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summarize all sections of the finance bill 2024
The Finance Bill, 2024, introduced by the Kenyan government, proposes several significant changes to the tax framework. Here is a summary of the key sections:
Income Tax
Repeal of Exemptions: The Bill proposes to repeal the income tax exemption on interest income earned from all listed bonds, notes, or other similar securities.
Non-Resident Suppliers: Non-resident suppliers of goods will likely face increased costs due to withholding tax deductions in Kenya, which may not be creditable in their home countries.
Value Added Tax (VAT)
VAT Adjustments: The Bill includes various adjustments to VAT, aiming to streamline and enhance the efficiency of tax collection.
Excise Duty
New Excise Duties: Introduction of new excise duties on certain goods and services, which will impact their pricing and consumption.
Customs Duty
Customs Duty Revisions: Amendments to customs duties to align with regional and international trade agreements, promoting fair trade practices.
Miscellaneous Provisions
Implementation Dates: Various sections of the Bill will come into effect on different dates, with some provisions starting as early as July 1, 2024.
Policy Measures: The Bill includes policy measures to support private sector growth, service sectors, and agriculture, aiming for a projected economic growth of 5.5% for 2023 and 2024.
Administrative Changes
Tax Administration: Enhancements in tax administration to improve compliance and reduce evasion, including the use of technology and data analytics.
Impact on Different Sectors
Sectoral Impact: The Bill's provisions are expected to have varying impacts across different sectors, with some benefiting from tax incentives while others may face increased tax burdens.
Government Revenue
Revenue Mobilization: The Bill is part of broader efforts to mobilize more non-tax revenue through various Ministries, Departments, and Agencies (MDAs).
Strategic Goals
Economic Strategy: Aligning with the government's strategic goals, the Bill aims to create a conducive environment for investment and economic growth.
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Answered by mwakili.com