The Finance Bill 2024 in Kenya introduces several tax changes. 

*   **Motor Vehicle Tax:** The bill proposes a new motor vehicle tax set at 2.5% of the vehicle's value. This tax aims to generate revenue for the government and promote environmental sustainability by discouraging the use of older, more polluting vehicles. (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/)
*   **Withholding Tax on Goods Supplied to Public Entities:** The bill proposes changes to the withholding tax rate on goods supplied to public entities. This measure aims to streamline tax collection and ensure timely payment of taxes by government contractors and suppliers. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)
*   **Taxation of Income from Operation of Digital Marketplace:** The bill seeks to clarify the taxation of income earned through digital marketplaces. This provision aims to ensure that businesses operating in the digital economy contribute their fair share of taxes. (Source: https://bowmanslaw.com/insights/kenya-the-finance-bill-2024/)
*   **Excise Duty on Financial and Telecom Services:** The excise duty on financial and telecom services will remain at 15% for money transfer services. This decision aims to maintain stability in the financial and telecommunications sectors while ensuring a consistent revenue stream for the government. (Source: https://www.linkedin.com/pulse/summary-key-proposed-changes-finance-bill-2024-rwkassociatescpak-8cnof/)
*   **Implementation of Pillar Two Global Minimum Tax:** The bill includes provisions for implementing the Pillar Two global minimum tax, which aims to establish a minimum corporate tax rate of 15% for multinational enterprises. This measure aligns Kenya's tax policies with international standards and helps prevent tax avoidance by large corporations. (Source: https://kpmg.com/us/en/home/insights/2024/05/tnf-kenya-tax-proposals-finance-bill-2024-pillar-two-global-minimum-tax.html)
*   **Scrapping the Requirement for Registration of Retirement Funds:** The bill proposes to eliminate the requirement for individual retirement funds, pension funds, and provident funds to be registered. This change aims to simplify the regulatory landscape for retirement savings and encourage more people to save for their retirement. (Source: https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024)

The Finance Bill 2024 represents a significant step towards achieving the revenue targets set out in the Medium-Term Revenue Strategy (MTRS). The proposed tax changes aim to broaden the tax base, enhance tax administration, and promote investment and economic growth. (Source: https://kpmg.com/ke/en/home/insights/2024/05/kenya-finance-bill-2024-analysis.html)


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Once you provide me with 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 and sectors. 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.

### 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 various adjustments to excise duties on goods and services to reflect changes in the market and consumption patterns.

### Tax Procedures Act, 2015 (TPA)
- **Procedural Changes**: Amendments to the Tax Procedures Act are proposed to streamline tax administration and enhance compliance. This includes changes in filing procedures and penalties for non-compliance.

### Implementation Dates
- **Staggered Implementation**: Different sections of the Bill have different implementation dates, with some sections taking effect on July 1, 2024.

### Additional Provisions
- **Revenue Mobilization**: 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 some proposals have raised concerns among stakeholders, leading to recommendations for adjustments.

### Key Concerns and Recommendations
- **Stakeholder Feedback**: Various stakeholders have raised concerns about the potential impact of the proposed changes, particularly the removal of VAT exemptions and the adjustments in excise duties. Recommendations have been made to reconsider some of these proposals to mitigate adverse effects on the economy.

### Summary of Key Changes
- **Income Tax**: Amendments to definitions and reduction in corporate tax rate for branches.
- **VAT**: Removal of exemptions in key sectors.
- **Excise Duty**: Adjustments to reflect market changes.
- **Tax Procedures**: Streamlining of tax administration and compliance measures.

Sources:
- [Global Tax News](https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024)
- [Parliament of Kenya](http://www.parliament.go.ke/sites/default/files/2024-05/Finance%20Bill%2C%202024_0.pdf)
- [LinkedIn Summary](https://www.linkedin.com/pulse/summary-key-proposed-changes-finance-bill-2024-rwkassociatescpak-8cnof)
- [KPMG Analysis](https://assets.kpmg.com/content/dam/kpmg/ke/pdf/tax/2024/KPMG%20Kenya%20Finance%20Bill%202024%20Analysis.pdf)
- [Afronomicslaw](https://www.afronomicslaw.org/index.php/category/analysis/afronomicslaw-submission-kenya-finance-bill-2024)

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