Kenya Kwanza Drops Major Finance Bill Proposals That Have Caused Uproar.
Kenya Kwanza Drops Major Finance Bill Proposals That Have Caused Uproar: In a statement from the statehouse spokesperson, Hussein Mohammed, The government has decided to drop the following proposals.
– Proposed 16% VAT on bread removed.
– Proposed VAT on transportation of sugar removed.
– VAT on financial services and foreign exchange transactions removed.
– No increase on mobile money transfer fees.
– 2.5% Motor Vehicle Tax removed…Excise duty on vegetable oil removed.
– Levies on the Housing Fund and Social Health Insurance will become income tax deductible.
– Locally manufactured products like sanitary towels, diapers, phones, computers, tyres, and motorcycles exempt from the Eco Levy…
VAT registration threshold increased from KSh5 million to KSh8 million, reducing the need for small businesses to register.
– Responsibility for electronic invoicing ETIMS by KRA removed for farmers and small businesses with turnover below Ksh. 1 million…
Excise duty imposed on imported table eggs, onions & potatoes to protect local farmers
– Excise duty on alcoholic beverages will be based on alcohol content, not volume; higher alcohol content will attract more duty
– Pension contributions exemption increased from Ksh. 20-30k
ALSO READ: Chaos as Police deploy water cannons, Several Arrested In Nairobi CBD
More News To Follow…