Kenyan business owners, executives and alumni of the Owner Manager Program attended a breakfast meeting at Strathmore Business School on Thursday 9th August 2012. The breakfast sponsored by Kilele planet, an initiative of Chase Bank, aimed at helping the participants to demystify tax. The main speaker was Philip Muema, Tax Partner at KPMG and alumnus of Strathmore Business School Advanced Management Program who discussed the issue of tax compliance.
In his edifying session, Philip Muema emphasized on the need for business owners to pay their taxes ad comply with tax regulations. He further explained many of the technicalities surrounding the business-tax settings with regards to Income tax, Value added tax (VAT) and Corporation tax. This was achieved by explaining the current setup applied by Kenya Revenue Authority (KRA online) whereby all activities such as utility payment and purchase of assets are integrated. The attendees were enlightened about timely tax compliance to avoid the fines and rates of late repayment. Muema concluded by accentuating the need to appreciate that Kenyans are living in a civilized society and thus the need to pay taxes and sustain the economical improvements. He further stated that the peaceful business environment is what enables business operations to flourish therefore it is a moral obligation to pay taxes.
David Njuguna, Marketing manager, Chase Bank explained the Kilele planet initiative which helps business owners and executives to create relations with other entrepreneurs and get trainings for outstanding practices in business. The bank has partnered with other finance institutions, insurance and assurance providers and education partners. Kilele has an online platform where business people can sign up and share their business profiles and insights.
The Owner Manager Program which is tailored for business owners provides a unique opportunity for owner managers to step back from the day-to-day demands of running their businesses. The program provides the business owners with knowledge on best practices in business and it also gives them a chance to network with their fellow business owners.
The next breakfast session is on 20th September, 2012. The guest speaker will be Franca Ovadje an authority in HR and Performance Management. From more details, contact Lena Gachoki on Lgachoki@strathmore.edu.