balance sheet substantiation of tax related accounts
This entails identifying mispositions in the tax control accounts to determine the accurate position of the tax accounts.
The accounts normally reviewed include withholding payable tax accounts, VAT input, VAT output, stamp duty, PAYE and other relevant tax accounts
The process ensures corrective journals are prepared to correct the errors and bring the account to reflect a healthy position of the accounts.
TAX REPORTING
Preparation of information necessary for calculations of tax expense and necessary explanations to both East Africa and Group tax team from the entity perspective.
Preparation of tax packs for Group reporting purposes
Compile tax reports required in respective entity such as Taxes paid schedules, compilation of tax returns repositories, updating of Konsise tool
REVENUE AUTHORITY CORRESPONDENCIES AND ASSESSMENTS
Compile requested information by the Revenue authority to address queries raised and to solve any disputes arising from the same.
