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)


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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* **Which country's finance bill are you interested in?** (e.g., India, UK, USA)
* **What year was the bill proposed?** (Some countries have multiple finance bills per year)
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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 proposes amendments to the definitions within the Income Tax Act to align with current economic realities.
- **Corporate Tax Rate**: The corporate tax rate for branches is proposed to be reduced to 30% starting from the 2024 year of income.
- **Other Amendments**: Various other sections of the Income Tax Act are set to be amended to streamline tax administration and compliance.

### 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 collection.

### Excise Duty Act
- **Adjustments in Excise Duty**: The bill includes adjustments to excise duties on various goods and services to reflect current market conditions and inflation rates.

### Tax Procedures Act, 2015 (TPA)
- **Procedural Changes**: Amendments are proposed to enhance the efficiency of tax collection and administration. This includes changes to the procedures for tax assessments, appeals, and enforcement.

### Implementation Dates
- **Effective Dates**: The bill specifies that certain sections will come into effect on July 1, 2024, while others will have different implementation timelines.

### Additional Provisions
- **Government Efforts**: The government will scale up efforts to mobilize more revenue through various Ministries, Departments, and Agencies (MDAs).
- **Public Participation**: The bill has been subject to public participation, and various stakeholders have raised concerns and suggestions which are being considered.

### Protests and Recommendations
- **Public Response**: There have been protests against some of the proposed taxes, leading to recommendations from a parliamentary panel to scrap certain new taxes.

For more detailed information, you can refer to the following sources:

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)
- [Kenyan parliament panel urges govt to scrap some new taxes](https://www.reuters.com/world/africa/kenyan-parliament-panel-recommends-scrapping-some-new-taxes-amid-protests-2024-06-18/)
- [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