Kenya Re and Regulators Host Tax Compliance Workshop for Insurers

Kenya Reinsurance Corporation (Kenya Re), in collaboration with the Insurance Regulatory Authority (IRA), Kenya Revenue Authority (KRA), and Deloitte, organized a tax compliance workshop to equip finance teams and chief finance officers in the insurance industry with essential skills and knowledge.

The workshop focused on enhancing understanding of tax compliance, current regulations, and digital tax technologies being implemented to improve revenue collection and transparency. By streamlining tax processes and ensuring compliance, the forum aimed to foster trust, reduce penalties, and promote sustainable growth in the insurance sector.

Dr. Hillary Maina Wachinga, Group Managing Director of Kenya Re, highlighted the importance of the initiative:
“The training supports the development of a knowledgeable workforce, essential for innovating and expanding the industry. A compliant and well-regulated insurance industry contributes to economic stability by ensuring the smooth flow of financial services, reducing risks, and promoting investor confidence.”

The forum, attended by CFOs, accountants, auditors, and risk assessors, covered key topics such as reporting obligations, regulatory transparency, and the impact of compliance on the sector. Mr. Godfrey Kiptum, Commissioner of Insurance and CEO of IRA, emphasized the significance of robust tax compliance frameworks.

“Effective tax practices are crucial not only for every insurance company’s success but also for the collective growth of the sector,” Kiptum stated. “Proactive training ensures businesses can optimize operations and achieve sustained profitability in an evolving economic environment.”

Discussions addressed pressing tax issues, including dispute resolution with KRA, withholding tax on brokerage fees, PAYE, Corporation Tax, and VAT. Clear guidelines in these areas aim to mitigate financial burdens, enhance resilience, and promote fair competition.

This initiative reflects a collective effort to align the insurance sector with national economic objectives, ensuring its stability, transparency, and contribution to Kenya’s economic growth.