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Summarise the finance bill 2024

The Finance Bill 2024 in Kenya introduces significant changes to the tax framework, aiming to generate additional revenue for the government.

One of the key proposals is the implementation of a global minimum tax, aligning with international standards. The bill also introduces a motor vehicle tax set at 2.5%, potentially impacting vehicle owners.

Furthermore, the bill seeks to raise KES 302 billion in additional revenue, marking the largest amount in Kenya's history. This ambitious target reflects the government's efforts to bolster its financial resources.

The bill has sparked debate and discussion, with concerns raised about the potential impact on taxpayers. However, it represents a crucial step in shaping Kenya's fiscal landscape for the coming year. (Sources: KPMG United States ↗, Deloitte ↗)