Please find below a summary of the important payroll tax issued.
PAYE tax deducted is paid to the Commissioner Domestic Direct Taxes 15 days after the end of the month to which the deductions relates.
Employment income means any income derived by an employee from any employment and includes the following amounts, whether of revenue or capital nature; any wages, salary; leave pay, payment in lieu of leave, overtime pay, fees, commission, gratuity, onus or the amount of any traveling, entertainment, utilities, cost of living, disturbance allowance or any other allowance.
The value of any benefits in kind granted to an employee also construes a taxable benefit and these include but not exclusively the following:-
Housing allowance The full amount of housing allowance is taxable on the recipient.
If an employer provides to an employee accommodation or housing other than house allowances, the taxable benefit on the employee is the lesser of:-
the market rent of the accommodation or housing reduced by any payment made by the employee for the benefit; or
fifteen per cent (15%) of the employment income, including the amount referred to in (a) above paid by the employer to the employee for the period in which the accommodation or housing was provided.
Please note that costs incurred by employers to house their employees are now tax deductible in the tax computation of the employer company.
Taxable benefits Housekeeper, chauffeur, or other domestic assistants The value of the benefit is the total employment income paid to the domestic assistants in respect of the services rendered to the employee, reduced by any payment made by the employee for the benefit.
Comprehensive audit procedures manuals are used
in FCK. The use of standardised audit procedures ensures that work is carried out in
accordance with the outlined standards
Continuing Professional Education
FCK & Associates quality control
standards stipulate that all staff under the supervision of the technical and training
partner, a pertinent CPE programme. In addition to meeting the CPE standards of the
firm, the programme is required to comply with the requirements of professional bodies.
CPE is provided to all staff by participation in regional conferences and seminars. In
addition, strict supervision of staff at the field level ensures that adequate, on the field
training, is provided to staff on a continuous basis.
Staff involved in industry specific audits is required to undergo rigorous training to
ensure that they are proficient with the operations, risks, legislation and regulations
governing these industries. In addition to the audit manual, we have developed
comprehensive audit and procedures manuals for industry specific audits in high risk
sectors such as banking and insurance.
FCK & Associates technical and quality control team conducts reviews
internally on a quarterly basis. The review includes formal reporting on the system of
quality control in operation, and a detailed analysis on the results of the review including
any emerging best practices that may be replicated.
Skills Transfer Programme
FCK & Associates encourages staff training programs,
skills workshops and seminars internally, both on a formal and informal basis to help
maintain international standards of work.
Long Term Business Planning
At FCK and Associates, weformulate business plans using a bottom up participative
approach, detailing the organization’s mission, objectives and goals with strategies of
how to achieve the expected goals. Setting both financial and non-financial parameters in
which the business will operate.
Design of Accounting Systems
Setting up financial and cost accounting systems, effective treasury systems and
management of debtors and creditors. Review, Design and Documentation of Policies and Procedures
We review the company’s operational policies and procedures, advising on
organizational/industry best practices and documentation, and facilitating implementation
by providing appropriate client training.