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The Kenya Finance Bill 2024 was a piece of legislation that proposed changes to the tax system of Kenya, [1] which involves tax increases. [2] The proposed bill aims to raise 346 billion Kenyan shillings (KSh) to pay off debt and fund development projects. [2] [3] It was first introduced in May 2024 and has been controversial, [4] with some ...
The Income Tax Act is the most important tax used in Kenya. It is up to the employer to make sure that the taxes are deducted at source, that employees pay taxes and that they have a personal identification number (PIN) with the KRA. There is a fine of $22 for every payment made to an employee who does not have a PIN.
The 2024 Finance Bill is the first in a series of tax reforms based on a Medium-Term revenue Strategy (MTRS) devised and published by the Kenyan government in 2023 through the Ministry of National Treasury and Economic Planning. The MTRS aims to increase the tax-to-GDP ratio in Kenya from 13.5% to at least 20% from 2024 to 2027. [23]
Kenya's Court of Appeal on Wednesday declared the government's 2023 finance law unconstitutional, inflicting a new blow to the government of President William Ruto who withdrew this year's finance ...
NAIROBI (Reuters) -Kenya's government plans to cut 2024-25 spending by 1.9% and widen the fiscal deficit to 3.6% of GDP in a revised budget, the treasury said, weeks after it was forced to roll ...
Last week, the government scrapped some tax increases, including a proposed 16% value-added tax on bread along with taxes on motor vehicles, vegetable oil and mobile money transfers.
The Kenya Revenue Authority (KRA) was established by an Act of Parliament, the Kenya Revenue Authority Act, which became effective on 1 July 1995. The Authority is charged with collecting revenue on behalf of the Government of Kenya.
June 26, 2024 at 8:51 AM. (Reuters) - Kenya's President William Ruto on Wednesday declined to sign a highly contentious finance bill that has sparked nationwide deadly protests, and has sent it ...