Kenya's financial system is relatively developed for a country at its income level and also compared with many other Sub-Saharan African countries. The financial system comprises of numerous commercial banks, non-bank financial institutions, a range of insurance companies and a stock exchange. Its financial services sector has also grown tremendously in the recent times fueled largely by innovations that have enhanced financial deepening. While technology-based innovations such as integrating the mobile phone with financial institutions account for the largest segment of growth, other changes such as focus on the unbanked public and taking services to the customer have welcomed many new clients into the financial system for the first time.
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SKM Africa LLP (SKM) is a specialized professional services firm that offers Tax, Audit, Legal and Business Advisory services across East Africa. The firm comprises of experts with extensive experience and deep knowledge in Tax, Audit, Legal and Business Advisory, and technological solutions.
We are a mission-driven consulting firm creating positive change by delivering value for our clients, investing in our employees, and solving tough problems that benefit our local and global communities. We ground our approach in empathy, enabling our team members to better hear our customers’ challenges and work together to develop effective solutions.
Founded in 2010 we are committed to delivering high impact, high value, ad transformative results for our clients. We address our clients most pressing and complex issues by developing a deep understanding into their needs, customers, employees ans partners to build solutions that are timely and relevant. As an organization we know what it takes to move organizations forward with measurable results.
Events Calendar
SKM Annual Events, Training, Conferences and Launches
Date/Month
Location/Venue
Event
Value(KES)
24 th - 25 th Oct
Nairobi
Taxation for the Financial Services Sector
23, 000 excl of VAT
12 th - 15 th Nov
Mombasa
Annual Seminar For Public Sector, NGOs & Public Benefit Organisations’ Conference
65, 000 excl of VAT
05 th Dec
Virtual
Emerging Tax Issues Workshop
Free
Public sector management stands as the backbone of any civilized nation, orchestrating the allocation and utilization of limited funds with utmost transparency and accountability. While financial reporting serves as a cornerstone of this accountability, ensuring that public finance resources are judiciously administered, challenges persist despite existing legal frameworks.
The tax landscape in Kenya has been undergoing continuous evolution over the past few years, with significant shifts also observed globally. This evolution is evident in the frequent amendments to tax laws aimed at introducing new concepts aligned with international best practices.
Featured Insight
In the world of financial auditing, the concept of audit risk is foundational. It represents the possibility that an auditor might issue an incorrect opinion on a set of financial statements, failing to identify material misstatements
International Accounting Standard Board (IASB) issued amendments concerning requirements for sale and leaseback transactions in IFRS 16. It explains how a seller-lessee accounts for a sale and leaseback after the date of the transaction
Withholding income tax is a tax deducted by a person making specific payments prior to paying the amount due and then remits the tax so deducted to the Kenya Revenue Authority within 5 working days after the deduction is made.
While it may seem paradoxical, businesses should be exploring the potential of transformation to improve their performance and capacities during difficult economic times. We provide insight to the difficulties that African Businesses within the eastern and central Africa face in establishing operational resilience.
The Kenya Revenue Authority (KRA) through its public notice issued on 31 July 2024 informed taxpayers of its ongoing exercise of migrating legacy balances for Value Added Tax (VAT) and Income Tax onto the iTax system.
The Kenya Revenue Authority (KRA) issued a technical circular on April 4, 2024, to provide clarity on their interpretation of Section 5(4)(f) of the Income Tax Act (ITA), which deals with the taxation of meal benefits for employees.
In the world of financial auditing, the concept of audit risk is foundational. It represents the possibility that an auditor might issue an incorrect opinion on a set of financial statements, failing to identify material misstatements.
What SKM has done
Beyond is where we Begin
Creating Long Term Value
At SKM we are leaders in business solutions in tax, advisory, assurance and technology. We work closely with clients in the corporate world and society to take on their most important challenges and tap into their greatest opportunity. By working together creating deep insights, combining world class technology and real-world experience we deliver understanding that is unmatched and confidence that builds for a a dynamic world
We go beyond ideas to design solutions and implement meaningful action. We are dedicated to helping our clients do amazing things and unlock the potential of those who advance the world. As an integrated team of Assurance, Tax, Advisory and technology consultants, we share skills, insights and resources as well as a client centric approach that is based on deep understanding of your business and your operating environment.
We put ourselves in the heart of your business where we can be most effective and as your long time advisor, we gain a deep understanding of every aspect of your business so we can respond with the right expertise and insight at the right time. Despite your location you will receive the same seamless service combining astute local knowledge and expertise of our most senior professionals.