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summarize all sections of the finance bill 2024

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

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.

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.

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

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.

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

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.

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:

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