Africa-Press – Kenya. The proposed Finance Bill, 2023 will be tabled at the National Assembly on Tuesday. This is after the Finance and Planning Committee finished scrutinising the controversial bill.
The National Treasury on May 4, tabled the Bill in the National Assembly, sparking uproar among leaders and the public. The proposed taxes have met opposition from within Parliament and outside.
Labour unions, employer lobbyists, trade associations and civil society groups are among those who have called for amendments. The bill, proposes among other things a housing levy on workers’ salaries, increased taxes on fuel, and new taxes on beauty products.
President Ruto said the bill is vital to raise the revenues in order to fund his administration’s maiden budget of Sh3.59 trillion. Some of the proposed levies have not been revised while others have remained the same.
The Star has learned that the Molo MP Kimani Kuria-led committee resolved to retain the 16 per cent VAT on petroleum products, which will bring tax on petrol to the same level as kerosene and diesel.
The proposed Value Added Tax (VAT) was at 16 per cent and it has not been revised to a lower amount. Among key amendments to the bill, is the proposed 15 per cent for Digital Content Creators which has been reviewed to 5 per cent.
This has come as a reprieve for young people who make money from digital content creation. Also, the proposed three per cent housing levy has been reduced to 1.5 per cent in the new amendments.
The tabling of the Finance Bill is expected to pave the way for the Treasury Cabinet Secretary, Njuguna Ndung’u, to present the Budget estimates for approval by legislators.
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