Kenya is facing potential challenges with the introduction of new taxes on electric vehicles and batteries, which could hinder the growth of the e-mobility sector. The National Assembly Finance & Planning Committee is conducting public hearings on the Finance Bill 2024, aiming to raise additional tax revenue. The proposed bill has sparked concerns among experts and industry leaders, with warnings about potential consequences such as increased prices for consumer goods, including fertilizers and bread, as well as impacts on sectors like public transport and MSMEs. Financial experts caution against passing the Finance Bill in its current form, highlighting concerns about its potential impact on the economy.
Financial experts warn MPs against passing Finance Bill as proposed https://t.co/U5OcUTgl4J https://t.co/N9j1ocsfQs
𝐑𝐨𝐮𝐧𝐝𝐮𝐩 𝐨𝐟 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 [𝟐𝟗𝐭𝐡 𝐌𝐚𝐲.]: 1. In Q1 2024, Absa Bank [@AbsaKenya] reported an operating income of KES 16.5B, up 18.8% YoY. Net income rose by 33.6% YoY to KES 5.9B, and Earnings Per Share increased by 32.9% YoY to KES 1.09. https://t.co/jBjkcMrhkd
Edwins Mukabanah: The public transport sector is stagnant and no serious investors are bringing big money. Vehicles that are on the road are dilapidated, increasing population and accidents, yet the govt wants to add more taxes instead of reforms #CitizenExplainer @YvonneOkwara https://t.co/zZysIaZsbP
Family Bank Q1 results: Bank posts Kshs.1.3B profit before tax for Q1 2024. Profit growth driven by interest and non-funded income increases. Bank's operating expenses increased by 22.5% #CitizenExplainer @YvonneOkwara https://t.co/RwQynsbMrX
Samuel Karanja – CEO, MSME Alliance of Kenya: The micro, small and medium businesses barely understand the complexity of taxation that sometimes overlaps. Overtaxing consumables will lead to an influx of imports from neighbouring countries #CitizenExplainer @YvonneOkwara https://t.co/nMGln4f7e5
Samuel Karanja – CEO, MSME Alliance of Kenya: MSMEs barely understand the complexity of taxation that sometimes overlaps. Overtaxing consumables will lead to an influx of imports from neighbouring countries #CitizenExplainer @YvonneOkwara https://t.co/JjCtOppGT6
Final Finance Bill submissions https://t.co/4M2XhN8XZc https://t.co/XeFdlloQ73
“Things will be unaffordable,” Kenya Association of Manufacturers CEO Anthony Mwangi warns Kenyans to brace for higher consumer goods prices #CitizenExplainer @YvonneOkwara https://t.co/YOGk5wM8BL
Edwins Mukabanah: The Public Transport Sector is stagnant and no serious investors are bringing big money. Vehicles that are on the road are dilapidated, increasing population and accidents, yet the govt wants to add more taxes instead of reforms #CitizenExplainer @YvonneOkwara https://t.co/iwkfhESyYx
Edwins Mukabanah – Chair, FPTS: The proposed motor vehicle circulation tax will throw us in the doldrums. Kenyans are likely to drive without insurance because of cost. We are yet to see if this will drive people more into public transport #CitizenExplainer @YvonneOkwara https://t.co/ZsiDwBJqA8
Samuel Karanja – CEO, MSME Alliance of Kenya: The proposed 16% VAT on financial transactions is an inconvenience to traders. This will make people revert to pillow banking, which is not systematized and thus untraceable to the government #CitizenExplainer @YvonneOkwara https://t.co/l47xfSLXwb
Manufacturers now claim that their proposals on taxation have fallen on deaf ears. The impact of proposed excise duty on cooking oil translates to a sharp increase in cooking oil prices; a 1 litre can will shoot from sh300 to sh468. #NTVTonight https://t.co/whZbu66Yky
Raimond Molenje – Ag. CEO, KBA: An increase in financial transaction fees will drive the country into a cash economy. Its implications include limitations to bank and digital loan access #CitizenExplainer @YvonneOkwara https://t.co/QxNJ9hHWKA
