The Finance Bill 2024 introduced by Kenya proposes significant tax changes affecting various sectors. Key highlights include the introduction of a Motor Vehicle Tax, set at 2.5% of the vehicle's value, with a minimum tax of KES 5,000 and a maximum of KES 100,000, which insurers must remit within 5 days. The bill also targets multinational groups with a consolidated turnover of over €750 million, imposing a top-up tax to ensure their effective tax rate meets a 15% minimum. Additionally, the bill proposes the removal of VAT exemptions on certain financial services, now subject to a 16% VAT rate, and increases the excise duty on telecommunications and money transfer services from 15% to 20%. The Kenya Revenue Authority (KRA) is also granted exemption from the Data Protection Act to access taxpayer data for tax collection purposes, and introduces an Economic Significance Presence Tax for major digital companies.
Ken Gichinga - Chief Economist, Mentoria Economics: It's a bit concerning that this gov't came into power with an emphasis on issue-based politics but we don't see it now. We would have expected them to be asking if the lives of bodabodas have become better or whether they are… https://t.co/yK6G38AoTa
Ruto seeks more taxes: MP Anthony Oluoch - MP, Mathare: There's no rationale to not tax the vehicles of the executive and yet subject Kenyans to the same #DayBreak @SamGituku https://t.co/hITNMcFYej
Ruto seeks more taxes: MP Anthony Oluoch - MP, Mathare: There's no rationale to not tax the vehicles of the executive and yet they are subjecting Kenyans to it #DayBreak @SamGituku https://t.co/REemxyJJqk
Ruto seeks more taxes: Ken Gichinga - Chief Economist, Mentoria Economics: We don't have a progressive system but rather a system that places a huge burden on the people at the bottom of the pyramid and exempts the wealthy #DayBreak @SamGituku https://t.co/fB2rgeR50S
Bread, M-Pesa, alcohol hit in new Sh323bn Ruto tax plan https://t.co/2MnohwgehE
-@SamGituku: Is it true that the Kenyan taxpayer will have a voice in this bill? MP Anthony Oluoch: In the Finance Bill, Kenyans voiced their concern about the housing levy but what went to Parliament didn't reflect their voices, demonstrating that the gov't wouldn't listen to… https://t.co/nSlMa2On6C
Forget the Motor Vehicle Tax for a moment. The Finance Bill 2024 is proposing that the Tax Collector ( KRA ) be exempted from the Data Protection Act. What that means is they will have been granted access to every possible data you own. Banks, Mpesa, Mattress etc l
𝐓𝐡𝐢𝐬 𝐖𝐞𝐞𝐤'𝐬 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐍𝐞𝐰𝐬 𝐢𝐧 𝐌𝐞𝐦𝐞𝐬: 1. Kenyans spent the weekend poring over the Finance Bill 2024 which seeks to among others introduce a Motor Vehicle Tax of 2.5% of the value of the vehicle & slaps a 16% VAT on bread. #MwangoMemes https://t.co/jwqglLoEMg
Kenya is playing a dangerous game with these taxes. 16% on bread 20% on airtime and internet 20% to move your money (mobile or bank) 20% on gross turnover for Amazon, Google, Netflix, etc (called an “Economic Significance Presence Tax”) 2.5% annual value of vehicle tax… https://t.co/YjjkD74xnh
#FinanceBill2024 seeks to amend the Data Protection Act to allow KRA to access your data: KRA will get an exemption to the "processing of personal data that relates to the assessment, enforcement or collection of any tax or duty from the provisions of the Data Protection Act" https://t.co/BOxndFTuZL
Kenya wants to target infrastructure bond investors, motor vehicle owners and online marketplace operators with new tax measures to raise revenue https://t.co/6qjmLQYvSV
The latest Finance Bill proposes several key changes to Kenya's tax laws. Here is a thread of a few things we picked:🧵 [Corrections welcome] https://t.co/NnbCkEbqLf
#FinanceBill2024 Excise duty for the following proposed to increase from 15% to 20%: —Telephone & internet data services —Money transfer services by cellular phone service providers —Fees charged for money transfer services Fees for sending money are about to go up. https://t.co/dwwdFONQMA
💰| #FinanceBill2024 proposes to delete VAT exemptions for the following financial services which would subsequently be chargeable to VAT at the standard rate of 16%: —Issuing of credit and debit cards; —Telegraphic money transfer services; —Foreign exchange transactions,… https://t.co/PDUOUxHM59
🔝 | #FinanceBill2024: Multinational groups with significant business in Kenya and whose consolidated turnover is €750M+ will face a new minimum top-up tax if their effective tax rate is below 15%. 💰 Minimum Top-up Tax: Ensures effective tax rate for multinational entities in… https://t.co/vRu0ISc8pA
🚗 | Finance Bill 2024 introduces the Motor Vehicle Tax: 💰 The tax rate is set at 2.5% of the vehicle's value 🔴Minimum tax: KES 5k. Maximum tax: KES 100k ✍️Calculation based on make, model, engine capacity, and year of manufacture. 🚗 Insurers must remit this tax within 5… https://t.co/rAU5z394ox
🚗 | Finance Bill 2024 introduces the Motor Vehicle Tax: 💰 The tax rates is set at 2.5% of the vehicle's value 🔴Minimum tax: KES 5k. Maximum tax: KES 100k ✍️Calculation based on make, model, engine capacity, and year of manufacture. 🚗 Insurers must remit this tax within 5… https://t.co/Gdm1tGoeks