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summarize all sections of the finance bill 2024

The Finance Bill of 2024 features amendments to various sections, including income tax and value-added tax. (Source: http://www.parliament.go.ke/sites/default/files/2024-05/Finance%20Bill%2C%202024_0.pdf ↗)

Key highlights of the bill include:

• Income Tax Changes: These changes involve modifications to the definition of terms like "resident individual" and "permanent establishment." (Source: http://www.parliament.go.ke/sites/default/files/2024-05/Finance%20Bill%2C%202024_0.pdf ↗)

• Tax Incentives: The bill introduces tax incentives to support specific sectors, such as manufacturing. For instance, it proposes a reduced corporate income tax rate for businesses operating within Export Processing Zones (EPZs). (Source: https://assets.kpmg.com/content/dam/kpmg/ke/pdf/tax/2024/KPMG%20Kenya%20Finance%20Bill%202024%20Analysis.pdf ↗)

• Value Added Tax (VAT): The Finance Bill 2024 proposes changes to the VAT Act of 2013, including the removal of certain VAT exemptions. (Source: https://kra.go.ke/images/publications/The-Finance-Act--2023.pdf ↗)

• Digital Service Tax: The bill aims to introduce a digital service tax targeting revenue generated from digital marketplaces. (Source: https://assets.kpmg.com/content/dam/kpmg/ke/pdf/tax/2024/KPMG%20Kenya%20Finance%20Bill%202024%20Analysis.pdf ↗)

• Data Protection: The bill proposes an amendment to the Data Protection Act by adding a paragraph to Section 51 (2). This amendment focuses on data processing within Kenya. (Source: https://cipit.org/a-data-privacy-analysis-of-the-kenyan-finance-bill-2024/ ↗)

The Finance Bill 2024 has implications for various sectors and individuals in Kenya. It aims to enhance revenue collection, promote specific industries, and address emerging issues in the digital economy. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/ ↗)