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summarize all sections of the finance bill 2024

The Finance Bill 2024 in Kenya introduces several significant tax changes:

1. Motor Vehicle Tax

• The bill proposes a new motor vehicle tax set at 2.5% of the vehicle's value.

• This tax applies to all registered motor vehicles in Kenya. (Source: https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html ↗, https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/ ↗)

2. Withholding Tax on Goods Supplied to Public Entities

• The bill proposes changes to the withholding tax rate on goods and services supplied to public entities. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/ ↗)

3. Taxation of Income from Operation of Digital Marketplace

• The bill seeks to clarify the taxation of income generated from the operation of a digital marketplace. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/ ↗)

4. Implementation of Pillar Two Global Minimum Tax

• The bill includes provisions for the implementation of the Pillar Two global minimum tax, aiming to ensure multinational enterprises pay a minimum level of tax globally. (Source: https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html ↗)

5. Changes to Retirement Fund Registration

• The bill proposes to scrap the requirement for individual retirement funds, pension funds, and provident funds to be registered. (Source: https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024 ↗)

6. Excise Duty on Financial and Telecom Services

• The excise duty on financial and telecom services, specifically money transfer services, will remain at 15%. (Source: https://www.linkedin.com/pulse/summary-key-proposed-changes-finance-bill-2024-rwkassociatescpak-8cnof ↗)

7. Increased Revenue Target

• The Finance Bill 2024 aims to raise an additional KES 302 billion in revenue, marking the highest revenue target in Kenya's history. (Source: https://www.deloitte.com/ke/en/services/tax/analysis/finance-bill-2024-enters-the-crucial-stage.html ↗)

These changes are intended to enhance revenue collection, promote fairness in the tax system, and align Kenya's tax policies with international standards. However, they have also sparked debate and discussion regarding their potential impact on businesses and individuals. (Source: https://kpmg.com/ke/en/home/insights/2024/05/kenya-finance-bill-2024-analysis.html ↗)