Monday, November 4, 2024 - Treasury Cabinet Secretary John Mbadi has announced the introduction of new tax measures and laws.
In a statement, Mbadi is
proposing to introduce three amendment bills that have various proposals to
increase various tax rates and also offer relief to employed Kenyans.
The three proposed bills include
the proposed Tax Laws (Amendment) Bill 2024, the Tax Procedures (Amendment)
Bill 2024, and the Public Finance (Amendment) Bill).
One notable tax proposal that
will be introduced in the new bill is the taxation of various businesses
conducted online.
The targetted businesses include
taxi hailing, food delivery services, and freelance and professional services.
Additionally, the Treasury is
seeking to introduce a new tax targeting multi-national companies that are
operating in the country that have a turnover of over Ksh100 billion.
In the new proposals, the
government is also seeking to make SHA contributions deductibles. Through this
move, employed Kenyans will get relief as their taxable income will reduce.
Simply put, the government will
only tax the amount one will receive after the SHA contributions have been
deducted from the gross pay.
Another major tax proposal is to
increase the Railway Development Levy from 1.5 per cent to 2.5 per cent.
The Kenyan DAILY POST
.jpg)
0 Comments