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Real Time Tax Insights: Accountant Gains Critical Insights on Tax

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Unlike traditional accountants who tend to their client’s overall financial statements and positions, tax accountants focus solely on a client’s taxes.  Felix Ogada is an accountant by profession and a tax and financial Consultant. Currently, he works as Director of Finance & Hr at Somo Africa. He is currently pursuing a Post Graduate Diploma in Tax at KESRA.

 Tax accounting is regulated by the Internal Revenue Code, which outlines specific tax laws that individuals and businesses must follow when filing their tax return documents. Tax accountants ensure their clients abide by all of the tax laws. In addition, prevent them from accruing any penalties from the government. Felix chose KESRA because of its affiliation with Kenya Revenue Authority and its unrivaled training. He emphasized that getting the right and updated information was key to him in his tax consultancy work.

With the increase in globalization and cross-border transactions, including the ability of businesses to remotely participate in the economic life of a country without a physical presence, understanding of tax law principles, effective tax costing, dealing with anti-abuse regulations, and knowing the implications on business have proved to be invaluable in any business setup. Companies are often seeking assurance on how they should benchmark relative to their peers in terms of managing their tax operations and risks. This enables them to better articulate their tax-risk profile to auditors and various stakeholders (BDO Global). Felix seeks to debunk the myths associated with tax collection once he completes his course.

Organization management seeks to create a scenario of ‘no surprises when it comes to managing tax on a global basis, notwithstanding that tax administration globally are differently placed in their areas of focus and levels of maturity. Rightly said (Terry Hayes), ‘Every business owner should get their head around the very real benefits of tax risk management.

Felix Ogada Believes that those who have not yet enrolled at KESRA, are missing out on a lot of information as KESRA is the only tax school with in-depth tax training. A leadership mantra he stands by is One day at a time.’ He is an avid reader and is currently reading The Art of War by Sun Tzu.