The finance bill 2023 has removed/ reduced taxes- Senator Cherargei explains.
Addressing the media, Nandi County senator, Samson Cherargei, expressed why Kenyans need to support the proposed Finance bill by President Ruto.
He stated,” Incase you didn’t know.The Proposed Finance Bill 2023 has REMOVED/REDUCED the following TAXES;
1. Eight per cent VAT on gas removed
2. Railway Development Levy (RDL) on gas removed
3. Import Declaration Fees (IDF) on gas removed
4. IDF reduced across the board from 3.5 per cent to 2.5 per cent
5. RDL reduced across the board from 2 per cent to 1.5 per cent
6. VAT on raw materials for fertilisers removed
7. VAT exempt on materials for the manufacture of pharmaceuticals
8. VAT exempt on materials for pest control products
9. VAT on value-added tea for export removed
10. VAT exempt on vaccines for human medicine
11. VAT exempt on vaccines for veterinary medicine
12. VAT exempt on aircraft spare parts – to return servicing aircraft business and jobs at Wilson Airport that have since moved to neighbouring countries
13. Reduce tax on monthly rental income from 10 per cent to 7.5 per cent
14. Tax exemptions on transport of sugar from farm to factory
15. KRA’s power in annual automatic inflation adjustment removed
16. VAT on value-added tea for export removed
17. Excise duty on money bank transfer reduced from 20 to 15 per cent
18. Excise duty on money transfer agencies reduced from 20 to 15 per cent
19. Excise duty on bank to mobile phone money transfer reduced from 20 to 15 per cent
20. Excise duty on telephone and Internet data reduced from 20 to 15 percent.
More news to follow…