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summarize all sections of the finance bill 2024

The Finance Bill of 2024 introduces several amendments to the Income Tax Act.

One significant change is the adjustment to the definition of "resident individual". The Bill proposes a new definition that classifies an individual as a resident in Kenya if they have a residential property in Kenya and reside in the country for at least 183 days in a year. This amendment aims to provide a clearer understanding of residency for tax purposes. (Source: http://www.parliament.go.ke/sites/default/files/2024-05/Finance%20Bill%2C%202024_0.pdf ↗)

The Bill also focuses on promoting the local assembly of motor vehicles. It proposes an amendment to the definition of "locally assembled motor vehicles". The new definition requires that at least 30% of the motor vehicle's parts and subassemblies originate from an original equipment manufacturer in Kenya. This provision aims to encourage the growth of the local automotive industry and create employment opportunities. (Source: https://bowmanslaw.com/wp-content/uploads/2024/05/Analysis-of-Finance-Bill-2024-13-May-2024_-002.pdf ↗)

Furthermore, the Finance Bill, 2024 proposes a change to the taxation of rental income. It suggests that the Commissioner should determine the rental income based on the property's location, size, and amenities. This amendment aims to ensure a more equitable and transparent system for taxing rental income. (Source: https://globaltaxnews.ey.com/news/2024-1032-kenya-proposes-tax-changes-under-the-finance-bill-2024 ↗)

The Bill also addresses Value Added Tax (VAT). It proposes an amendment to Section 43 of the Value Added Tax Act, 2013, by removing the words "in Kenya". This amendment aims to clarify the scope of VAT and ensure consistency in its application. (Source: https://kra.go.ke/images/publications/The-Finance-Act--2023.pdf ↗)

These are just a few of the key sections covered in the Finance Bill 2024. The Bill encompasses a wide range of provisions aimed at enhancing revenue collection, promoting specific sectors, and streamlining the tax system in Kenya.