An Explainer of the Proposed Finance Bill 2024
An Explainer of the Proposed Finance Bill 2024. The Finance Bill 2024 is the biggest debate in Kenya right now with almost every Kenya showing concern and trying to dig and understand what the Proposed Bill has to offer.
Here is a bit by bit breakdown of what the bill has for Kenyans.
Finance Bill 2024
Kenya’s proposed Finance Bill 2024 proposes a number of projected a number of tax reforms with the goal of raising government revenue to support the 2024–2025 budget. With the constant increase of taxes, Kenyans have come out in numbers more so Netizens asking their MPs to reject the Bill.
On X (Formerly Twitter) Kenyans have gone wild and constantly maintained the hashtag #RejectFinanceBill2024 where they are trying to oppose the bill. So what does the Finance Bill carry that has led to all these opposition.
Finance Bill Targets 2024 in summary:
- Bread: 16% VAT proposed, at least Sh10 rise
- Mobile Money: Excise duty on cash transfer to rise to 20% from 15%.
- Alcohol (for example, a litre of whisky) prices will go up to Sh267 (from Sh592-Sh720).
- A Motor Vehicle Tax of 2.5% of the vehicle’s value will be payable at the time of insurance issuance.
- The minimum amount payable on each vehicle is Sh5,000, and the maximum is Sh100,000.
- Bank fees: Excise duty on money transfer to increase to 20% from 15%.
- Cigarettes: Excise duty on unfiltered stick cigars to rise to Sh4.10 from Sh2.96.
Is the Finance Bill 2024 Good or Bad
There will likely be a great deal of public and legislative debate over the controversial draft Finance Bill. Concerns have been raised by some Kenyans and opposition lawmakers regarding the possible financial strain that these new taxes may have on individuals and companies.
See what Kenyans have to say about the Finance Bill 2024 > Click Here
