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summarize all sections of the finance bill 2024
The Finance Bill 2024 introduces a motor vehicle tax set at 2.5% of the vehicle's value. This tax applies to all registered motor vehicles in Kenya. (Source: https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html ↗)
The bill also proposes changes to the taxation of income from the operation of digital marketplaces. This includes platforms that facilitate the sale of goods and services online. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/ ↗)
The Finance Bill 2024 aims to raise KES 302 billion in additional revenue, marking the most substantial revenue increase in Kenya's history. (Source: https://www.deloitte.com/ke/en/services/tax/analysis/finance-bill-2024-enters-the-crucial-stage.html ↗)
The bill also seeks to scrap the requirement for registering individual retirement funds, pension funds, and provident funds. (Source: https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024 ↗)
The excise duty on financial and telecom services, specifically money transfer services, will remain at 15%. (Source: https://www.linkedin.com/pulse/summary-key-proposed-changes-finance-bill-2024-rwkassociatescpak-8cnof ↗)
The bill introduces a withholding tax on goods supplied to public entities. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/ ↗)
The Finance Bill 2024 incorporates the implementation of the Pillar Two global minimum tax. (Source: https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html ↗)
Answered by mwakili.com