The proposed motor vehicle circulation tax in the Finance Bill, 2024 in Kenya has sparked controversy. Ndiritu Muriithi warns against uncontained expenditure, while Kuria Kimani highlights the tax's revenue generation potential. The Association of Kenya Insurers opposes the tax, citing increased insurance costs. The Kenya Association of Manufacturers criticizes the bill for repealing Sec14 of the Excise Duty Act and introducing the Eco Levy. Additionally, the Finance Bill includes a 25% excise duty on vegetable oils.
“Finance Bill Will Fry Kenyans” The Bill currently before the National Assembly proposes 25% excise duty both on crude and refined vegetable oils. #NTVWeekendEdition @zeynabIsmail https://t.co/5CjcGsvXDH
Kenya Association of Manufacturers issues its statement regarding Finance Bill 2024. Among the issues the association raises is the repeal of Sec14 of the Excise Duty Act as well as the imposition of the proposed Eco Levy on a number of products. So far, we have statements… https://t.co/5ugm7KfL0W https://t.co/fIUYzRYnSV
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
Kuria Kimani: The motor vehicle circulation tax as proposed is going to raise 58.02 billion shillings. Last Finance Bill became a conversation about the housing levy and VAT on fuel and we missed out on 82 other clauses that were on that bill. Unfortunately, I see the same… https://t.co/E3ujqCbQvp
Ndiritu Muriithi, Former Governor Laikipia: You will never really tax yourself into prosperity. The trajectory we are on of uncontained expenditure appetite will lead us to ruin. Price of bread, surely, what are you after? Motor vehicle circulation tax, what it will do is… https://t.co/AxvVdhemUg