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](https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html), [Deloitte](https://www.deloitte.com/ke/en/services/tax/analysis/finance-bill-2024-enters-the-crucial-stage.html))


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The Finance Bill 2024 in Kenya proposes several significant changes aimed at reforming the tax system and enhancing revenue collection. Here are the key highlights:

### Excise Duty
- **Financial and Telecom Services**: The excise duty on financial and telecom services will remain at 15% for money transfer services.
  
  Sources:
  - [LinkedIn](https://www.linkedin.com/pulse/summary-key-proposed-changes-finance-bill-2024-rwkassociatescpak-8cnof)

### Retirement Funds
- **Registration Requirement**: The bill seeks to scrap the requirement that individual retirement funds, pension funds, and provident funds must be registered with the Kenya Revenue Authority (KRA).

  Sources:
  - [Global Tax News](https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024)

### Motor Vehicle Tax
- **New Tax Introduction**: A motor vehicle tax set at 2.5% is proposed to be introduced.

  Sources:
  - [KPMG](https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html)

### Global Minimum Tax
- **Pillar Two Implementation**: The bill includes the implementation of the Pillar Two global minimum tax, which is part of the OECD's global tax reform efforts.

  Sources:
  - [KPMG](https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html)

### Income Tax, VAT, and Excise Duty
- **Amendments**: The bill proposes several changes to Income Tax, Value Added Tax (VAT), and Excise Duty to streamline and enhance the tax collection process.

  Sources:
  - [Oraro & Company](https://www.oraro.co.ke/legal-alert-tax-implications-of-the-finance-bill-2024/)

### Overall Tax System Reform
- **Comprehensive Changes**: The Kenyan government aims to reform the tax system comprehensively through various proposals in the Finance Bill 2024.

  Sources:
  - [TPA Global](https://tpa-global.com/2024/05/28/comprehensive-analysis-of-kenyas-finance-bill-2024-key-tax-proposals-and-implications/)

These proposed changes reflect the government's efforts to enhance fiscal consolidation and improve the efficiency of tax administration in Kenya.

Sources:
- [LinkedIn](https://www.linkedin.com/pulse/summary-key-proposed-changes-finance-bill-2024-rwkassociatescpak-8cnof)
- [Global Tax News](https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024)
- [KPMG](https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html)
- [Oraro & Company](https://www.oraro.co.ke/legal-alert-tax-implications-of-the-finance-bill-2024/)
- [TPA Global](https://tpa-global.com/2024/05/28/comprehensive-analysis-of-kenyas-finance-bill-2024-key-tax-proposals-and-implications/)

Ask a lawyer: Summarise the finance bill 2024

Ask a lawyer:
Summarise the finance bill 2024