{"id":119102,"date":"2024-05-19T19:43:42","date_gmt":"2024-05-19T19:43:42","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax"},"modified":"2024-05-19T20:46:15","modified_gmt":"2024-05-19T20:46:15","slug":"aki-asks-mps-to-discard-the-proposed-motor-circulation-tax","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax","title":{"rendered":"AKI asks MPs to discard the proposed motor circulation tax"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>The Association of Kenya Insurers (AKI) is calling on the National Assembly to discard the proposed motor circulation tax in the Finance Bill, 2024.<\/p>\n

The Finance Bill, 2024 has introduced a motor circulation tax set at 2.5 per cent of the vehicle value, capped at a maximum of Sh100,000.<\/p>\n

This imposition will notably increase the cost of motor insurance.<\/p>\n

Currently, the average comprehensive insurance premium rate stands at five per cent, and with the additional 2.5 per cent, the total premium rate surges to 7.5 per cent.<\/p>\n

“With motor vehicle insurance being compulsory in Kenya, we anticipate a major shift towards third-party motor insurance if this tax is implemented,” AKI said in a statement.<\/p>\n

Consequently, the lobby said motorists will face higher risks, as they will essentially only be covered for third-party liabilities, leaving their own vehicles unprotected in the event of accidents.<\/p>\n

“This could burden motorists with significant out-of-pocket expenses for repairs or replacements.”<\/p>\n

Moreover, a shift towards third-party coverage will lower insurers’ income which will translate to lower corporate tax contributions.<\/p>\n

It adds that a reduction in insurance income will prompt the downsizing of the workforce subsequently reducing employee tax revenues to the government.<\/p>\n

“While we acknowledge the necessity of expanding our tax revenue to meet the demands of a growing economy, we advocate for a focus on creating an environment conducive to business growth.”<\/p>\n

By doing so, AKI says, increased tax collection can be achieved substantially and more sustainably.<\/p>\n

This necessitates ongoing collaboration with all stakeholders to ensure the creation of a robust and thriving business ecosystem.<\/p>\n

“We implore the National Assembly to reconsider the proposed motor circulation tax, as its implementation would have far-reaching adverse effects on both the insurance industry and the economy at large.”<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. The Association of Kenya Insurers (AKI) is calling on the National Assembly to discard the proposed motor circulation tax in the Finance Bill, 2024. The Finance Bill, 2024 has introduced a motor circulation tax set at 2.5 per cent of the vehicle value, capped at a maximum of Sh100,000. This imposition will […]<\/p>\n","protected":false},"author":84,"featured_media":119101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-119102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nAKI asks MPs to discard the proposed motor circulation tax - kenya<\/title>\n<meta name=\"description\" content=\"The Association of Kenya Insurers (AKI) is calling on the National Assembly to discard the proposed motor circulation ta ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AKI asks MPs to discard the proposed motor circulation tax\" \/>\n<meta property=\"og:description\" content=\"The Association of Kenya Insurers (AKI) is calling on the National Assembly to discard the proposed motor circulation ta ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-19T19:43:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-19T20:46:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/05\/sm_1716134877.530747.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"AKI asks MPs to discard the proposed motor circulation tax\",\"datePublished\":\"2024-05-19T19:43:42+00:00\",\"dateModified\":\"2024-05-19T20:46:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax\"},\"wordCount\":307,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/05\/sm_1716134877.530747.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aki-asks-mps-to-discard-the-proposed-motor-circulation-tax\",\"name\":\"AKI asks MPs to discard the proposed motor circulation tax - 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