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

Clarity on country by country reporting requirements for multinational enterprise groups

2 December 2021
The National Treasury and Planning together with the Kenya Revenue Authority through a Public Notice dated 19/11/2021 released the draft Income Tax Act (Country by Country Reporting) Regulations, 2021 (ITA Regulations, 2021) to guide on the implementation of the Provisions of Section 18B of the Income Tax Act. Section 18B was introduced by the F...

Transfer Pricing Changes Introduced by the Finance Act, 2021

4 November 2021
The Finance Act, 2021 (gazetted on 1st July 2021) introduced key changes in the transfer pricing (TP) regulatory framework in Kenya. Section 18(3) of the Income Tax Act (Cap 470 of the Laws of Kenya) read together with the Income Tax (Transfer Pricing) Rules, 2006 (TP Rules) require a taxpayer in Kenya having any transaction with its non-residen...

Clarity on payment of Digital Service Tax following The Finance Act, 2021

10 August 2021
Prior to the enactment of the Finance Act 2021, Digital Service Tax (“DST”) was payable by both resident and non-resident suppliers of digital services and providers of a digital marketplace. Any non-resident persons providing digital services or digital marketplace to a user in Kenya is required to appoint a tax representative in Kenya to remi...

Automation of the Voluntary Tax Disclosure Programme

9 August 2021
Automation of the Voluntary Tax Disclosure Programme The Government, through the Finance Act, 2020 (the Act) established a Voluntary Tax Disclosure Programme (“VTDP”) which shall run for a period of three years with effect from 1st January 2021. This is in a bid to encourage self-disclosure of taxes not paid and also boost the revenue collec...

RSM Kenya Tax Guide 2021-22

6 August 2021
Download HERE - RSM Kenya Tax Guide 2021-22 ...

Commencement of VAT (Electronic Tax Invoice) Regulations

27 July 2021
In a bid to seal leakages in tax collection, the Cabinet Secretary for National Treasury and Planning issued Legal Notice No. 189 dated 25th September 2020 on regulations of electronic tax registers. The regulations require businesses with an annual turnover of at least KShs 5 million to install electronic tax registers connected to the Kenya Re...

KENYA FINANCE ACT, 2021

7 July 2021
Introduction The Finance Act (“the Act”), 2021 received Presidential assent on 29th June 2021. Most of the changes will be effective from 1st July 2021, which is the Government’s fiscal year, while a few will be effective from 1st January 2022. Download Here: KENYA FINANCE ACT, 2021 ...

Doing Business in Kenya

10 June 2021
DOING BUSINESS IN KENYA ...

RSMEA Profile

12 May 2021
Download HERE: RSMEA PROFILE ...

Overview of Finance Bill, 2021

11 May 2021
Introduction The Finance Bill, 2021 was published on 5th May 2021. The reason for publishing the Bill early, as was the case in 2020, is to ensure that the Bill is assented to by the President by 30th June 2021, so the proposed changes to certain tax provisions in the Income Tax Act, Value Added Tax Act, 2013, Excise Duty Act, and Tax Procedures...

RSM Eastern Africa Tax Guide 2020-21

18 March 2021
Download Here: RSM Eastern Africa Tax Guide 2020-21   ...

National Industrial Training Levy FAQs

20 February 2021
What is NITA? The National Industrial Training Authority (NITA), formerly known as Directorate of Industrial Training (DIT) is a state owned corporation established under the Industrial Training (Amendment) Act of 2011. Its core function is to promote the highest standards in the quality and efficiency of Industrial Training in Kenya and ensu...

Minimum Tax FAQs

12 February 2021
What is minimum tax? This is tax payable by the 20th of each quarter of a financial year of a person (company or individual) equivalent to 1% of the gross turnover of that person in the year of income where the instalment tax is lower than the minimum tax. What is the rationale for charging minimum tax? The introduction of minimum tax is a...

The Digital Service Tax Overview

6 February 2021
Digital Service Tax (“DST”) was introduced in Kenya through the Finance Act, 2019 and enacted through the Finance Act, 2020 with an effective date of 1st January 2021. It was introduced to both the Income Tax Act (“ITA”) and the Value Added Tax Act (“VAT Act”). Both Acts prescribe that DST shall be payable by a person whose income is...

Voluntary Tax Disclosure Programme (VTDP) - Frequently asked questions (FAQS)

21 January 2021
WHAT IS THE LEGAL BASIS OF THE VTDP? The programme has its legal basis in The Finance Act, 2020 which introduced various provisions in the Tax Procedures Act (TPA). VTDP is a program which allows taxpayers to voluntarily disclose any tax liabilities which were previously undisclosed to the Commissioner for the purposes of tax compliance wher...

