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/)


Please provide me with the finance bill you are referring to. I need more context to answer your question. 

For example, tell me:

* **Which country's finance bill are you asking about?**  Finance bills are specific to a country (e.g., India, UK, Kenya).
* **Is there a specific name or year for the bill?** (e.g., Finance Bill 2024, Finance Act 2024). 

Once you provide me with this information, I can help you summarize the sections of the finance bill. 


The Finance Bill 2024 introduces several significant changes to Kenya's tax framework. Below is a summary of the key sections and their implications:

### Income Tax
- **Repeal of Exemptions**: The Bill proposes to repeal the income tax exemption on interest income earned from all listed bonds, notes, or other similar securities. This change aims to broaden the tax base and increase government revenue.
  - Source: [Global Tax News](https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024)
  
- **Gratuity Exemption**: Section 5 of the Income Tax Act (ITA) exempts gratuity paid to pension funds up to KES 240,000 per year of service. The exempted amount is now subject to review.
  - Source: [BDO Kenya](https://www.bdo-ea.com/getattachment/0e1e48a2-d598-4a97-b586-e3ead512cc67/BDO-Kenya-The-2024-Finance-Bill-Analysis.pdf?lang=en-GB&ext=.pdf)

### Value Added Tax (VAT)
- **Scrapping of VAT Exemptions**: The Bill proposes to remove certain VAT exemptions in the manufacturing and construction sectors. This move is expected to increase the cost of goods and services in these sectors but will also boost VAT collections.
  - Source: [Bowmans](https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)

### Withholding Tax
- **Non-Resident Suppliers**: The Bill introduces changes that will likely increase the cost of goods supplied by non-resident suppliers due to the withholding tax deducted in Kenya. This may not be creditable in the supplier's home country, leading to higher costs.
  - Source: [Bowmans](https://bowmanslaw.com/wp-content/uploads/2024/05/Analysis-of-Finance-Bill-2024-13-May-2024_-002.pdf)

### Corporate Income Tax
- **Branch Tax Rate**: The corporate income tax rate for branches is reduced from 37.5% to 30%, effective from the 2024 year of income. This reduction aims to make Kenya more attractive for foreign investment.
  - Source: [EY](https://www.ey.com/en_gl/tax-alerts/kenya-enacts-tax-changes-under-finance-act--2023)

### Implementation Dates
- **Effective Dates**: Various sections of the Bill will come into effect on different dates, with some changes taking effect from 1st July 2024.
  - Source: [Parliament of Kenya](http://www.parliament.go.ke/sites/default/files/2024-05/Finance%20Bill%2C%202024_0.pdf)

### Economic Impact
- **Growth Projections**: The Bill is part of broader policy measures supporting projected economic growth of 5.5% for 2023 and 2024, driven by private sector growth, service sectors, and agriculture.
  - Source: [KPMG](https://assets.kpmg.com/content/dam/kpmg/ke/pdf/tax/2024/KPMG%20Kenya%20Finance%20Bill%202024%20Analysis.pdf)

### Additional Provisions
- **Mandatory eTIMS Invoices**: Amendments to Section 23 of the Tax Procedures Act will mandate the issuance of eTIMS invoices, enhancing tax compliance and revenue collection.
  - Source: [Nation](https://nation.africa/kenya/business/finance-bill-2024-concessions-the-questions-that-beg--4662344)

These changes reflect the government's efforts to enhance revenue collection, broaden the tax base, and support economic growth through strategic fiscal policies.

Sources:
- [Global Tax News](https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024)
- [BDO Kenya](https://www.bdo-ea.com/getattachment/0e1e48a2-d598-4a97-b586-e3ead512cc67/BDO-Kenya-The-2024-Finance-Bill-Analysis.pdf?lang=en-GB&ext=.pdf)
- [Bowmans](https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)
- [EY](https://www.ey.com/en_gl/tax-alerts/kenya-enacts-tax-changes-under-finance-act--2023)
- [Parliament of Kenya](http://www.parliament.go.ke/sites/default/files/2024-05/Finance%20Bill%2C%202024_0.pdf)
- [KPMG](https://assets.kpmg.com/content/dam/kpmg/ke/pdf/tax/2024/KPMG%20Kenya%20Finance%20Bill%202024%20Analysis.pdf)
- [Nation](https://nation.africa/kenya/business/finance-bill-2024-concessions-the-questions-that-beg--4662344)

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