The Finance Bill 2024 proposes amendments to various tax laws in Kenya, including the Income Tax Act, Value Added Tax Act, and the Data Protection Act. 

### Income Tax Act Amendments:

- **Introduction of a new tax on digital content creators:** The bill proposes a 15% withholding tax on payments made to resident and non-resident individuals and corporations for digital content creation services. (Source: https://bowmanslaw.com/wp-content/uploads/2024/05/Analysis-of-Finance-Bill-2024-13-May-2024_-002.pdf)
- **Increase in turnover tax threshold:** The bill proposes an increase in the turnover tax threshold from KES 5 million to KES 50 million. This is aimed at supporting small and medium-sized enterprises (SMEs). (Source: https://assets.kpmg.com/content/dam/kpmg/ke/pdf/tax/2024/KPMG%20Kenya%20Finance%20Bill%202024%20Analysis.pdf)
- **Introduction of a minimum tax on resident companies:** The bill proposes a minimum tax of 1% of gross turnover for resident companies. This tax will apply even if a company declares a loss. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)

### Value Added Tax (VAT) Act Amendments:

- **Removal of VAT exemptions:** The bill proposes to remove several VAT exemptions, including those on agricultural inputs and machinery. This is expected to increase the cost of production for farmers. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)
- **Introduction of VAT on electronic services:** The bill proposes to introduce VAT on electronic services offered by non-resident providers to Kenyan residents. This is aimed at ensuring a level playing field for local and foreign service providers. (Source: https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024)

### Data Protection Act Amendments:

- **Sharing of personal data with third parties:** The bill proposes to amend the Data Protection Act to allow the government to share personal data collected for one purpose with third parties for other purposes. This has raised concerns about privacy violations. (Source: https://cipit.org/a-data-privacy-analysis-of-the-kenyan-finance-bill-2024/)

### Other Notable Provisions:

- **Increase in excise duty on betting and gaming:** The bill proposes to increase excise duty on betting and gaming from 7.5% to 12.5%. This is aimed at discouraging gambling and raising revenue for the government. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)
- **Introduction of a tax on imported fish:** The bill proposes to introduce a 20% tax on imported fish. This is aimed at protecting local fish farmers from competition. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)

The Finance Bill 2024 has been met with mixed reactions, with some stakeholders welcoming the proposed changes while others have expressed concerns about the potential impact on businesses and individuals. (Source: https://nation.africa/kenya/business/finance-bill-2024-concessions-the-questions-that-beg--4662344)


Please provide me with the finance bill you are referring to. I need more context to summarize its sections. 

For example, tell me:

* **Which country or jurisdiction issued the bill?**  (e.g., India, United States, etc.)
* **Is there a specific name or year for the bill?** (e.g., Finance Act 2024, Budget 2024)
* **Where can I find the text of the bill?** (e.g., a government website, a news article)

Once I have this information, I can accurately summarize the sections of the finance bill for you. 


The Finance Bill 2024 introduces several significant changes aimed at enhancing revenue collection, tax compliance, and overall economic growth in Kenya. Below is a summary of the key sections and proposed amendments:

### Income Tax
- **Definition Amendments**: Section 2 of the Income Tax Act is amended to refine definitions for clarity and compliance.
- **Corporate Tax Rate**: The corporate tax rate for branches is reduced to 30% from the previous 37.5%, effective from the 2024 year of income.
- **Digital Economy Taxation**: New provisions are introduced to tax the digitalized economy, ensuring that digital transactions are adequately captured and taxed.

### Value Added Tax (VAT)
- **Removal of Exemptions**: VAT exemptions in the tourism, manufacturing, and construction sectors are removed to broaden the tax base.
- **eTIMS Invoices**: Amendments to Section 23 of the Tax Procedures Act mandate the issuance of electronic Tax Invoice Management System (eTIMS) invoices to enhance compliance and reduce tax evasion.

### Excise Duty
- **Adjustments in Rates**: The Bill proposes adjustments in excise duty rates on various goods and services to align with current economic conditions and revenue needs.

### Tax Procedures Act
- **Enhanced Compliance Measures**: Amendments are introduced to enhance tax compliance across various sectors, including mandatory electronic invoicing and stricter penalties for non-compliance.

### Miscellaneous Provisions
- **Revenue Collection**: Various amendments aimed at enhancing revenue collection mechanisms and closing loopholes in the existing tax framework.
- **Sector-Specific Changes**: Specific changes targeting sectors such as agriculture, manufacturing, and digital services to ensure fair and comprehensive taxation.

### Implementation Dates
- **Staggered Implementation**: Different sections of the Bill have varied implementation dates, with some provisions taking effect on July 1, 2024, and others on January 1, 2025.

These changes reflect the government's efforts to streamline tax administration, enhance compliance, and ensure a fair and equitable tax system that supports economic growth and development.

Sources:
- [Kenya proposes tax changes under the Finance Bill, 2024](https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024)
- [Finance Bill, 2024](http://www.parliament.go.ke/sites/default/files/2024-05/Finance%20Bill%2C%202024_0.pdf)
- [Summary Of The Key Proposed Changes In The Finance Bill 2024](https://www.linkedin.com/pulse/summary-key-proposed-changes-finance-bill-2024-rwkassociatescpak-8cnof)
- [KPMG Kenya Finance Bill 2024 Analysis](https://assets.kpmg.com/content/dam/kpmg/ke/pdf/tax/2024/KPMG%20Kenya%20Finance%20Bill%202024%20Analysis.pdf)
- [Highlights of the Finance Bill, 2024 - Cliffe Dekker Hofmeyr](https://www.cliffedekkerhofmeyr.com/news/publications/2024/Practice/Tax/tax-and-exchange-control-alert-14-may-highlights-of-the-finance-bill-2024)

summarize all sections of the finance bill 2024

Ask a lawyer: summarize all sections of the finance bill 2024

Ask a lawyer:
summarize all sections of the finance bill 2024