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. 


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

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


The Finance Bill 2024 in Kenya proposes several significant changes across various tax laws. Here is a detailed summary of the key sections:

### Income Tax Act (ITA)
- **Definition Amendments**: The bill amends several definitions within the ITA to align with current economic and legal contexts.
- **Corporate Tax Rate**: The corporate tax rate for branches is proposed to be reduced to 30% from the previous 37.5%, effective from the 2024 year of income.
- **Taxation of Digital Services**: New provisions are introduced to tax income derived from digital services, reflecting the growing digital economy.

### Value Added Tax (VAT) Act, 2013
- **Removal of Exemptions**: The bill proposes the removal of VAT exemptions in key sectors such as tourism, manufacturing, and construction. This aims to broaden the tax base and increase revenue.
- **Standard Rate Adjustments**: Adjustments to the standard VAT rate are proposed to ensure consistency and fairness in the application of VAT across different goods and services.

### Excise Duty Act
- **New Excise Duties**: Introduction of new excise duties on various goods, including luxury items and non-essential products, to discourage consumption and generate additional revenue.
- **Adjustments to Existing Duties**: Revisions to existing excise duties to reflect inflation and changes in consumer behavior.

### Tax Procedures Act, 2015 (TPA)
- **Compliance Measures**: Enhanced measures to ensure compliance, including stricter penalties for non-compliance and evasion.
- **Simplification of Procedures**: Streamlining of tax procedures to make it easier for taxpayers to comply with their obligations.

### Implementation Dates
- **Staggered Implementation**: Different sections of the bill have varied implementation dates, with some provisions taking effect on July 1, 2024, and others at later dates to allow for a smooth transition.

### Additional Provisions
- **Revenue Mobilization**: The government will scale up efforts to mobilize more revenue through various ministries, departments, and agencies.
- **Equitable Access to Services**: Ensuring that all parts of the Republic have access to services as mandated by the Constitution.

These changes are aimed at enhancing revenue collection, promoting fairness in the tax system, and aligning Kenya's tax laws with international best practices.

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 - Nairobi](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)

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