The Finance Bill 2024 in Kenya proposes significant tax increases on financial transactions, motor vehicle taxes, and penalties for non-compliance. The banking industry lobby warns of reduced affordability and access if the bill is enacted. Various associations and MPs express concerns over the potential negative impacts on customers, motor insurance costs, and financial inclusion efforts.
The Kenya Bankers Association is calling on the Government and the National Assembly to reconsider the proposed 16% Value Added Tax on financial transactions in the Finance Bill 2024. https://t.co/swbA39wDpa
Banks urge Parliament to review proposed VAT on financial transactions https://t.co/zfooVueboV
Finance Committee summons 3 lenders on allegation of bodaboda exploitation https://t.co/z8BATmAA4I
Finance Bill 2024 proposes that small business pay a KES 2M PER MONTH penalty for businesses that fail to integrate their systems with eTIMS as directed by KRA. We need to speak up against this as a death sentence to small businesses. https://t.co/ukevMFy8KE
The Kenya Bankers Association has issued a statement challenging the standard rating of VAT on banking services. Association of Kenya Insurers has issued a statement challenging the Motor Vehicle Tax. Who will issue a statement challenging the Kes 2.0M penalty for businesses… https://t.co/zJHJ6xCJOK
Bodaboda Exploitation: Finance committee summons 3 lenders on allegation of exploitation Allegations of exploitative lending practices to bodaboda operators Watu Credit: We are collaborating with the authorities on cases of stolen bikes #CitizenFridayNight @lillian_muli https://t.co/NEqc9CJx3v
VAT On Banking Transactions: KBA urges Parliament to review proposed 14% VAT Bankers say it could raise total taxes on transactions to 40% Bankers say it could affect financial inclusion efforts #CitizenFridayNight @lillian_muli https://t.co/siv4kmzYZr
KBA has cautioned the State against implementing the proposed imposition of 16% VAT on financial transactions noting that the policy could hamper financial inclusion efforts and particularly affect low-income individuals and small businesses. #NTVBusiness @theninashaban https://t.co/hFDevdhbZX
The Association of Kenya Insurers (@AKI_Kenya) urges the National Assembly to discard the proposed motor circulation tax in the Finance Bill, 2024: —People pay 5% for comprehensive coverage, and adding the 2.5% tax will make 7.5% in total. The tax will raise the cost of motor… https://t.co/jrCPw8C03l
The Association of Kenya Insurers (@AKI_Kenya) urges the National Assembly to discard the proposed motor circulation tax in the Finance Bill, 2024: —The tax will increase the cost of motor insurance, potentially leading motorists to opt for less comprehensive coverage. —This… https://t.co/PbW0fq6skD
Kenya’s plan to hike tax on financial transactions will impact affordability and access, according to a banking industry lobby https://t.co/NPfXajvUvd
If Finance Bill 2024 sails through as it is, we will go for ‘maandamano’: Alego Usonga MP https://t.co/CWxREkXyUs
If Finance Bill 2024 goes through as is, we will go for 'maandamano': Azimio MP https://t.co/KQlhehWW3I https://t.co/FRHXD997XP
.@KenyaBankers Acting CEO on impact of the Finance Bill 2024: "A customer will pay a total of 39.2% on fees charged by banks as tax if the proposals are enacted to law...For example, if a bank charges a customer KES 100 for money transfer, the Bill proposes an additional KES… https://t.co/68iC2NbA1B