Kenya new taxes

CorporateNews

Govt likely to review fuel tax, PWC

Tax experts see the government walking back on the proposed increase in fuel tax after consultations with stakeholders, a trend seen over the past few years when the tax faced huge opposition on the impact of higher petroleum prices on cost of living. In a bid to increase the revenue collection, the Government has proposed in the Finance Bill, an increase in the rates of various tax heads such as Value Added Tax (“VAT”) on petroleum products, which has been increased from 8 percent to 16 percent. Value added tax on fuel introduced over a decade ago has been a very contentious tax that has…

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EconomyNews

Ruto hits poor making Sh1400 daily with turnover tax

Kenya’s smallest businesses making about Kes1,400 a day or Kes500,000 a year will now be required to pay turnover tax after the Kenya Kwanza government unveiled the regimes’ first money bill that seeks to raise additional Kes300 billion in new taxes. In the new Finance Bill 2023, Treasury wants to bring down the threshold for turnover tax from Kes1 million to Kes500,000. The tax will now be levied or the small businesses who make up to Kes15 million a year down from Kes50 million. This means the bodaboda and mama mbogas in the informal sector who were not under the taxman’s radar will now be…

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