THE TAX LAWS (AMENDMENT) (No.2) ACT, 2020

11 January 2021
Effective Date On 23rd December 2020, H.E. President Uhuru Kenyatta signed into law the Tax Laws Amendment (No. 2) Bill 2020 which was passed by the members of the National Assembly on 22nd December 2020. The Act focuses on returning the tax rates in relation to personal income and corporation tax to pre-April 2020 rates. The Act also makes a...

Register of beneficial ownership - FAQ

23 December 2020
Who is a beneficial owner?                                           The beneficial owner is a natural person who meets any of the follow...

THE TAX LAWS (AMENDMENT) (No.2) BILL, 2020

15 December 2020
Effective Date On 28th September 2020, during the COVID -19 conference, the President engaged the National Treasury to review the tax rates that were enacted in April 2020, whose principle objective was to act as a relief to the public in response to the negative effects caused by the COVID-19 crisis. Subsequently, arising from this conferenc...

Register of beneficial ownership

6 November 2020
Introduction During the 2016 London Anti-Corruption Summit, Kenya made a commitment to fighting corruption which included the establishment of the Register of Beneficial Ownership Information for companies, which led to the amendment of the Companies Act, through the Companies (Amendment) Act, 2017 which came into force on 3rd August 2017, ...

KENYA BUDGET HIGHLIGHTS 2020 - 2021

11 June 2020
Economic performance in 2019 and Beyond Global Economic Highlights Global economic growth declined to 2.9% in 2019, down from 3.6% in 2018. Trade policy uncertainty, geopolitical tensions and idiosyncratic stress in key emerging market economies continued to weigh on global economic activity - especially manufacturing and trade. The CO...

RSM Newsletter on Finance Bill, 2020

15 May 2020
INTRODUCTION The Finance Bill, 2020 was published on 5TH May 2020. The reason for publishing the Bill earlier this year than the traditional publication in mid-June is to ensure that the Bill is assented to by the President by 30th June 2020, so the proposed changes to certain taxes like VAT and Excise Tax adjustments can become effective b...

INDIRECT TAXES AND MISCELLANEOUS AMENDMENTS - THE TAX LAWS (AMENDMENT) ACT, 2020

27 April 2020
Effective Date The Tax Laws (Amendment) Act, 2020 was assented to on 25th April 2020. All the changes below become effective on that date, except the change in the basis of calculating VAT on petroleum products, which shall become effective on 15th May 2020. For ease of reference, additional changes in the Act, which were not proposed in the Bil...

INCOME TAX AMENDMENTS - THE TAX LAWS (AMENDMENT) ACT, 2020

27 April 2020
The Tax Laws (Amendment) Act, 2020 was assented to on 25th April 2020. All the changes below become effective on 25th April 2020. For ease of reference, additional changes in the Act, which were not proposed in the Bill have been bolded for ease of reference.   In the High Court ruling delivered on 19th September 2018 in the case of Okiya O...

THE TAX LAWS (AMENDMENT) BILL, 2020

6 April 2020
INCOME TAX ACT A raft of changes have been proposed by The Tax Laws (Amendment) Bill, 2020. The changes will become effective once the Bill has been signed into law by the President. QUALIFYING INTEREST The definition of qualifying interest has been amended to make any interest earned by a resident individual that is subject to 15% withhol...

COVID-19 - ECONOMIC STIMULUS

26 March 2020
COVID-19 - ECONOMIC STIMULUS In a televised address to the Republic on 25th March 2020, President Uhuru Kenyatta announced a raft of economic measures aimed at mitigating the economic and social fallout from the Coronavirus pandemic. The key is to change our behaviour protocol. As someone said “social distancing is your choice - 6 feet apart...

Tax Filing in Uncertain Times

24 March 2020
Tax Filing in Uncertain Times Introduction The outbreak of the Coronavirus (“COVID-19”) has led to a significant impact to various economies across the globe, and the rapid transmission of the virus has resulted to governments taking drastic measures in order to reduce its transmission. Kenya has not been left behind with the Governmen...

RSM Eastern Africa Tax Mobile Application

17 February 2020
At RSM, we are passionate about making corporate Eastern Africa more transparent and dynamic. We believe the future belongs to those businesses that employ good corporate governance and embrace exponential technologies that will shape business solutions. To enable you to keep up-to-date and to engage with you in a timely manner, we bring to you ...

Auto Assessment Order

27 November 2019
Auto assessment order Reference is made to the above subject matter where KRA has erroneously issued auto assessment orders on 2018 VAT obligation. We wish to state that as per the disclaimer on the assessment orders, objection has to be done on the iTax page stating the reasons for the objection, after which do a detailed letter to the Commi...

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...
Events

RSM Tax Update Webinar - Presentation Slides

1. How to take advantage of the Voluntary Tax Disclosure Programme 2. Tax challenges arising from the Tax Laws (Amendment) Act, 2020 and the Finance Act, 2020 and how to tackle the implementation challenges 3. Overview of the implications arising from recent Tax Rulings Download Here - RSM Tax Update Webinar Presentation Slides ...