RSM Kenya
Biography

Ashif has over 20 years of experience in audit & assurance and taxation having handled clients in various sectors such as oil & gas, mining, banking & insurance, manufacturing, agriculture, hire purchase & leasing, tourism and hospitality, information technology, telecommunication, media, NGOs & exempt entities, real estate, trading, investment and retirement benefits scheme. He has also undergone training on USAID Audits of Non-U.S. Organisations.

In the context of taxation, Ashif has undergone training in international taxation & transfer pricing and has handled significant tax audits & investigations with the revenue authorities; been involved in complex tax structuring engagements and provided opinion on tax implications of transactions.

In addition to his extensive experience in audit and taxation, Ashif has also handled various transaction advisory & corporate finance, risk advisory and business consulting engagements making him one of the few professional in the accounting industry with varied experience in all areas of accounting and tax. With regards to transaction advisory and corporate finance Ashif has undertaken various engagements including undertaking end-to-end transaction advisory services on merger & acquisition engagements, brand and business valuations, financial, operating & tax due diligence, developing project feasibility studies and corporate restructuring.

He is currently a member of:

  • The Institute of Certified Public Accountant of Kenya (ICPAK)
  • Association of Chartered Certified Accountants, U.K. (ACCA)
  • National Board of Accountants and Auditors of Tanzania (NBAA)
  • Institute of Certified Public Accountants of Uganda (ICPAU)
  • Chartered Institute of Arbitrators, UK (MCIArb)

Ashif has served on various technical boards and committees including:-

  • The International Audit and Assurance Standards Board (IAASB) which is mandated with setting international standards on auditing, review engagements, other assurance, quality control and related services
  • IAASB taskforce involved in the revision of International Standard on Review Engagements (ISRE) 2400 - Engagements to Review Financial Statements and International Standard on Related Services (ISRS) 4410 - Compilation Engagements
  • IAASB’s global taskforce mandated to develop an International Standard on Assurance Engagement (ISAE) 3420 - Assurance Engagements to Report on Pro Forma Financial Information Included in a Prospectus
  • ICPAK’s Public Policy and Governance Committee
  • Chaired ICPAK’s Public Finance and Tax Work Stream
  • Kenya Private Sector Alliance’s (KEPSA) Finance Sector Board which deals with taxation issues.
  • ICPAK’s Professional Standards Committee which is mandated with setting professional standards for the accounting profession in Kenya.

Ashif has been awarded the:-

  • Excellence Award in the Professional and Entrepreneurial Category for contribution to the profession and entrepreneurial skills in 2004 by the Ismaili Youth.
  • ACCA Achievement Award 2009 for his contribution to the accountancy profession
  • ACCA Achievement Award 2012 by ACCA’s Global Council for contribution to the accounting profession locally and globally.

He has also been honoured with the Order of the Grand Warrior (O.G.W.) of Kenya by Mwai Kibaki, President and Commander-in-Chief of the Defence Forces of Kenya in recognition of advising the Treasury on the matter of Privatization of State Corporations and to the development of the accountancy profession in December 2012.

Ashif has been involved in various community services and enjoys football & music.

Publications

Kenya Finance Act, 2019

13 November 2019
KENYA FINANCE ACT, 2019 The long awaited Finance Act, 2019 received Presidential assent on 7th November 2019. In this Newsletter, we have summarised the changes that will be occasioned by this new legislation. Most of the proposals in the Finance Bill have been maintained with a few additions. Some of the highlights are: Capital Gains Tax ...

Electricity expense rebate for manufacturer

9 August 2019
Electricity expense rebate for manufacturer The Finance Act 2018 introduced a 30% electricity expense rebate (the rebate) allowable against taxable profits for manufacturers in addition to the normal electricity expense. The incentive is a reflection of the Government’s commitment to Manufacturing as one of the pillars of the Big Four Agen...

Business Acquisitions – A Brief Guide

30 July 2019
Business Acquisitions – A Brief Guide One of the most efficient paths of growth is through business acquisitions. If executed correctly, acquisitions which are often cheaper and faster than organic growth, allow companies to grow and diversify their business models.   Common motivations of acquisitions include; achievement of synergies...

Tax update: Withholding tax, Mauritius DTA and VAA

11 April 2019
Withholding tax payment on accrual of expenses The Court of Appeal in its judgement of 15th February 2019 in the case Kenya Revenue Authority v Republic (Ex-parte Fintel Limited), ruled on the issue of the tax point of withholding tax. This matter has previously been dealt with by the High Court that held that Sections 35(1) and (3) Income Ta...

Kenyan Tax Amnesty FAQs - updated February 2019

18 February 2019
1) What is the legal basis of the amnesty? The amnesty has its legal basis in The Finance Act, 2018 which introduce various provisions in the Tax Procedures Act (TPA) and provide that notwithstanding any other provisions of the Tax Procedures Act, the Commissioner shall refrain from assessing or recovering taxes, penalties or interest in res...

WHT on Training Fees

16 May 2018
Withholding tax on training fees Under the Provisions of Section 10 of the Income Tax Act CAP 470 Laws of Kenya “The Act”, payments made by resident persons or persons having Permanent Establishments in Kenya to any other person in respect of training, is deemed as income accrued or derived in Kenya. Additionally, under Section 35(1) and 35(...

WHT on Rental Income

8 February 2017
WITHHOLDING TAX ON RENTAL INCOME Rental Payments to a Resident Landlord The Finance Act 2016 introduced the provision of levying withholding tax (WHT) on rental income whereby a tenant or an agent, appointed in writing by the Commissioner, is required to withhold 10% WHT on all rental payments (including premium or similar consideration) made...

Tax Rebates for Graduates

12 January 2017
TAX REBATES ON EMPLOYING GRADUATE APPRENTICES What are the requirements for claiming tax rebates on recruitment of graduate apprentices? With effect from 1st January 2016, any employer who engages at least 10 university graduates as apprentices for a period of 6 to 12 months during any year of income is eligible for a tax rebate in the year s...

UK Residential Properties Tax

5 January 2017
TAXATION ON RESIDENTIAL PROPERTIES IN UK Some significant changes in the taxation of residential properties in the United Kingdom (UK) which will become effective April 2017. From 6th April 2017, the net value of UK residential property (after deducting certain borrowings) will be within the charge to inheritance tax (IHT) regardless of how t...