Raimond Molenje – Ag. CEO, KBA: An increase in financial transaction fee will drive the country into a cash economy. Its implications include limitations to bank and digital loan access #CitizenExplainer @YvonneOkwara https://t.co/JsztOqC8iA
Raimond Molenje – Ag. CEO, KBA: An increase in financial transaction costs will drive the country into a cash economy. Its implications include limitations to bank and digital loan access #CitizenExplainer @YvonneOkwara https://t.co/3yZ9yhEdOM
Raimond Molenje – Ag. CEO, KBA: An increase in transaction costs will drive the country into a cash economy. Its implications include limitations to bank and digital loan access #CitizenExplainer @YvonneOkwara https://t.co/2C6LOWNwH5
Finance Bill 2024: Fertiliser prices to go up by Ksh.500, bread to cost Ksh.74 https://t.co/RgEiMpKmwh
Finance Bill 2024: You cannot raise revenues by taking bread off the mouths of kids, that’s not acceptable ~ Kwame Owino, CEO - Institute of Economic Affairs #BusinessRedefined @AmbokoJH https://t.co/eJ38iTV9Rj
We have a tax system that’s based on making successful people feel guilty for their success ~ Kwame Owino, CEO - Institute of Economic Affairs #BusinessRedefined @AmbokoJH https://t.co/gDwIlvECzr
We’re living in a country in which 1 in 5 children is receiving insufficient nutrition, and here you are raising VAT and other taxes on food items…it’s immoral and sad ~ Kwame Owino, CEO - Institute of Economic Affairs #BusinessRedefined @AmbokoJH https://t.co/rlfDZukxm7
Finance Bill 2024 I think Kenya would do well if we cancel the Finance Bill that we have today and wait it for another 5 years. There’ll be growth, revenues will grow ~ Kwame Owino, CEO - Institute of Economic Affairs #BusinessRedefined @AmbokoJH https://t.co/Bfi4t5baJK
Finance Bill 2024 public hearings kicked off today. The Bill seeks to raise Kes 302.0 billion worth of additional tax revenue in 2024/25 (total revenue target for 2024/25 is Kes 3.35 trillion of which Kes 2.91 trillion is ordinary revenue) Here's a 🧵 on some of the… https://t.co/cSF14Yqzrj
LIVE: Departmental Committee on Finance and National Planning begins Public Participation on Finance Bill 2024 https://t.co/YvyiBCWcX2
The Competition Authority of Kenya [@CAK_Kenya] invites public comments on the Draft Competition (Amendment) Bill, 2024: Link to Bill: https://t.co/ssZO7ZYXeQ Some highlights: —Proposal to expose mergers to public comments before review/approval within 14 days of receiving… https://t.co/zVRfPMQWAP
𝐑𝐨𝐮𝐧𝐝𝐮𝐩 𝐨𝐟 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 [𝟐𝟖𝐭𝐡 𝐌𝐚𝐲.]: 1. In Q1 2024, Standard Chartered [@StanChartKE] reported KES 13.1B in operating income, up 21.40% YoY. Net income was up 39.5% YoY to KES 5.6B and Per Share Earnings were up 36.7% YoY to KES 14.42. https://t.co/e2iRIo5LO5
Finance Bill Hearings: Finance Committee to hold open sittings starting Tuesday Committee says it received 380 written memoranda #CitizenMondayReport @TrevorOmbija https://t.co/iofWyPiMYL
The National Assembly Finance & Planning Committee closes the window for submission of written memoranda on the Finance Bill 2024 tomorrow as public hearings begin. The @IEAKenya will be the first in the hearings. On NTV Kenya's #BusinessRedefined tomorrow at 7:30pm, @AmbokoJH… https://t.co/FI46jUxj8u
The National Assembly Finance & Planning Committee closes the window for submission of written memoranda on the Finance Bill 2024 tomorrow as public hearings begin. The @IEAKenya will be the first in the hearings. On @ntvkenya's #BusinessRedefined tomorrow at 7:30pm, @AmbokoJH… https://t.co/zjSfu9WNna
Kenya’s push to introduce new taxes on some electric vehicles and their batteries could stifle growth in the country’s fledgling e-mobility sector, experts have warned. https://t.co/i8xv5iryIY
A thread on KCB Group [@KCBGroup] Q1 2024 Results: 1. Total Assets: —The Group's Total Assets increased by 22.4% y/y to KES 1.99T https://t.co/jjProaP6vQ