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summarize all sections of the finance bill 2024

The Finance Bill of 2024 in Kenya encompasses various amendments to existing tax laws, aiming to enhance revenue collection and support economic growth. Here's a summarized breakdown of key sections:

Income Tax:

• Digital Content Monetization: The bill introduces a 10% withholding tax on payments made to residents for digital content monetization. (Source: https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024 ↗)

• Motor Vehicle Assembly: To promote local manufacturing, the bill proposes a reduced corporate tax rate of 15% for ten years for companies assembling motor vehicles in Kenya, provided that at least 30% of the vehicle's parts originate from local original equipment manufacturers. (Source: https://bowmanslaw.com/wp-content/uploads/2024/05/Analysis-of-Finance-Bill-2024-13-May-2024_-002.pdf ↗)

Value Added Tax (VAT):

• Exemption Removal: The bill removes the VAT exemption on insurance services provided to aircraft registered in Kenya by companies outside the country. (Source: https://kra.go.ke/images/publications/The-Finance-Act--2023.pdf ↗)

Economic Projections:

• Growth Forecast: The Kenyan economy is projected to grow at 5.5% in both 2023 and 2024. This growth is expected to be driven by the private sector, service industries, agriculture, and government policies supporting the BETA (Building Bridges Initiative Taskforce Report) recommendations. (Source: https://kpmg.com/ke/en/home/insights/2024/05/kenya-finance-bill-2024-analysis.html ↗)

Other Key Provisions:

• Implementation Date: Most sections of the Finance Bill 2024 came into effect on July 1, 2024. (Source: http://www.parliament.go.ke/sites/default/files/2024-05/Finance%20Bill%2C%202024_0.pdf ↗)

The Finance Bill 2024 reflects the government's commitment to creating a conducive environment for businesses while ensuring a sustainable revenue stream for national development.